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GameTech International, Inc. Announces Agreement to Acquire Summit Amusement & Distributing, Ltd.

Publication: PR Newswire
Publication Date: 30-AUG-06
Format: Online
Delivery: Immediate Online Access

Article Excerpt
RENO, Nev., Aug. 30 /PRNewswire-FirstCall/ -- GameTech International, Inc. , a leading developer and manufacturer of electronic bingo equipment and bingo systems, announced today that it has entered into a definitive agreement with privately-held Summit Amusement & Distributing, Ltd. to acquire substantially all of the assets of Summit. The consideration for the assets consists of $37 million in cash payable at closing, and a contingent payment of up to $2 million if the acquired business achieves certain profitability goals for 2006.

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