RENO, Nev., June 16, 2011 /PRNewswire/ -- GameTech
International, Inc. (NASDAQ: GMTC) announced today that it has
entered into a new loan agreement with its current lenders. The new
loan agreement, dated as of June 15,
2011, extends the terms for repayment of the outstanding
amounts owed on the Company's existing credit facility and does not
impose any additional funding obligations on the lenders. Pursuant
to the new loan agreement, the maturity date of the credit facility
will be extend to June 30, 2013,
provided that GameTech makes all payments, no event of default has
occurred, and the company is in compliance with certain financial
covenants as of June 30, 2012. The
new loan agreement also amends, among other things, the
representations and warranties, financial and non-financial
covenants and terms of payment, all of which are more fully
described in the Company's Current Report on Form 8-K which it
expects to file with the Securities and Exchange Commission on
June 17, 2011.
"We are very pleased that our lenders have shown confidence in
our company," Andrew E. Robinson,
Chief Financial Officer of GameTech International, Inc. stated.
"The execution of the new loan agreement is a significant step for
GameTech, as it will allow us to refocus our attention on improving
our operations, delivering new and innovative products and systems,
and continuing to maintain high levels of customer service."
GameTech International, Inc. is in the business of designing,
manufacturing, and marketing computerized bingo and gaming
equipment, systems, and services. Under the GameTech® product
brand, the Company provides electronic bingo systems and equipment.
Under the Summit Gaming™ product brand, the Company provides video
lottery terminal devices, Class III gaming machines, and related
software and content. GameTech International, Inc. serves customers
in 40 U.S. States, Canada,
Japan, the Philippines, and the United Kingdom. The Company was incorporated
in 1994 and is headquartered in Reno,
Nevada.
This press release includes various "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, which represent GameTech expectations or beliefs
concerning future events. Statements containing expressions such as
"believes," "anticipates," or "expects," used in the Company's
press releases and periodic reports on Forms 10-K and 10-Q filed
with the Securities and Exchange Commission ("SEC"), are intended
to identify forward-looking statements. All forward-looking
statements involve risks and uncertainties. Although the Company
believes its expectations are based upon reasonable assumptions
within the bounds of its knowledge of its business and operations,
there can be no assurances that actual results will not differ
materially from expected results. The Company cautions that these
and similar statements included in this report are further
qualified by important factors that could cause actual results to
differ materially from those in the forward-looking statements.
Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date
thereof. GameTech undertakes no obligation to publicly release any
revisions to such forward-looking statements to reflect events or
circumstances after the date hereof.
SOURCE GameTech International, Inc.