t reflects continued rapid execution against the plan to secure long-term placements of electronic gaming machines on a recurring revenue model in high-growth Asian gaming markets.
The places where the firm will deliver machines are the following: 200 at the Paradise Island Casino in the Clark Special Economic Zone, Philippines; 250 at the Grand Villa VIP Slot Club in Pateros, Manila, Philippines; 200 to be placed at Sappa Slot Club in Lao Cai, Vietnam; 80 for LK & S at Siem Reap, Cambodia and 200 for a cruise ship operating in international waters.
There are now agreements for long-term placements of a total of 2,194 electronic gaming machines to be placed on a participation basis at twelve venues across the Asian Region.
Mark Newburg, CEO of VendingData, commented, "Elixir is executing its business plan ahead of expectations, which is clearly to the significant benefit of VendingData shareholders."
Gordon Yuen, CEO of Elixir, commented, "With this new agreement, Elixir continues to demonstrate that we can leverage our extensive relationships into new market share for high-margin, recurring revenue electronic gaming machine placements in rapidly expanding Asian gaming markets.”
“International gaming operators now view the Asian region as the single most important market for the growth of gaming. As these and other gaming markets across the Pan-Asian region continue to open and/or expand, Elixir’s unique distribution capabilities, partnership network and experience will allow us to rapidly grow our participation installed base in Asia," Yuen added.
Additional Information on Elixir Group Limited and Vending Data Corporation Stock Purchase and Product Participation Agreement:
In June, Elixir Group Limited and VendingData Corporation entered into a Stock Purchase and Product Participation Agreement pursuant to which VendingData will issue its common shares and warrants to Elixir, subject to certain closing conditions including the approval of VendingData common stock shareholders. The closing of the transaction is expected to occur on September 10, 2007.