ith the transaction now complete, VendingData has changed its name, effective immediately, to Elixir Gaming Technologies. In addition, Elixir Gaming will change its American Stock Exchange trading symbol to "EGT" effective September 12, 2007.
Pursuant to the "earn-in" provision of the Securities Purchase and Product Participation Agreement, Elixir Gaming issued 40 million shares of its common stock and 22 million warrants to Elixir Group based on commitments to date for greater than 2,000 electronic gaming machines contracted to be placed on a participation basis in Asia-Pacific markets and current placements of at least 1,000 of the contracted for units.
Elixir Group now owns approximately 41 million Elixir Gaming shares, or 53.5%, of Elixir Gaming’s outstanding shares.
Gordon Yuen, who has served as CEO of Elixir Group since the company’s inception in 2002, and was named Executive Chairman and CEO of Elixir Gaming, commented, “Elixir Gaming is focused solely on addressing the growing pan-Asian gaming marketplace with advanced slot floor and table game offerings and is the only US company focused on placing slot machines on a high-margin, recurring revenue participation model throughout Asia”.
"Gaming markets across Asia are opening and/or expanding and Elixir Group has quickly established itself as the leading supplier of participation gaming devices in emerging markets such as the Philippines, Cambodia and Vietnam. In the short period since Elixir Group has sought to address the electronic gaming machine opportunities across Asia Pacific markets, it has achieved significant market penetration with agreements for over 2,000 unit placements to date."
Concurrent with the completion of the transaction, Elixir Gaming Technologies announced the following management changes and appointments: Gordon Yuen has been named Executive Chairman and CEO. He had previously been a key managerial member of a number of major multi-national companies including HSBC, American Express International, American Express Bank and PepsiCo.
Joe Pisano has been named Executive Director and Senior Vice President. He has served as general manager of gaming operations for Elixir Group Limited since August 2006. From March 2002 to July 2006, he served as business development manager-Asia Pacific for IGT (Australia).
David Reberger has been named Chief Financial Officer. Prior to joining Elixir Gaming, he was a mergers and acquisitions adviser based in Australia for ten years with CIBC World Markets, Chase Manhattan Bank and Gresham Partners.
Mark Newburg, who most recently served as the company’s Executive Director, Treasurer, CEO and President, resigned from executive roles at the company, effective immediately. Arnaldo Galassi, who most recently served as Vice President and Chief Financial Officer of VendingData, as well as the rest of the senior management team, will support the management transition through December 31, 2007 and the company expects to record a severance charge of approximately us$ 2 million pre-tax in the quarter ending September 30, 2007.
Mark Newburg commented, "In two years the senior management team of VendingData was successful in transforming VendingData from an entity with offerings that achieved limited commercial success to one that is poised to be a leader in the fastest growing global gaming markets with a diversified product line and strong local partners and distribution capabilities."
Gordon Yuen added, "Mark Newburg and his team positioned the Company to participate in a substantial growth opportunity based on the alliances they established with Melco and Elixir Group. The successful conclusion of this transaction is testimony to the perseverance of the entire management team and we wish them well in their future endeavors.
Concurrent with the completion of the transaction, Elixir Gaming Technologies announced the following appointments to the Company’s Board of Directors, all of which are effective immediately. Reflecting the resignations of former Chairman, Jim Crabbe and Mark Newburg, these appointments increase the size of Elixir Gaming’s Board to six members, four of whom are considered independent under the corporate governance standards of the American Stock Exchange.
Gordon Yuen, Executive Chairman and CEO of Elixir Gaming, Joe Pisano, Executive Director and Senior Vice President of Elixir Gaming. Lorna Kapunan, Independent Non-Executive Director of Elixir Gaming.