We are pleased to further solidify our partnership with PokerTek," said Jordan Jiang, General Manager of ICP Electronics. "We have worked closely with PokerTek for several years and this investment allows us to participate in PokerTek's upside potential as we continue to collaborate on development and production projects in the future."
Mark Roberson, PokerTek's Acting Chief Executive Officer and Chief Financial Officer commented: "ICP has been a valuable partner, providing state of the art electronic design and engineering services for our PokerPro product line and manufacturing our Heads-Up Challenge product. We have been in discussions with ICP for quite some time about the potential to strengthen the bond between our two companies and I am pleased to have them as a shareholder. This transaction further aligns our common interests with ICP and significantly enhances our ability to expand the new Heads-Up Challenge operator-direct program."
The parties signed a Stock Purchase Agreement on August 13, 2009 and also agreed to two-year extended payment terms for additional Heads-Up Challenge product to be produced by ICP. The companies will also continue to collaborate on research and development projects and ICP will supply electronic components used in the PokerPro product line.