he firm’s executives and members of its Board of Directors led the private placement. Four officers and directors purchased 267,644 shares at current market prices.
Lyle Berman, Chairman of the Board, purchased 102,041 shares at us$ 0.49 per share; Joe Lahti, Director, purchased 51,020 shares at us$ 0.49 per share; James Crawford, Director and President, purchased 52,083 shares at us$ 0.48 per share and Mark Roberson, Chief Executive Officer and Chief Financial Officer, purchased 62,500 shares at us$ 0.48 per share.
The consolidated closing bid price on the NASDAQ Capital Market immediately preceding each individual’s transaction determined his purchase price. In addition to the purchases by executives and Board members, accredited investors not affiliated with the company purchased an aggregate of 268,493 shares at an average price of us$ 0.48.
“This investment demonstrates the confidence we have in PokerTek’s ability to execute its operating plan and drive profitable growth,” said CEO and CFO Mark Roberson. “Our financial performance has continued to improve and we have a solid inventory position that can be deployed to grow the top line with modest capital requirements. With our operating expenses at historically low levels and a focused sales strategy, we are well positioned to increase our market penetration and deliver results in 2010.”