amsey has also been appointed to the company’s Board of Directors, which has been increased to 8 members. In addition, the Company announced that it plans to apply a portion of its cash balances - which rose to approximately us$ 34.6 million at August 31, 2010 - to reduce outstanding borrowings by us$ 15 million, or approximately 25%, in the quarter ending September 30, 2010, and that the strategic review process announced in March 2010 has now concluded.
Patrick Ramsey was named Chief Executive Officer of Multimedia Games. Since joining the company, Ramsey has overseen all aspects of the Company’s day-to-day operations including working closely with customers to maximize profitability from Multimedia Games’ revenue-sharing agreements which cover approximately 14,000 gaming units while simultaneously re-aligning the Company’s new product development efforts and expanding into new markets, both of which have resulted in an expanded range of entertaining new products and significant growth in the sale of the firm’s proprietary games.
Michael J. Maples, Sr., Chairman of the Board of Directors, commented, “Over the past two years Pat has garnered high levels of respect from all of the Company’s stakeholders based on his significant contributions to the execution of our strategic plan to enhance shareholder value by redefining and redirecting our organization, driving financial improvements and bringing value to a growing number of customers through product innovation. With Pat’s appointment to the role of CEO and our other key management members, Multimedia Games possesses an experienced, results-focused senior leadership that we believe best positions us for further successful execution of our strategic plan.”