Exhibit 99.1
Acres Stockholders Approve Merger With IGT
LAS VEGAS, Sept. 26 /PRNewswire-FirstCall/ -- Acres Gaming Incorporated
(Nasdaq: AGAM) announced today that its stockholders have approved the merger
between Acres, International Game Technology (NYSE: IGT) and NWAC Corp., a
subsidiary of IGT. Sixty-four percent (64%) of the outstanding shares of
common stock voted for the merger and two percent (2%) voted against the
merger. Under the terms of the merger agreement, IGT will pay $11.50 per
share in cash for each outstanding share of Acres common stock, representing
an aggregate purchase price of approximately $130 million on a fully diluted
share basis, and Acres will merger with NWAC.
The merger remains subject to certain closing conditions described in the
merger agreement, including gaming regulatory approvals. Acres expects to
obtain the necessary gaming regulatory approvals and complete the merger in
the fourth calendar quarter of 2003.
Information about Acres
Acres is a software development company serving the worldwide gaming
industry. Acres provides bonusing and cashless gaming products as well as a
full suite of integrated casino management systems via its Acres Bonusing(TM),
Acres Cashless, and Acres Advantage(TM) product lines. Acres' patented
technology enables casino operators to increase patron loyalty by
differentiating their properties in an increasingly competitive environment.
Acres' products provide the tools that increase player enjoyment and
satisfaction while improving operational efficiency and property
profitability. Detailed descriptions of the promotions made available by
Acres Bonusing as well as other products offered by Acres, are available at
the company's Web site, http://www.acresgaming.com . Acres was founded in
1992 and has offices in Las Vegas, Nevada and Corvallis, Oregon.
Additional Information
In connection with the merger, Acres filed a proxy statement and other
relevant documents with the U.S. Securities and Exchange Commission (the
"SEC"). Stockholders are urged to read the proxy statement carefully and in
its entirety, together with all other relevant documents filed by Acres with
the SEC, because such documents contain important information. You may obtain
these documents free of charge at the web site maintained by the SEC at
www.sec.gov . In addition, you can obtain documents filed by Acres with the
SEC free of charge by requesting them in writing from Acres Gaming
Incorporated, Investor Relations, 7115 Amigo Street, Suite 150, Las Vegas,
Nevada 89119, Phone: (702) 263-7588, Fax: (702) 263-7595.
All statements in this press release that are not historical facts are
"forward-looking" statements within the meaning of Section 27A of the
Securities Act of 1933, as amended and other applicable securities laws.
Forward-looking statements relating to the completion of the merger involve
risks and uncertainties, and various factors could cause actual results to
differ materially from those in the forward-looking statements. Factors that
could cause actual results to differ from those indicated in the forward-
looking statements include, but are not limited to: failure to obtain gaming
regulatory approvals in various jurisdictions for the merger, failure to
satisfy other conditions to closing contained in the merger agreement, the
results of pending litigation challenging the merger and other factors
detailed from time to time in Acres' reports filed with the Securities and
Exchange Commission, including Acres' Form 10-K for the year ended June 30,
2002, and subsequently filed reports. Actual results may differ materially
from the forward-looking statements.
SOURCE Acres Gaming Incorporated
-0- 09/26/2003
/CONTACT: Patrick W. Cavanaugh, Senior Vice President, Chief Financial
Officer and Treasurer of Acres Gaming Incorporated, +1-702-914-5501,
pcavanaugh@acresgaming.com /
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/Web site: http://www.acresgaming.com /
(AGAM IGT)
CO: Acres Gaming Incorporated; International Game Technology
ST: Nevada
IN: ENT CNO OTC CPR STW
SU: TNM