NEW YORK, Jan. 31, 2013 /PRNewswire/ -- Jason N. Ader of Ader Investment Management (AIM) today announced the launch of WWW.RESCUEIGT.COM in connection with the Ader Group's solicitation to elect stockholder representatives to the Board of Directors at the Annual Meeting of International Game Technology, scheduled for March 5, 2013.
WWW.RESCUEIGT.COM will serve as a hub for IGT investors to access detailed information regarding the value destruction overseen by the current Board and management and the reasons why electing the forward-looking Ader nominees is critical to rebuilding value at the company. Investors are urged to visit WWW.RESCUEIGT.COM frequently to get updated information about the annual meeting and how they can act to ensure that the value destructive strategies of IGT's management and board are stopped by VOTING GOLD.
Ader said, "We believe IGT is suffering from:
(i) a lack of focus on the core slot machine and systems business that we believe generated IGT's historic success;
(ii) a lack of casino gaming industry experience in executive management ranks; and
(iii) the results of poor capital allocation decisions highlighted by a series of costly non-strategic acquisitions."
Ader continued, "We are convinced our slate will make a major improvement in this company. In establishing WWW.RESCUEIGT.COM, we hope to be able to make information on IGT readily available to investors as we seek to empower fellow stockholder owners of IGT who have lost confidence in this management team and board because of the value destruction which they have suffered."
Most importantly, the Ader Group urges IGT stockholders to promptly vote for Ader's three highly qualified, independent director nominees on the GOLD proxy card. If you have questions about how to vote your shares, please contact Ader's proxy solicitor, Innisfree M&A Incorporated, toll-free at (877) 825-8621.
Ader Investment Management LP leads the Ader Group, and other participants in this solicitation, a group of concerned stockholders which beneficially own approximately 3.0% of IGT's outstanding common stock. The Ader Group has been troubled by the steady diminution in the value of our investment in recent years, and believes our company can do better. As described in the Ader Group's proxy materials, we believe IGT is in dire need of meaningful change at the Board and management level. The Ader Group seeks your support for its highly qualified, independent nominees and urges you to vote FOR the Ader slate on its GOLD proxy card TODAY by signing, dating and returning the GOLD proxy card.
The Ader Group (whose members are identified below) has nominated Raymond J. Brooks, Jr., Charles N. Mathewson and Daniel B. Silvers (the "Ader Nominees") as nominees to the board of directors of International Game Technology (the "Company") and is soliciting votes for the election of the Ader Nominees as members of the board. The Ader Group has sent a definitive proxy statement, GOLD proxy card and related proxy materials to stockholders of the Company seeking their support of the Ader Nominees at the Company's 2013 Annual Meeting of Stockholders. Stockholders are urged to read the definitive proxy statement and GOLD proxy card because they contain important information about the Ader Group, the Ader Nominees, the Company and related matters. Stockholders may obtain a free copy of the definitive proxy statement and GOLD proxy card and other documents filed by the Ader Group with the Securities and Exchange Commission ("SEC") at the SEC's web site at www.sec.gov. The definitive proxy statement and other related documents filed by the Ader Group with the SEC may also be obtained free of charge from the Ader Group.
The Ader Group consists of the following persons: Ader Investment Management LP, Ader Long/Short Fund LP, Doha Partners I LP, Ader Fund Management LLC, Ader Investment Management LLC, Jason N. Ader, Daniel B. Silvers, Andrew P. Nelson and Laura T. Conover-Ferchak. The members of the Ader Group and the Ader Nominees are participants in the solicitation from the Company's stockholders of proxies in favor of the Ader Nominees. Such participants may have interests in the solicitation, including as a result of holding shares of the Company's common stock. Information regarding the participants and their interests may be found in the definitive proxy statement of the Ader Group, filed with the SEC on January 25, 2013 and first disseminated to stockholders on or about January 28, 2013.
Certain information contained herein constitutes "forward-looking statements," which can be identified by the use of forward-looking terminology such as "may," "will," "seek," "should," "expect," "anticipate," "project," "estimate," "intend," "continue" or "believe" or the negatives thereof or other variations thereon or comparable terminology. Such statements are not guarantees of future performance or activities. Due to various risks and uncertainties, actual events or results or actual performance may differ materially from those reflected or contemplated in such forward-looking statements.
SOURCE Ader Investment Management LP