LONDON, April 25, 2016 /PRNewswire/ -- International Game Technology PLC ("IGT") (NYSE: IGT) and Paradise Entertainment Limited ("Paradise") (SEHK: 1180), through their respective subsidiaries have signed an agreement, whereby Paradise will transfer all of its electronic table game technology, patents and other intellectual property ("Table Game IP") to IGT, with certain exceptions for Table Game IP used exclusively in Macau. IGT will pay Paradise an upfront fee plus an ongoing earn-out based on placement of products utilizing the Table Game IP over a 15 year term. Closing of the agreement is subject to Paradise obtaining requisite shareholders' consents and approvals.
The agreement provides IGT with exclusive rights to Paradise's Table Game IP for the development, manufacturing, and distribution of Live and Random Number Generator ("RNG") electronic table games worldwide, except in Macau where Paradise subsidiary LT Game will remain the exclusive provider of its market leading electronic table game products.
"Through our agreement with Paradise, IGT is now uniquely positioned to capitalize on live and fully electronic table game opportunities in gaming jurisdictions around the world," said Victor Duarte, IGT Global Chief Product Officer, Gaming. "This pivotal expansion of our product portfolio empowers IGT to innovate in a new and growing segment while offering our customers an even broader range of best-in-class gaming solutions."
"This IP assignment agreement is a natural and important step in Paradise's productive relationship with IGT," said Jay Chun, Chairman and Managing Director of Paradise Entertainment Limited. "IGT's global reach and strong relationships with operators around the world make IGT the ideal company to maximize the business potential of Paradise's Live and Random Number Generator patents and technology in the international market."
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IGT (NYSE: IGT) is the global leader in gaming. We enable players to experience their favorite games across all channels and regulated segments, from Gaming Machines and Lotteries to Interactive and Social Gaming. Leveraging a wealth of premium content, substantial investment in innovation, in-depth customer intelligence, operational expertise and leading-edge technology, our gaming solutions anticipate the demands of consumers wherever they decide to play. We have a well-established local presence and relationships with governments and regulators in more than 100 countries around the world, and create value by adhering to the highest standards of service, integrity, and responsibility. IGT has over 12,000 employees. For more information, please visit www.igt.com.
About Paradise Entertainment
Paradise Entertainment Ltd (SEHK: 1180) is a total gaming solutions company. We provide casino management services through our wholly-owned subsidiary, LT Macau, as well as the development, supply, and leasing of gaming machinery and equipment through our subsidiary, LT Game. We are currently the sole service provider to 3 stand-alone casinos in Macau and our avant-garde, patented gaming product includes the Live Multi Game System and the Paradise Jackpot System, which have received widespread acceptance in the gaming industry. Paradise has an installed base of close to 4,000 machines in Macau. Our development pipeline boasts revolutionary products, such as the E-Baccarat Table, the Intelligent Cash Access Redemption Solution, and the E-Dropbox, amongst others. For more information, please visit www.hk1180.com
Cautionary Statement Regarding Forward-Looking Statements
This news release may contain forward-looking statements (including within the meaning of the Private Securities Litigation Reform Act of 1995) concerning IGT and other matters. These statements may discuss goals, intentions and expectations as to future plans, trends, events, dividends, results of operations or financial condition, or otherwise, based on current beliefs of the management of IGT as well as assumptions made by, and information currently available to, such management. Forward-looking statements may be accompanied by words such as "aim," "anticipate," "believe," "plan," "could," "would," "should," "shall," "continue," "estimate," "expect," "forecast," "future," "guidance," "intend," "may," "will," "possible," "potential," "predict," "project" or the negative or other variations of them. These forward-looking statements are subject to various risks and uncertainties, many of which are outside IGT's control. Should one or more of these risks or uncertainties materialize, or should any of the underlying assumptions prove incorrect, actual results may differ materially from those predicted in the forward-looking statements and from past results, performance or achievements. Therefore, you should not place undue reliance on the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include (but are not limited to) the possibility that that the businesses of International Game Technology and GTECH S.p.A. will not be integrated successfully, or that the combined companies will not realize estimated cost savings, synergies, growth or other anticipated benefits or that such benefits may take longer to realize than expected; the possibility that the Company will be unable to pay future dividends to shareholders or that the amount of such dividends may be less than anticipated; the possibility that IGT may not obtain its anticipated financial results in one or more future periods; unanticipated costs of integration of the two companies; reductions in customer spending; a slowdown in customer payments and changes in customer demand for products and services; unanticipated changes relating to competitive factors in the industries in which the company operates; the Company's ability to hire and retain key personnel; the impact of the consummation of the business combination on relationships with third parties, including customers, employees and competitors; the Company's ability to attract new customers and retain existing customers in the manner anticipated; reliance on and integration of information technology systems; changes in legislation or governmental regulations affecting the company; international, national or local economic, social or political conditions that could adversely affect the company or its customers; conditions in the credit markets; risks associated with assumptions the company makes in connection with its critical accounting estimates; the resolution of pending and potential future legal, regulatory or tax proceedings and investigations; and the company's international operations, which are subject to the risks of currency fluctuations and foreign exchange controls. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that affect IGT's business, including those described in IGT's annual report on Form 20-F for the financial year ended December 31, 2014 and other documents filed from time to time with the Securities and Exchange Commission (the "SEC"), which are available on the SEC website at www.sec.gov and on the investor relations section of IGT's website at www.IGT.com. Except as required under applicable law, IGT does not assume any obligation to update the forward-looking statements. Nothing in this news release is intended, or is to be construed, as a profit forecast or to be interpreted to mean that earnings per IGT share for the current or any future financial years will necessarily match or exceed the historical published earnings per IGT share, as applicable. All forward-looking statements contained in this news release are qualified in their entirety by this cautionary statement. All subsequent written or oral forward-looking statements attributable to IGT, or persons acting on its behalf, are expressly qualified in their entirety by this cautionary statement.
Michelle Schenk, IGT, + 1 (702) 669-8177
Bryan Wu, Paradise, +852-2916-0817
Peggy Ma, Paradise, +852-2916-0809
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