VirtGame Takeover Completed
Published: Wednesday, October 12, 2005 Online-Casinos.com
VIRTGAME TAKEOVER COMPLETED
Progressive Gaming International calls the shots now
NASDAQ-listed Progressive Gaming International Corporation, a provider of technology and content products and services used in the gaming industry worldwide has announced that it has completed its acquisition of VirtGame Corp.
In a complicated shares deal, Progressive Gaming will issue a maximum of 1,758,498 shares of its common stock in connection with the transaction, including shares issued in exchange for outstanding shares of VirtGame common stock and preferred stock, as well as shares that are issuable upon the exercise of VirtGame options and warrants, which were assumed by the Company.
Holders of VirtGame common stock, preferred stock, options and warrants will also be entitled to receive a portion of the number of the Company's shares, if any, below the maximum transaction shares, that remain unissued following the expiration of all of the VirtGame options and warrants assumed by the Company (currently expected to occur in September 2010).
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