VANCOUVER -- Advanced Gaming Technology, Inc. (OTCBB:AGTI) has announced that in accordance with a resolution adopted by shareholders at the 1997 Annual Meeting, approving a reverse stock split of up to 4-for-1 to be implemented at the discretion of the Board of Directors, the Board has determined to effect a 4-for-1 reverse stock split as of Tuesday, June 30, 1998.
Shareholders will be requested to surrender certificates representing their currently issued and outstanding shares of the company's common stock, for certificates representing reclassified shares of the company's common stock. Stock certificates in the hands of shareholders representing a maximum of four issued shares of common stock, will be exchanged after the effective date for stock certificates representing one issued share of common stock. The new common stock to be issued will be fully paid and non-assessable.
In the event that the number of shares of old common stock into which shares of new common stock will be exchanged or converted includes a fraction, no fractional shares will be issued, in lieu the company will round up to the nearest whole share on a post-split basis. Appropriate adjustments will be made to the exercise prices of all outstanding warrants, options and convertible notes.
The voting rights and other rights which accompany the company's common stock will not be altered by the reverse stock split, and the proportion of the company's outstanding shares held by each holder will not be affected, except for minor differences resulting from rounding up to the nearest whole share.
Advanced Gaming Technology, Inc. creates, designs, markets patented and proprietary gaming systems and software including technologically advanced electronic bingo systems. The Company is a major supplier of electronic gaming systems, offering increased play potential and revenue to gaming operators. Its stock trades under the symbol AGTI on the NASD Electronic Bulletin Board.