-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WJS/8X9V/2ywuZM36U1/5jUyXyG7JxFN4y8Kf5b/uWz8jwWQdTBnOPfuCrAtEH6i rW2dnyDz0yDMeqquhAdvgg== 0001096906-02-000642.txt : 20020816 0001096906-02-000642.hdr.sgml : 20020816 20020816165118 ACCESSION NUMBER: 0001096906-02-000642 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020815 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020816 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INNOVATIVE GAMING CORP OF AMERICA CENTRAL INDEX KEY: 0000897795 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS MANUFACTURING INDUSTRIES [3990] IRS NUMBER: 411713864 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-22482 FILM NUMBER: 02741608 BUSINESS ADDRESS: STREET 1: 333 ORVILLE WRIGHT COURT CITY: LAS VEGAS STATE: NV ZIP: 89119 BUSINESS PHONE: 7758233000 MAIL ADDRESS: STREET 1: 333 ORVILLE WRIGHT COURT CITY: LAS VEGAS STATE: NV ZIP: 89119 8-K 1 inngam8k_aug152002.txt SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): August 15, 2002 Innovative Gaming Corporation of America (Exact name of registrant as specified in its charter) Minnesota 22482 41-1713864 (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation) Identification No.) 333 Orville Wright Court, Las Vegas, Nevada 89119 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (702) 614-7199 Not Applicable (Former name or former address, if changed since last report) Exhibit Index Appears on Page 4 Item 5. Other Events. The Registrant's Press Release dated August 14, 2002 which is filed as Exhibit 99.1 to this Form 8-K, is incorporated herein by reference. Item 7. Financial Statement, Pro Forma Financial Information and Exhibits. (c) Exhibits 99.1 Press Release dated August 14, 2002. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. INNOVATIVE GAMING CORPORATION OF AMERICA (Registrant) Date: August 15, 2002 By: /s/ Laus M. Abdo --------------------------------------------- Name: Laus M. Abdo -------------------------------------------- Title: President, CEO & Chief Financial Officer ------------------------------------------ 3 EXHIBIT INDEX Exhibit No. Description Page - ----------- ----------- ---- 99.1 Press Release dated August 14, 2002. 5 4 EXHIBIT 99.1 Wednesday, August 14, 2002 Press Release SOURCE: Innovative Gaming Corporation of America IGCA Announces Second Quarter Results Provides Update on Relationship with GET USA, Inc. Announces Reverse Stock Split LAS VEGAS, NV, August 14 / PRNewswire / -- Innovative Gaming Corporation of America (Nasdaq: IGCA - news) today reported Second Quarter 2002 Net Revenues of $2,628,000, compared with Net Revenues of $4,728,000 in the Second Quarter 2001. The Company recorded a loss of $996,000, or 3 cents a share, versus a profit of $110,000, or 1 cent per share, in the same period last year. The Company filed its Second Quarter 10-Q with the Securities Exchange Commission this afternoon. Laus M. Abdo, President and CEO of IGCA said: "Core business revenues, which excludes licensing fees of $3 million in the Second Quarter 2001, were $2.6 million versus $1.7 million for the same period last year representing a 53% increase. This increase in core business revenues is a result of the direction provided by our new National Sales Director, our new Director of Sales for Indian Gaming and the IGCA sales team. Additionally, the Company introduced eight new slot titles in the Second Quarter 2002, with four additional titles awaiting approval from the gaming regulatory labs in the Third Quarter. This increase in our library of games is evidence of our commitment to release 15-20 new slot titles each year." IGCA also announced that the Company and GET USA, Inc. have agreed to terminate the GET merger and agreed in principal to enter into one or more product-development and licensing agreements relating to the joint development of certain new product offerings. Commenting on the changes in the relationship with GET, Mr. Abdo said, "GET and IGCA have been working closely together for the past seven months on several joint projects structured as arms-length transactions. Those projects further reinforced the synergies that can be obtained through a combination of the technology developed by the two companies. Through a strategic alliance and continued joint-development projects, we can achieve the benefit of those synergies without the necessity of merging the two companies, thereby avoiding the dilution that would have resulted from issuance of the merger shares to GET." IGCA also reported that the Company's Board of Directors has unanimously approved a one-for-ten (1-for-10) reverse stock split scheduled for implementation on or about September 9, 2002. In its 10-Q filing today, the Company reported 29,783,000 common shares outstanding as of July 17, 2002. Innovative Gaming Corporation of America, through its wholly owned operating subsidiary, Innovative Gaming, Inc., develops, manufactures and distributes fast playing, high-entertainment gaming machines. The Company distributes its products both directly to the gaming market and through licensed distributors. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Except for historical information, the forward looking matters discussed in this news release are subject to certain risks and uncertainties including, but not limited to, the Company's liquidity and ability to obtain additional financing, the timing of regulatory approvals, as well as other risks indicated from time to time in the Company's filings with the Securities and Exchange Commission, such as the Company's Form 10K for the fiscal year ended December 31, 2001. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. 5 SOURCE: Innovative Gaming Corporation of America For further information contact: IGCA Investor Relations: IGCA 333 Orville Wright Court Jens Dalsgaard Las Vegas, NV 89119 Managing Director Phone: 702-614-7199 Redwood Consultants, LLC Laus M. Abdo, President, CEO and Phone: 415-884-0348 Chief Financial Officer www.igca.com ------------ 6 -----END PRIVACY-ENHANCED MESSAGE-----