International Game Technology and Las Vegas Gaming, Inc. (LVGI) Announce Investment and Business Development Agreements

October 7, 2008 5:00 PM EDT

LAS VEGAS, Oct. 7 /PRNewswire-FirstCall/ -- International Game Technology's (NYSE: IGT) wholly owned subsidiary, IGT, and Las Vegas Gaming, Inc. announced today that they have entered into substantive business and investment agreements.

(Logo: http://www.newscom.com/cgi-bin/prnh/20070201/LATH115LOGO )

The parties have entered into agreements to create a business relationship going forward. LVGI has agreed to create applications for IGT's server based gaming systems and IGT has agreed to assist LVGI in those efforts. IGT has also agreed to make an investment in Las Vegas Gaming, Inc. (LVGI) of $11.5 million.

Las Vegas Gaming has committed to roll out all future software applications on IGT's Server Based software delivery vehicles sbNextGen(R) and sbServiceWindow(R) prior to or in conjunction with the launch of those applications on LVGI's award-winning PlayerVision(R) software delivery system. Through this process, LVGI can become a certified sb Software Developer and will commit a great deal of its efforts to creating innovative applications for the IGT platforms.

Las Vegas Gaming President and Chief Executive Officer Jon Berkley commented, "We look forward to working with IGT to create innovative software solutions that dramatically enhance the player experience. Combined we will offer the gaming operator a path to move forward with software applications that can either be delivered with the robustness of the IGT sb network or by retrofitting existing machines through PlayerVision(R). This combination will drive more rapid adoption of these ground-breaking technologies."

Rich Schneider, IGT's Sr. Vice President of Network Systems, added, "We are delighted to have reached this win-win agreement with Las Vegas Gaming. This partnership demonstrates our continued commitment to the advancement of IGT's Server-Based initiative. LVGI has proven to be one of the first to market innovators in software on the gaming floor. Working with them to achieve the promise of the networked gaming floor of the future will prove to be a great arrangement for both companies, but first and foremost this arrangement will act as a catalyst for growth within the gaming industry through more compelling technologies for the player."

IGT and LVGI also announced that they have settled their lawsuit by dismissing all claims.

International Game Technology (http://www.IGT.com) is a global company specializing in the design, development, manufacturing, distribution, and sales of computerized gaming machines and systems products.

LVGI is a gaming industry innovator in gaming software application development, content and delivery. LVGI's patent-pending PlayerVision(R) technology is a platform for delivering software applications to existing gaming devices. LVGI is also the licensed operator of the Super Bonanza Bingo(R) progressive and The Million Dollar Ticket(R) games, as well as the highly acclaimed linked and progressive keno game, Nevada Numbers(R).

Statements in this release that are not historical facts are "forward looking" statements under the Private Securities Litigation Reform Act of 1995. Although IGT and LVGI believe that the expectations reflected in any of its forward-looking statements are reasonable, actual results could differ materially from those projected or assumed. Such forward-looking statements are subject to change and to inherent known and unknown risks and uncertainties. IGT and LVGI do not intend, and undertake no obligation, to update forward-looking statements to reflect future events or circumstances.

Information on risks and factors that could affect IGT's and LVGI's business and financial results are included in their public filings made with the Securities and Exchange Commission.

SOURCE Las Vegas Gaming, Inc.; International Game Technology

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