Brief: Stock buyback, new slot offered

Friday, Jan. 29, 1999 | 11:50 a.m.

The game will offer an initial jackpot of $100,000, which will increase in relationship to player wagering.

Alliance said the game will generate recurring revenue and cash flow for the company, a sign it will be offered on a revenue-participation basis.

Alliance also said it will begin buying back up to 4 million shares, or 11.7 percent of the 34.3 million shares currently outstanding, over the next year.

Earlier this week, Alliance announced a one-for-3.5 reverse split effective next Monday designed to maintain is listing on Nasdaq.

The repurchase program authorized by the Alliance board will reduce the number of shares outstanding to 9.8 million and thus the number subject to buybacks to 1.15 million.

Alliance said the buybacks will be made from time to time on the open market or in privately negotiated transactions.

Alliance shares were quoted at $1.875, up 25 cents a share, in early afternoon trading today.

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