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Gaming supplier looks at listing stock

Monday, May 3, 1999 | 10:38 a.m.

Spintek Gaming Technologies Inc. of Las Vegas today reported strong sales for the fourth quarter ended June 30, and said its capital structure is changing.

Spintek, which makes products like the coin-counting AccuSystem, said it will report more than $5 million in sales in the fourth quarter -- up from $3.2 million during the first nine months of its fiscal year.

Spintek also said its outstanding convertible preferred stock and its outstanding 6 percent convertible notes were converted last week to common stock. Chief Executive Gary Coulter said this action eliminated a confusing equity situation.

Finally, Coulter said Spintek is researching the listing criteria for various stock exchanges and expects to apply to an exchange during its next fiscal year and after completing a reverse stock split. This move is aimed at enhancing shareholder value, he said.

Spintek stock is now traded on the over the counter bulletin board system.

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