Vegas company buys gaming software firm

Monday, Feb. 4, 2002 | 11:13 a.m.

Innovative Gaming Corp. of America announced plans to acquire GET USA Inc., parent company of an Australian Internet gaming software company.

IGCA, a Las Vegas-based slot manufacturer, will issue 49 percent of its outstanding stock to GET shareholders in the acquisition. IGCA currently has 10.5 million outstanding shares.

GET's subsidiaries, Gaming & Entertainment Technology and GET Holdings, produce software gaming systems used by Internet casinos and lotteries. The company has been licensed by the Australian government, and "has never permitted its licensees to accept wagers from the United States or any jurisdiction in which Internet gaming is not legal," IGCA said.

IGCA said it intends to merge GET's Internet gaming software and game titles with its own Linux-based slot operating system, creating products that can be used both in Internet casinos and traditional slot machines.

"With access to the GET game library of 50 games, IGCA will substantially increase its product offerings in the near term," IGCA Chairman and Chief Executive Tom Foley said. "This will enhance our competitive position in our traditional slot machine business."

IGCA stock rose 14 cents to 63 cents this morning, a gain of more than 28 percent.