Tech firm completes financing

Friday, July 25, 2003 | 9:50 a.m.

VirtGame Corp., a provider of server-based networked gambling games, has closed on $3 million in private equity funding.

The proceeds will be used to obtain licensing and product certifications in regulated gaming states and, ultimately, reaching profitability, said Bruce Merati, president and chief financial officer of VirtGame.

The San Diego-based company has received a gaming manufacturer and distributor license from the Nevada Gaming Commission and has completed the installation of sports wagering software at four Las Vegas casinos.

The offering was raised at a fixed equity price. Several institutional investors participated in the offering, Merati said.

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