Slot maker reduces debt

Tuesday, March 11, 2003 | 9:24 a.m.

Innovative Gaming Corp. of America has eliminated 25 positions at the company in addition to negotiating discounts on $200,000 in payables and consolidating debt facilities in order to improve its balance sheet.

The company also recently entered into an agreement with GET USA Inc. to license an operating system from IGCA in exchange for a settlement of $475,000 in development expenses and hard costs owed to GET as part of a proposed merger agreement with GET that was terminated in August 2002.

GET, or Gaming & Entertainment Technology, develops online gambling systems and has offices in London, Las Vegas and Australia.

"My mission since taking over as CEO has been very clear," IGCA's Wayne Mills said. "Streamline the company's operations, significantly reduce operating overhead and work with our creditors and investors to improve our balance sheet."

Mills, IGCA's largest investor, was installed as chief executive in December to jump-start performance at the troubled company. Former CEO Laus Abdo resigned as CEO, president, chief financial officer and treasurer. The stock of the Las Vegas-based company has plummeted to 14 cents from a high of about $6 last year.