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Acres Gaming and Mikohn Gaming Announce License Agreement27 December 2001LAS VEGAS -- (Press Release) -- Acres Gaming Incorporated (Nasdaq: AGAM) and Mikohn Gaming Corporation (Nasdaq: MIKN) announced today that Mikohn has agreed to license Acres' bonusing patents for use in its MoneyTime System. Under the terms of the license agreement, Mikohn paid Acres a royalty of $1.5 million for use of the patents prior to September 1, 2001, and has agreed to pay additional royalties going forward. The parties have also settled the litigation that has been on-going relating to the MoneyTime system and Acres' bonusing patents. Mikohn previously recorded the $1.5 million royalty payment as an expense in the fourth quarter of 2000. ``Acres is pleased that Mikohn has agreed to license our bonusing patents and to have settled this litigation,'' said Bud Glisson, Acres' Chairman and CEO. ``These events serve to reaffirm the validity of our patents and Acres Gaming's competitive advantage in casino bonusing systems.'' |