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Acres Gaming to License Bonusing Technology , Settles Litigation25 April 2003LAS VEGAS -- (Press Release) -- Acres Gaming Incorporated (Nasdaq: AGAM) today reported that it has entered into agreements to license certain of its bonusing patents to International Game Technology (IGT) and to settle outstanding litigation over the Wheel of Gold(TM) patents currently pending in U.S. District Courts in Nevada and Oregon. With respect to IGT's licensing of certain Acres' Bonus patents, IGT will pay a royalty advance of $10,000,000 to Acres for these patents as well as other licensing fees. The Acres Bonus patent technology will be utilized by IGT in its wide-area and recurring revenue products. In addition, Acres and IGT will cooperate on the development of new features to be integrated into certain IGT slot machine models and will share in the revenue from such features. With respect to the settlement of the patent litigation, the agreements provide that Acres relinquishes all claims to Anchor's Wheel of Gold patents, acknowledges their scope and validity, and stipulates to the dismissal of its claims currently pending in US District Court in Oregon. Acres will also assign all rights it may have in the Wheel of Gold patents to Anchor Coin. |