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Acres Gaming to Relocate Headquarters to Vegas

President and CEO Floyd Glisson predicts that the relocation will allow the company to operate with fewer people and ultimately result in annual savings of more than $1 million.

"Our headquarters in Corvallis, Oregon has served us well as we created a great line of bonusing products and systems," Glisson said. "However, I am convinced that we can better serve our customers and reduce expenses by relocating our staff and support functions to Las Vegas."

Glisson also said the company will also be able to outsource the assembly of more of its components."

"Our operation in Las Vegas includes Sales, Marketing, Service and a significant portion of Engineering and Development," Glisson said. "With many of our customers headquartered there, it has become clear that Las Vegas should be our main operating location."

He added, however, that the company will continue to do important product development work in Corvallis.

The results for the company's quarter ending June 30, 1999 will include a charge of approximately $400,000 to cover the estimated cost of these changes.

The company is in negotiations with a number of current customers for additional products, the aggregated value of which could exceed $10 million, although the orders are not expected to significantly affect fourth quarter operating results.

Combined with the relocation charge, the company expects to report a loss in the range of $3.5 to $4.0 million for the fourth quarter, and a profitable first quarter of fiscal 2000.

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