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CDS Announces Settlement in Acres Litigation17 April 2001LAS VEGAS--(Press Release)--April 17, 2001--Casino Data Systems (``CDS'') (NASDAQ:CSDS) announced today that CDS and Acres Gaming Incorporated (``Acres'') have settled all outstanding claims between them in connection with Acres Gaming Inc. v. Mikohn Gaming Corp., Casino Data Systems, New York-New York Hotel and Casino and Sunset Station Hotel and Casino, USDC-Nevada Among other items, the actions involve claims related to certain Acres patents and counterclaims by CDS for trade secret misappropriation and attempted monopolization. Under the terms of the settlement, Acres and CDS dismissed all claims against each other, with prejudice, and agreed to non-binding mediation of any future patent disputes between them. Additionally, Acres agreed to pay CDS an undisclosed amount of money in addition to providing CDS and its successors with a covenant not to sue with respect to CDS' OASIS/ProTurbo progressive product, which was the subject of the litigation, and various other CDS products under certain conditions. Casino Data Systems is a leading designer, manufacturer and distributor of innovative, technology-driven products for the gaming industry. The Company's diversified product line reaches into virtually all facets of the casino floor, including casino management systems, games and meters, multiple site progressive systems and casino signage. |