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GameTech International Announces Settlement of Patent Lawsuits23 January 2001RENO, Nevada --(Press Release) -- Jan. 23, 2001-- GameTech International, Inc. (Nasdaq: GMTC), the leading supplier in the electronic bingo industry, today announced that an agreement has been reached with FortuNet, Inc. to dismiss with prejudice the three patent infringement actions between the parties. Furthermore, the Company was granted a non-exclusive license to practice under FortuNet Inc.'s '787 patent as part of the settlement of all of the patent infringement actions. The settlement will have no impact on GameTech's fiscal 2001 financial results due to the booking of reserves in prior periods. The terms of the settlement are confidential. ``We are pleased that these matters have been fully resolved,'' commented Jon Whipple, GameTech's president and chief executive officer. ``By the settlement, we have obtained the license rights to practice under the '787 patent, which will facilitate our introduction of new technology and products to the market.'' GameTech International, Inc. is a leading supplier of a comprehensive line of electronic bingo equipment, including portable bingo units, fixed base units, and turnkey accounting and management software. The company supports its bingo operator customers with products that increase play, revenues and profits, and software customized to enhance management and operations, all backed by unparalleled customer service. |