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GameTech International Announces Settlement With K&B Sales29 March 2001RENO, Nevada –(Press Release) -- March 29, 2001 -- GameTech International, Inc. (Nasdaq: GMTC), the leading supplier in the electronic bingo industry, today announced that it has reached an agreement with K&B Sales, Inc. d/b/a Goodtime Bingo (``K&B'') to dismiss with prejudice all claims and causes of action existing between K&B and GameTech in Cause No. DV99-3012B, an action in the 44th District Court of Dallas County, Texas. The terms of the settlement will have no impact on GameTech's 2001 financial results. K&B, is a leading distributor of bingo products in Texas, and a former distributor of GameTech's electronic bingo equipment to this market. Jon L. Whipple, GameTech's president and chief executive officer, commented: ``We are pleased to bring this long and costly matter to a close and allow our two organizations to put our past issues behind us in a mutually amicable fashion. GameTech will now be better positioned to pursue the key goal of strengthening and building the company's business in the important Texas 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. |