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Innovative Gaming Cancels Merger, Names President

Abdo was named chief financial officer of IGCA in September, and will continue in that role. IGCA did not specify who Abdo replaced; the company listed Barrett Johnson as its president last year. The chief executive of IGCA, Roland Thomas, resigned in October after IGCA called off a merger with Xertain Inc.

Separately, IGCA said it is calling off the acquisition of Scotch Twist Inc. IGCA had said in August this acquisition would give it a suite of patents that would allow it to produce coinless slots that could be played by inserting a credit or debit card. IGCA said it decided to call off the buyout "to avoid substantial dilution to IGCA's shareholders and to significantly reduce cash requirements related to the merger." A termination agreement is being negotiated.

For the last several months, IGCA has been undertaking a sizable restructuring of the company. The company didn't say how many employees have been laid off, but said it has reduced its expected overhead by about 40 percent.

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