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Jackpot Enterprises Completes Sale of Gaming Business27 November 2000LAS VEGAS,Nevada – (Press Release) -- Nov. 27, 2000 -- Jackpot Enterprises Inc., which is being renamed J Net Enterprises Inc. pending shareholder approval, today announced that it has completed its previously announced agreement for the sale of its gaming machine route operations to E-T-T Inc. The pre-tax proceeds from the sale totaled approximately $44 million in cash. The Sept. 30, 2000, balance sheet of the company, adjusted for the sale of the gaming machine route operation and the recently announced investment in InterWorld Corporation, reflects total assets of $137 million and shareholder equity of $101 million or $11.28 per primary share outstanding. The company's assets consist primarily of cash and investments at cost. Jackpot Enterprises Inc. is in the final stages of transforming itself from a gaming company to a technology company and a manager of technology investment funds. The company is utilizing its balance sheet and managerial expertise to acquire and invest in Internet-related infrastructure businesses and e-service enterprises, and to support the migration of traditional businesses to the Internet. ``The sale of our gaming route operation is an important milestone in the transformation process which we announced in March of this year,'' said Allan R. Tessler, the company's chairman and chief executive officer. ``The continued decline of Internet and technology stocks and their general inability to raise capital affords our company an opportunity to capitalize upon the strength of our balance sheet and management team as we concentrate on building strong businesses through strategic acquisitions.'' Tessler also added, ``Now that we have completed the sale of our gaming route business, we intend to focus our initial efforts upon consolidating our relationship with InterWorld Corporation.'' |