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AUSTIN, Texas, Dec 18, 2009 (BUSINESS WIRE) -- Multimedia Games, Inc. (Nasdaq: MGAM) ("Multimedia Games" or the "Company") today announced that the Mississippi Gaming Commission has granted the Company a manufacturer/distributor license and has granted approvals to members of the Company's senior management team. Today's action by the Mississippi Gaming Commission is the first stage in the process to allow Multimedia Games to sell slot machines to, or place them on a revenue share basis in, commercial casinos in the State of Mississippi. The license is Multimedia Games' first ever for a major commercial casino market and reflects the progress the Company is making in expanding its licensed gaming jurisdictions.
The license allows Multimedia Games to submit its Class III units to the Mississippi Gaming Commission Laboratory for evaluation and approval. The Company expects to submit several high-performing video reel titles to the Mississippi Gaming Commission Laboratory for evaluation in calendar 2010. Subject to approval of its Class III units by the Mississippi Gaming Commission Laboratory, Multimedia Games expects to offer its first for sale slot machines in the State in mid-calendar 2010.
Anthony Sanfilippo, President and Chief Executive Officer of Multimedia Games, commented, "We are grateful to the Mississippi Gaming Commission and its staff for the timely diligence in processing our license application. Securing this license represents a significant milestone in our efforts to expand the market presence of Multimedia Games. Over the last 18 months we have implemented key changes to the organization, including a centralized approach to new licensing efforts. Including the Mississippi license, Multimedia Games has now been granted 19 new licenses since implementing our new market licensing initiatives, representing an increase of over 40% in the number of licenses held by the Company since we began this effort. With an additional 11 licenses currently under review by regulatory agencies, the pipeline of markets where we can conduct business is poised to grow significantly over the next few years.
"Concurrent with our efforts to be licensed in commercial casino markets, Multimedia Games has made significant advances in our game development process and the Class III titles we plan to submit to the Mississippi Gaming Commission Laboratory next year for review - including Meltdown Core Reaction(R), Jambalaya Jackpot(R), Queen of the Desert(R), Ernestine's Ringy Dingy Reels(R) and Sport of Kings(R) - reflect the progress we have made in growing our portfolio of slot products with intuitive play features that offer high levels of entertainment and which generate an emotional connection with players. In addition, our sales and marketing teams now include several gaming industry executives with broad industry relationships. Given the processes and team we have built, the Mississippi license represents important progress toward our goal of placing Class III games in commercial casinos. We are confident that our games will deliver high levels of entertainment and excitement for players and high performance for casino operators."
About Multimedia Games
Gaming technology developer and distributor, Multimedia Games, is a creator and supplier of comprehensive systems, content and electronic gaming units for Class III and Class II Native American gaming markets, as well as for commercial casinos and charity and international bingo markets. Multimedia Games has approximately 16,000 gaming units in operation domestically and internationally installed on revenue-sharing arrangements. Multimedia Games also supplies the central determinant system for approximately 12,500 video lottery terminals ("VLTs") installed at racetracks in the State of New York. Multimedia Games is focused on the further development of new gaming systems and products for the markets it currently serves as well as for new domestic and international market opportunities. Additional information may be found at www.multimediagames.com.
Cautionary Language
This press release contains forward-looking statements based on Multimedia Games' current expectations and projections of future events and facts and circumstances present as of the date of this press release. All forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. The words "will," "plan," "poised," "look forward," "begin," "strategy," "process," "expand," "pending," "efforts," "implement," "grow," "advance," "progress," "goal," "confident that," "launch," "initiate," "focused," "intend," "pursue," "believe" or the negative or other variations thereof or comparable terminology as they relate to Multimedia Games and its products and markets are intended to identify such forward-looking statements. These forward-looking statements include, among other things, references to future actions, new projects, strategies, future performance, outcomes of contingencies and future financial results of either Multimedia Games or its customers.
These forward-looking statements reflect the current views and assumptions of Multimedia Games, and are subject to various risks and uncertainties that cannot be predicted or qualified and could cause actual results in Multimedia Games' performance and / or the outcome of its initiatives to differ materially from those expressed or implied by such forward looking statements. These risks and uncertainties include, but are not limited to, the risk inherent to implementing new strategies and / or initiatives, including but not limited to, player preferences and reactions, casino employment of the games, location of the games on the casino floor, and the risk of equipment malfunction; the possible negative effects of local and national economic conditions on both commercial and tribal gaming markets; unfavorable changes in laws, regulatory requirements or unanticipated enforcement action against us, our games or customers, and/or adverse decisions by courts, regulators and/or governmental bodies; delay or prevention of our entry into Mississippi or other new Class III markets due to the inability of Multimedia Games, its key employees or its gaming units to secure or maintain required licenses or approvals, or other issues; unfavorable changes in the preferences of our customers or their end users resulting in the removal of our games; software or hardware malfunction or fraudulent manipulation thereof; inability to successfully introduce new and existing games and/or systems into new and existing markets; failure to attract and/or retain key employees; failure to expand our installed base in certain markets or the failure to achieve improved performance of our games or systems; management may not be able to effectively implement new operations, finance, sales and marketing initiatives and/or the outcomes of these initiatives may differ materially from their stated objectives; and our ability to comply with restrictions contained in its credit facility. Other important risks and uncertainties that may affect the Company's business are detailed from time to time in the "Certain Risks" and "Risk Factors" sections and elsewhere in Multimedia Games' filings with the Securities and Exchange Commission. Multimedia Games disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Multimedia Games, Inc.
Multimedia Games, Inc.
Ginny Shanks, 512-334-7500
Chief Marketing Officer
or
Jaffoni & Collins Incorporated
Joseph N. Jaffoni
Richard Land
212-835-8500
mgam@jcir.com
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