Attached files
EXHIBIT
99.1
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MULTIMEDIA GAMES, INC
.
For
more information contact:
Ginny
Shanks
Chief
Marketing Officer
Multimedia
Games, Inc.
512-334-7500
|
 |
PRESS
RELEASE
Joseph
N. Jaffoni
Richard
Land
Jaffoni
& Collins Incorporated
212-835-8500
or mgam@jcir.com
|
MULTIMEDIA
GAMES NAMES PATRICK RAMSEY INTERIM CHIEF EXECUTIVE OFFICER FOLLOWING
APPOINTMENT
OF ANTHONY SANFILIPPO AS CHIEF EXECUTIVE OFFICER OF PINNACLE
ENTERTAINMENT
-
Stephen Greathouse Appointed Vice Chairman of the Board of Directors
and
Chairman
of a Special Committee to Explore Strategic Alternatives -
Austin,
TX, – March 15, 2010 – Multimedia Games, Inc. (Nasdaq: MGAM) (“Multimedia Games”
or the “Company”) announced today that Patrick Ramsey, 36, who has served as
Chief Operating Officer since September 2008, has been appointed to the
additional role of Interim Chief Executive Officer of the Company, effective
immediately. The appointment follows the announcement that Anthony
Sanfilippo, who served as President and Chief Executive Officer of Multimedia
Games since June 2008, has been appointed President and Chief Executive Officer
of Pinnacle Entertainment, Inc. Mr. Sanfilippo will remain on
Multimedia Games’ Board of Directors. Multimedia Games also announced
that Stephen Greathouse, a Director since April 2009, has been named Vice
Chairman of the Board of Directors and Chairman of a special committee that will
explore strategic alternatives.
Patrick
Ramsey joined Multimedia Games in September 2008, after serving for over six
years in various executive and operational positions with Harrah's
Entertainment, Inc. As Chief Operating Officer, Mr. Ramsey has
overseen all aspects of the Company’s day-to-day operations including working
closely with customers to maximize profitability from Multimedia Games’
revenue-sharing agreements including approximately 16,000 gaming units in
operation domestically and internationally.
Michael J. Maples, Sr.,
Chairman of the Board of Directors, commented, “Anthony brought tremendous
vision and experience to Multimedia Games and under his leadership, Multimedia
Games implemented a broad range of strategic initiatives that have improved the
Company’s operating discipline, financial foundation and new game development
processes. Importantly, he was instrumental in recruiting new
management talent to the Company as well as accomplished gaming industry
executives to our Board of Directors.
“As a
result, Multimedia Games is well positioned under Pat’s leadership to make
further progress on our strategic initiatives. Our progress to date
includes improved cash generation, reduced outstanding borrowings, the
settlement of significant outstanding litigation, the renewal of our central
determinant system contract with the New York Lottery, expanded licensing
initiatives and effective development of new games for a growing number of Class
III and Class II gaming markets that are being met with increasing interest from
customers. In addition to Pat, Multimedia Games also has a very
capable operating team through the addition of talented individuals and a
realignment of our personnel that have many years of experience with the Company
which positions us to continue executing on our goals and
strategies. I believe the Company is on a much stronger footing today
than it was just eighteen months ago. We appreciate Anthony’s
contributions and oversight of our comprehensive strategic initiatives during
his time at Multimedia Games and look forward to benefiting from his ongoing
service on our Board of Directors. We wish him the best on his new
endeavor.
“Further,
Steve Greathouse has been appointed to the position of Vice Chairman of the
Board of Directors and he will also head a special committee which will consider
all strategic alternatives available to our Company. Steve, who has
served on our Board since April 2009, is an ideal person to serve as Vice
Chairman and to lead our review process as he is a veteran gaming industry
executive who has been involved in the Las Vegas hotel and gaming industry for
more than 30 years, most recently as Senior Vice President of Operations for the
Mandalay Resort Group.”
In
connection with the strategic review process, Multimedia Games has engaged
Deutsche Bank Securities as exclusive financial advisor to assist the Company
and the special committee in reviewing and structuring strategic alternatives
including, but not limited to, the sale of the Company.
Patrick
Ramsey commented, “Multimedia Games’ management team and Board of Directors are
committed to maximizing value for all shareholders. Importantly, our
commitment to this goal includes our continued execution on the strategic
initiatives we have put in place, ongoing support for our customers, our large
installed base of gaming units and our operation of the central determinant
system for the New York Lottery as well as the ongoing development of new Class
III and Class II gaming products for an increasing number of
markets.”
Anthony
Sanfilippo added, “It took a unique opportunity for me to decide to make this
career move. As a Director and significant shareholder in Multimedia
Games, I remain committed to assisting the Company as it progresses on its
operating plan. Based on my long-term working and personal
relationship with Pat, I believe he is fully capable of leading the Company’s
efforts going forward.”
At
Harrah’s, Mr. Ramsey served as Vice President and Executive Associate to the
Vice Chairman at Harrah's corporate headquarters in Las Vegas, where he worked
on domestic and international development, design and construction, and sports
and entertainment. He has significant slot operation and product experience,
having served as Vice President of Slots & Security at Caesars Atlantic
City, where he was responsible for maximizing the performance of over 3,000
gaming devices, which generated more than $400 million in annual revenue. In
addition to Caesars Atlantic City, he served in executive positions at Harrah's
Joliet (Illinois) and Harrah's East Chicago (Indiana), as well as the company's
Central Division office in Memphis. He holds a BA in economics from
Harvard University and an MBA from the Kellogg School of Management at
Northwestern University.
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 and
its key personnel’s’ 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,” “believe” “plan,” “forward,”
“progress,” “anticipate,” “expect,” “continue,” “remain,” “commit,” “pursue,”
“achieve,” “goal,” “further,” “improve,” “develop,” “execute,” “increase,”
“initiate,” “lead,” “efforts,” “intend,” “assist,” “engage,” or the negative or
other variations thereof or comparable terminology as they relate to Multimedia
Games and its organizational structure, shareholder value, products and markets
are intended to identify such forward-looking statements. These
forward-looking statements include, among other things, references to future
actions, new agreements, projects, strategic alternatives and managerial and
organizational structures, 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 agreements or 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 failure to attract and/or retain key employees; management’s
ability to effectively implement and maintain operations, finance, sales,
marketing and strategic initiatives or goals and/or the outcomes of these
initiatives or goals may differ materially from their stated objectives; the
ability of the special committee and / or its advisors to maximize shareholder
value through strategic alternatives, including the potential sale of the
company, or otherwise; unfavorable reaction or perception related to managerial
changes or organizational and strategic restructuring, or the potential sale of
the company, by our customers; the risk inherent to implementing strategies and
/ or initiatives, including but not limited to, strategic alternatives, player
preferences and reactions, casino employment of games, location of 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 which may affect us, our agreements, our games
or our customers, and/or adverse decisions by courts, regulators and/or
governmental bodies; delay or prevention of our entry into markets due to the
inability of Multimedia Games or its key employees to secure or maintain its
agreements or its required licenses or approvals, or other issues; a refusal by
our customers to honor new or existing agreements; unfavorable changes in the
preferences of our customers or their end users; 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 expand in certain markets or the failure to achieve improved
performance of our games or systems; and our ability to comply with restrictions
contained in our credit facility. Other important risks and
uncertainties that may affect our 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.
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