RENO, Nev., Sept. 28 /PRNewswire/ -- GameTech International,
Inc. (Nasdaq: GMTC), a leading designer, developer and marketer of
electronic bingo and gaming equipment, systems, and video lottery
terminals, today announced that on September
22, 2010, it received a letter from the NASDAQ Stock Market
stating that GameTech did not timely file its Quarterly Report on
Form 10−Q for the period ended August 1,
2010 with the Securities and Exchange Commission. As a
result, GameTech is not in compliance with the continued listing
requirements under NASDAQ Listing Rule 5250(c)(1). The notification
of noncompliance has no immediate effect on the listing or trading
of GameTech's common stock on the NASDAQ Global Market.
As previously reported by GameTech on September 16, 2010, filing of its quarterly
report has been delayed primarily due to the efforts required to
complete its assessment of an expected non-cash impairment of
goodwill and long-lived assets relating to its bingo reporting unit
and an expected non-cash impairment of intangible and other
long-lived assets relating to its VLT/Slot reporting unit.
GameTech intends to file its quarterly report as soon as
practicable upon completion of its assessment.
Pursuant to the NASDAQ Listing Standards, GameTech has 60
calendar days from the date of the notice to submit a plan to
regain compliance, and if NASDAQ accepts GameTech's plan, it can
grant an exception of up to 180 calendar days from the quarterly
report's due date, or until March 21,
2011, to regain compliance.
About GameTech International, Inc.
GameTech International, Inc. is in the business of designing,
manufacturing, and marketing computerized bingo and gaming
equipment, systems, and services. Under the GameTech® product brand
the company provides electronic bingo systems and equipment, and is
an innovator in advanced wireless gaming applications and devices.
Under the Summit Gaming™ product brand the company provides video
lottery terminal devices, Class III gaming machines, and related
software and content. GameTech International, Inc. serves customers
in over 40 U.S. States, Canada,
Japan, Mexico, Norway, Philippines, and the United Kingdom. The company was incorporated
in 1994 and is headquartered in Reno,
Nevada.
Statements in this press release that are not historical facts
are intended to be forward-looking statements subject to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. GameTech cautions that these statements are qualified by
important factors that could cause actual results to differ
materially from those reflected by the forward-looking statements
contained herein. Such factors include risks associated with doing
business in a regulated industry, our ability to retain customers
and secure new customers, risks associated with rapid technological
change, and those disclosed in documents filed by GameTech with the
Securities and Exchange Commission, including GameTech's most
recently filed Annual Report on Form 10-K and Quarterly Reports on
Form 10-Q. GameTech does not intend, and undertakes no obligation,
to update our forward-looking statements to reflect future events
or circumstances.
SOURCE GameTech International, Inc.
Copyright . 28 PR Newswire