Yuri Itkis Gaming Trust Extends Tender Offer for FortuNet
17 February 2010 - 12:28AM
PR Newswire (US)
LAS VEGAS, Feb. 16 /PRNewswire/ -- The Yuri Itkis Gaming Trust of
1993 (the "Trust") today announced that it has extended its cash
tender offer to acquire all the outstanding shares of common stock
of FortuNet, Inc. (NASDAQ: FNET) ("FortuNet") not otherwise held by
the Trust. The tender offer will now expire at midnight, New York
City time, on Wednesday, February 17, 2010, unless further
extended. All other terms and conditions of the tender offer remain
unchanged. As of midnight on Friday, February 12, 2010,
approximately 1,073,931 shares have been tendered in and not
withdrawn from the tender offer (including 104,200 shares tendered
pursuant to a notice of guaranteed delivery). The Trust has
extended the expiration date of the tender offer in order to allow
all of FortuNet's investors additional time to participate in the
offer, including investors who are required to provide instructions
to tender through their bank, broker or other nominee. The Trust is
gratified by the support that it has received to date from FortuNet
stockholders and the Trust remains fully committed to completing
this transaction successfully. ABOUT THE TRUST'S TENDER OFFER On
January 15, 2010, the Trust commenced a cash tender offer for all
of the outstanding shares of common stock of FortuNet not already
owned by the Trust, subject to the terms and conditions set forth
in the Offer to Purchase dated as of January 15, 2010, as amended
and supplemented (the "Offer to Purchase"). The purchase price to
be paid upon the successful closing of the cash tender offer is
$2.25 per share in cash, subject to the terms and conditions set
forth in the Offer to Purchase. The Trust currently owns a stake of
approximately 75% in FortuNet. IMPORTANT INFORMATION This press
release is for informational purposes only and does not constitute
an offer to purchase or a solicitation of an offer to sell FortuNet
stock. The tender offer is being made pursuant to a Tender Offer
Statement and Rule 13e-3 Transaction Statement on Schedule TO
(including the Offer to Purchase, a related letter of transmittal
and other offer materials) filed by the Trust with the SEC on
January 15, 2010, as amended and supplemented (the "Schedule TO").
Stockholders of FortuNet are advised to carefully read the Schedule
TO, the Offer to Purchase and any other documents relating to the
tender offer that are filed with the SEC, as each may be amended
and supplemented, because they contain important information that
FortuNet stockholders should consider before any decision is made
with respect to the Offer. Stockholders of FortuNet can obtain
copies of these documents for free at the SEC's website at
http://www.sec.gov/ or by calling Georgeson Inc., the Information
Agent for the Offer, at (800) 868-1390. FORWARD-LOOKING STATEMENTS
WARNING This news release contains forward-looking statements.
These statements are not guarantees of future performance and
involve risks and uncertainties that are difficult to predict. The
statements are based upon the Trust's current expectations and
beliefs and are subject to a number of known and unknown risks and
uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements. There can
be no assurances that any transaction will be consummated. The
Trust disclaims any obligation to update or revise the information
in this news release based on new information or otherwise except
as required by law. DATASOURCE: The Yuri Itkis Gaming Trust of 1993
CONTACT: Georgeson Inc., Banks and Brokers Call, +1-212-440-9800,
or All Others Call Toll Free, 800-868-1390; or Christopher Hayden,
+1-212-440-9850
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