general meeting and extra info 1.2 Ratification of Issue
On 1 June 2004 the Company issued and alloted 24,616,022 ordinary shares in the capital of the Company at $0.09 per share pursuant to Listing Rule 7.1. These shares were issued to the following parties in the following proportions:(see Notice of General Meeting announcement)
The proceeds from the issue are being used to fund the initial roll-out of the supply and operation of a linked jackpot system throughout a number of California Native American casinos, the rights to which the Company secured in May 2004. It is anticipated that the initial stage of the operation will generate in excess of A$7 million revenue and anticipated A$1 million EBITDA in its first full year, with significant upside potential in year one and future years.
Initially the Company’s system will link 400 gaming machines across four of Californian’s largest Native American casinos, each of which is comparable in size and function to Australian casinos such as Crown and Star City. Further expansion is anticipated across up to a further 26 casinos in California, which typically operate over 1,000 machines each. The link, which will deploy patent-protected technologies, is scheduled to commence operations shortly.
California is widely considered as the growth capital of the US gaming market.
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