|WMS Industries and IGT Settle Patent and Antitrust Litigation;
WMS Enters Into Patent License With Anchor Gaming
Sept 19, 2000
Industries Inc, (NYSE: WMS) announced today that WMS and IGT
(NYSE: IGT) have settled all pending litigation between them, including
IGT's touch-screen/button patent claims and WMS' antitrust counterclaims.
As part of the settlement agreement, WMS and IGT
releases and covenants not to sue. WMS and IGT also agreed, among
other things, to cross license to each other certain gaming related
patents and may jointly pursue the development of participation gaming
devices using IGT's Telnaes technology. Additionally, the parties have
agreed to the terms under which WMS will license IGT's and Anchor
Gaming's (Nasdaq: SLOT) cashless gaming patents. No payments were made
by WMS or IGT in connection with the settlement. Other terms of the
settlement were not disclosed.
Separately, WMS also announced that it had reached
with Anchor Gaming for the license of certain secondary bonus
features. Terms of the agreement were not disclosed.
Brian R. Gamache, President and Chief Operating Officer
said "We are pleased to put this litigation with IGT behind us. We
look forward to healthy competition with IGT based on the quality of
our respective games and the ample growth opportunities we see in the
U.S. and abroad. Furthermore, our agreement with Anchor Gaming
clarifies the scope of their secondary bonus patents and gives us much
greater certainty in the design and development of our games."
This press release contains certain forward-looking
concerning future business conditions and the outlook for the Company
based on currently available information that involve risks and
uncertainties. The Company's actual results could differ materially
from those anticipated in the forward looking statements as a result
of certain risks and uncertainties, including, without limitation,
financial strength of the gaming industry, the expansion of legalized
gaming into new markets and legislative and regulatory changes in
existing gaming markets, the development, introduction and success
new games and new technologies and the ability to maintain the
scheduling of such introductions, the ability of the Company to
qualify for and maintain gaming licenses and approvals and other risks
more fully described under "--Factors Affecting Future Performance"
the Company's Annual Report on Form 10-K.
WMS Industries Inc. is engaged in the design, manufacture
of gaming devices and video lottery terminals.
WMS INDUSTRIES INC.
Orrin J. Edidin, Esq.
Executive Vice President and General Counsel
Scott D. Schweinfurth
Chief Financial Officer
Jaffoni & Collins Incorporated
Joseph N. Jaffoni, Richard Land