RENO, Nev., Nov. 23, 2010 /PRNewswire-FirstCall/ -- GameTech
International, Inc. (Nasdaq: GMTC) today announced that founder
Richard T. Fedor will retire as
Executive Chairman of the Board of Directors and as a member of the
GameTech International Board of Directors, effective as of
December 1, 2010.
"On behalf of the board of directors, our management team,
employees, and the company's shareholders, I want to thank Rich for
the fifteen plus years he has devoted to GameTech, and to
developing and promoting the interests and advancement of the
electronic bingo industry," said Bill
Fasig, the company's President and Chief Executive Officer.
"I look forward to continuing to work with Rich as a
strategic consultant to the company and to me."
While Mr. Fedor has resigned from the GameTech Board of
Directors, he will continue to be available to the company through
a transition period as a consultant and special advisor to the
Chief Executive Officer.
Commenting upon his retirement from the GameTech Board, Mr.
Fedor stated, "It has been an honor and a privilege to serve and
help lead this company over the past 15 years. This is an
outstanding organization with tremendous opportunity down the road.
Even though I will retire from the Board, I look forward to
contributing to GameTech in other positive ways. I wish Bill, the
Board and all the employees of GameTech the best of success."
GameTech's Board of Directors has not yet appointed a succeeding
Chairman, which it plans to do in the near future. As a
result of Mr. Fedor's resignation, the size of GameTech's Board of
Directors has been reduced to three directors, all of whom are
considered "independent" pursuant to the corporate governance rules
of the Nasdaq Global Market.
Company Overview: 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,
gaming equipment, and related software and content. GameTech
International, Inc. serves customers in 43 U.S. States,
Canada, Japan, Mexico, Norway, Philippines, and the United Kingdom. The company was
incorporated in 1994 and is headquartered in Reno, Nevada.
Safe Harbor Statement: 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 the Company with securities and
Exchange Commission, including the Company'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.