LEVIS, Aug. 2 /CNW Telbec/ - DEQ Systems Corp. (TSX-V: DEQ), announced today the closing of the acquisition of DP Stud inc., a privately held Las Vegas Nevada based company specialised in the leasing of electronic gaming systems.
This transaction is in accordance with the previously announced intention to purchase DP Stud on June 27th 2005. The total purchase price is US$2,700,000 paid as follows: US$1,350,000 in cash and US$1,350,000 by the issue of 1,659,960 common shares of DEQ at a deemed price of CA$1,00 per share.
As previously disclosed, the acquisition will allow DEQ Systems Corp. to penetrate the Nevada market through the established commercial presence of DP Stud. DP Stud is the exclusive supplier of Caribbean Stud Poker in Nevada. DP Stud's products are present in the most prestigious casinos in Nevada. This acquisition provides the strategic visibility for the introduction and accelerated commercialization of DEQ's products.
Mr. Earle G. Hall, President and CEO of DEQ, stated: "Our Nevada authorization for Black Jack Electronic Side Betting and Random Prizes combined with DP Stud's Caribbean Stud Poker systems, Progressive Jackpots and bonusing will bring a full spectrum of side betting technology and products to the Nevada Gaming Industry. The power of DEQ's patents and technology combined with the established presence and reputation of DP Stud is strategic to our business vision. "Caribbean Stud" is known world-wide in the table game industry and DEQ will not only bring new life to this game but will use this combined technology, patent and authorization base to specifically target the virtually untapped Black Jack Market."
Mr. Lou DeGregorio, Managing Director of DP Stud stated: "Side Betting means increased revenues for casino tables. The patented electronic multiple side betting of DEQ combined with the patented bonusing and management features in their system is exactly what side betting has been waiting for. These state of the art features will not only enhance DP Stud's products but, be introduced into numerous other table games such as Black Jack and Pai Gow to name a few because of the significant revenue increase due to multiple side betting."
About DP Stud
DP Stud leases, installs and services side betting systems in Nevada. DP Stud holds the exclusive patent rights and operation of "Caribbean Stud" poker side betting systems in Nevada. As well, DP Stud operates Pai Gow Poker Side Betting systems in the state of Nevada. DP Stud's revenue model is based on recurring long term revenue leasing contracts. DP Stud's systems are present in the Tier 1 Casinos in Nevada.
About DEQ Systems Corp.
DEQ Systems Corp. is a publicly traded company that is recognized as a worldwide provider of electronic auxiliary systems that compliment and enhance the pleasure and performance of existing casino gaming tables. DEQ's products are present in more than 130 casinos in North America, Europe and Asia as well as Central and South America. DEQ has developed and holds an impressive portfolio of international patents that is the basis of the current product line.
TSX Venture does not accept any responsibility regarding the accuracy of the information contained in this press release.
/For further information: Earle G. Hall, President and CEO, (418) 839-3012, earle.hall(at)deq.com ; Jean-Claude Vachon, Executive V.P., Investor Relations, (418) 839-3012, ext. 222, Fax: (418) 839-5956, jean-claude.vachon(at)deq.com; Web Site: http://www.deq.com/
© CNW Group
Only GlobeinvestorGOLD combines the strength of powerful investing tools with the insight of The Globe and Mail.
Discover a wealth of investment information and and exclusive features.
