Global Gaming Companies to Enter Major Asset Purchase and Licensing Agreement

International Game Technology's wholly owned subsidiary, IGT, is set to enter into an agreement to purchase substantially all of the assets and business of Cyberview Technology, Inc., including cash on hand of approximately $17 million, for a cash purchase price of $76 million.

With the closing of the asset purchase, IGT will enter into a license agreement with Cyberview that provides IGT access to certain Cyberview patents and technology not included in the asset purchase, for a one-time license fee of $9 million. The agreement is subject to Cyberview shareholder approval and certain other closing conditions and is expected to close in the third calendar quarter of 2008.

In the event that the transaction is successfully completed, the US operations of Cyberview will be integrated with IGT in the US, and its UK- based operation, which focuses on the development of the Cyberview business in markets outside of the US, will be integrated with IGT-UK (Barcrest).

"This transaction is beneficial to all parties. Cyberview will be able to distribute substantial cash proceeds to its equity holders. At the same time, IGT will be able to use these assets to expand and diversify its business opportunities," notes Seamus McGill, Cyberview's chief executive officer.