IGT Announces Acquisition Of Key Gaming Patents
RENO, Nev., April 7 /PRNewswire-FirstCall/ -- International Game Technology (NYSE:IGT) today announced that it has acquired 13 U.S. patents previously owned by Eagle Co. Ltd. of Japan.
The patents cover a variety of slot machine technologies. One of the patents in the portfolio, U.S. Patent No. 5,722,891, covers the use of one or more bonus reels on a slot machine. This patent is already in use on many successful products like The Price Is Right(TM), Harley-Davidson(R), and the new wide-area progressive version of IGT's famous Quartermania(R) family of games. Quartermania(R), along with IGT's popular new Wild Thing(TM) slot machine, has also made use of U.S. Patent No. 5,609,524 by "wiggling" the reels to draw attention to winning combinations.
"After carefully reviewing the patents, our game design team was extremely impressed with the inventions," said IGT's Executive Vice President of Product Development Rich Pennington. "Games based on these concepts have a proven player appeal that sets them apart from the rest of the field."
Randy Hedrick, IGT's Senior Vice President of Product Development, added, "In addition to games like The Price Is Right(TM) that already use this technology, many of our premium products currently in the design stage will use these patents to create a look and game-play experience never before seen in North America."
The portfolio acquired includes the following U.S. Patents: 5,395,111; 5,531,640; 5,584,764; 5,609,524; 5,622,366; 5,722,891; 5,743,526; 5,752,881; 5,863,249; 5,885,157; 5,984,782; 6,062,979; and 6,398,220. The remaining terms of the acquisition are confidential.
IGT is a world leader in the design, development and manufacture of microprocessor-based gaming and video lottery products and software systems in all jurisdictions where gaming and lotteries are legal. For more information on the Company, visit IGT's web site at www.IGT.com .
The Price Is Right is a trademark of FremantleMedia Operations B.V. Based on the FremantleMedia TV program "The Price Is Right." Licensed by Fremantle Brand Licensing. www.fremantlemedia.com
Harley-Davidson (C)2003 H-D, All Rights Reserved.
Quartermania and Wild Thing are trademarks of IGT, All Rights Reserved.
Statements in this release which are not historical facts are "forward looking" statements under the Private Securities Litigation Reform Act of 1995. Although the Company believes that the expectations reflected in any of its forward-looking statements are reasonable, actual results could differ materially from those projected or assumed. IGT's future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent known and unknown risks and uncertainties. IGT does not intend, and undertakes no obligation, to update our forward-looking statements to reflect future events or circumstances. Information on risks and factors that could affect IGT's business and financial results are included in our public filings made with the Securities and Exchange Commission.