PokerTek Announces $2M Loan |
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PokerTek Announces $2M Loan |
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Tuesday March 25, 2008 |
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PokerTek Announces $2M Loan MATTHEWS, N.C.--(BUSINESS WIRE)--PokerTek, Inc. (NASDAQ: PTEK) the world leader in automated poker tables and related software, announced today a financing of $2 million to continue the growth of the Company. The proceeds were invested by the company’s founding and executive teams including members of the Board of Directors. The loan, made personally by Lyle Berman, James Crawford, Lee Lomax and Lou White, is extended to the company on favorable terms with no dilutive warrants and carries no prepayment penalties or performance covenants. The Company agreed to secure the loan using PokerTek’s fleet of PokerPro tables in the field as collateral. “Quite simply, we believe in the future of the Company,” said Lyle Berman, Chairman of the Board of PokerTek. “This loan allows our team to continue executing their plan that, thus far, has delivered revenue growth while efficiently managing costs.” “We are grateful to the founders who, by putting up their own capital, have demonstrated confidence in management and PokerTek,” said Chris Halligan, PokerTek’s CEO. “We had been exploring options over the last few weeks and had several offers from outside firms to fund the company. We believe that funding PokerTek from ‘within the family’ and at such favorable terms was clearly in the Company’s best interest.” “We remain well positioned to grow in 2008,” added Mark Roberson, PokerTek’s CFO. “We remain confident in our future in both the casino and amusement businesses and look forward to reporting our Q1 results in April.” About PokerTek, Inc. PokerTek™, Inc. (NASDAQ: PTEK), headquartered in Matthews, NC, develops and markets PokerPro® and PokerPro Heads-Up™, automated poker tables and related software applications developed to increase casino revenue, reduce expenses and attract new players into poker rooms. PokerTek entered the amusement space by introducing Heads-Up Challenge™, a heads-up poker table for bars and restaurants that targets adults who play for amusement only. PokerPro tables are located in the United States, Canada, Macau, Panama, Germany, Australia, South Africa and several major cruise lines. For more information, please visit the company’s website at www.pokertek.com |
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