LAS VEGAS, March 13, 2014 /PRNewswire/ -- Gaming Partners
International Corporation (NASDAQ: GPIC) announces it has entered
into a Binding Letter of Intent to acquire the assets of GemGroup
Inc. and Subsidiaries in an all cash transaction. GemGroup is
a privately-held manufacturer of casino currency, cards and table
layouts primarily sold under the Gemaco brand. The Companies
anticipate closing the transaction on or before June 30, 2014.
Gregory Gronau, GPIC's President
and Chief Executive Officer, commented "We are very pleased to
acquire the Gemaco brand of products along with their manufacturing
expertise. We look forward to partnering with them to
strengthen and expand our casino offerings. This acquisition
strengthens our card manufacturing capabilities and increases our
US market share in both playing cards and table layouts, two
important sources of recurring revenue. Further, it expands
our product offerings in the growing Asia-Pacific region as Gemaco has a strong
market presence in the layout business there. Consolidated
revenues for GPIC have the potential to grow by over 30% as a
result of the acquisition."
Kaye Summers, President and CEO
of GemGroup, commented "We are pleased to be joining forces with
Gaming Partners International. This transaction will be
mutually beneficial for our customers and employees given both
companies strong brand recognition in casino products.
Moreover, GPIC has committed to continue operations in the
Greater Kansas City area."
About Gaming Partners International Corporation
(GPIC)
GPIC manufactures and supplies casino table game equipment to
licensed casinos worldwide. Under the brand names of Paulson®,
Bourgogne et Grasset® and Bud Jones®, GPIC provides casino currency
such as chips, plaques and jetons; gaming furniture and table
accessories; table layouts; playing cards; dice; and roulette
wheels. GPIC pioneered the use of security features such as radio
frequency identification device (RFID) technology in casino chips
and provides RFID solutions including RFID readers, software and
displays. Headquartered in Las Vegas,
Nevada, GPIC also has manufacturing facilities, warehouses
and/or sales offices in Beaune, France; San Luis Rio
Colorado, Mexico; Atlantic City,
New Jersey, Gulfport,
Mississippi and Macau S.A.R., China. For additional information, please
visit http://www.gpigaming.com.
Safe Harbor Statement
This release contains "forward-looking statements" based on
current expectations that are inherently subject to known and
unknown risks and uncertainties, including the expected completion
of the acquisition, the time frame in which this will occur, the
expected benefits to GPIC or GemGroup from completing the
acquisition, and the expected financial performance of GPIC
following completion of the acquisition. Actual results or
achievements may be materially different from those expressed or
implied. Our plans and objectives are based on assumptions
involving judgments with respect to future economic, competitive
and market conditions, the timing of and ability to consummate
acquisitions, and future business decisions and other risks and
uncertainties identified in Part I-Item 1A, "Risk Factors" of our
Annual Report on Form 10-K for the period ended December 31, 2012, all of which are difficult or
impossible to predict accurately and many of which are beyond our
control and are subject to change. Therefore, there can be no
assurance that any forward-looking statement will prove to be
accurate.
For Further Information Contact:
Michael D. Mann, Chief Financial
Officer, Treasurer and Secretary
PH: 702.384.2425
FX: 702.384.1965
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SOURCE Gaming Partners International Corporation