RENO, Nev., March 29, 2011 /PRNewswire/ -- GameTech
International, Inc. (Nasdaq: GMTC), a leading designer, developer
and marketer of electronic bingo and gaming equipment, systems, and
video lottery terminals, today announced that on March 23, 2011, it received a letter from the
NASDAQ Stock Market stating that GameTech did not timely file its
Quarterly Report on Form 10−Q for the period ended January 30, 2011, with the Securities and
Exchange Commission. As a result, GameTech is not in
compliance with the continued listing requirements under NASDAQ
Listing Rule 5250(c)(1). The notification of noncompliance has no
immediate effect on the listing or trading of GameTech's common
stock on the NASDAQ Global Market.
As previously reported by the Company in its Form 12b-25 filed
with the SEC on March 17, 2010,
filing of the Quarterly Report has been delayed primarily due to
the resignation of the Company's former Chief Financial Officer and
the appointment of a new Chief Financial Officer, effective
March 1, 2011. As a result of
this transition, the process of compiling and disseminating the
information required to be included in the Quarterly Report, as
well as the completion of the required review of the Company's
financial information, could not be completed in a timely manner
without incurring undue hardship and expense. The Company intends
to file its Quarterly Report as soon as practicable.
Pursuant to the NASDAQ Listing Standards, GameTech has 60
calendar days from the date of the notice to submit a plan to
regain compliance, and if NASDAQ accepts GameTech's plan, it can
grant an exception of up to 180 calendar days from the quarterly
report's due date, or until September 19,
2011, to regain compliance.
About GameTech International, Inc.
GameTech International, Inc. is in the business of designing,
manufacturing, and marketing computerized bingo and gaming
equipment, systems, and services. Under the GameTech® product brand
the company provides electronic bingo systems and equipment, and is
an innovator in advanced wireless gaming applications and devices.
Under the Summit Gaming™ product brand the company provides video
lottery terminal devices, Class III gaming machines, and related
software and content. GameTech International, Inc. serves customers
in over 40 U.S. States, Canada,
Japan, the Philippines, and the United Kingdom. The company was incorporated
in 1994 and is headquartered in Reno,
Nevada.
Statements in this press release that are not historical facts
are intended to be forward-looking statements subject to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. GameTech cautions that these statements are qualified by
important factors that could cause actual results to differ
materially from those reflected by the forward-looking statements
contained herein. Such factors include risks associated with doing
business in a regulated industry, our ability to retain customers
and secure new customers, risks associated with rapid technological
change, and those disclosed in documents filed by GameTech with the
Securities and Exchange Commission, including GameTech's most
recently filed Annual Report on Form 10-K and Quarterly Reports on
Form 10-Q. GameTech does not intend, and undertakes no obligation,
to update our forward-looking statements to reflect future events
or circumstances.
SOURCE GameTech International, Inc.