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Friday, February 04, 2000
Copyright © Las Vegas Review-Journal
Inside business
Xertain to acquire
Innovative Gaming
Xertain Inc. of Las Vegas will purchase slot manufacturer Innovative Gaming Corp. of America for $4 million worth of cash and notes, and the assumption of $1 million worth of Innovative Gaming debts, the companies announced Thursday.
The deal follows an October announcement that Reno-based Innovative Gaming will merge with Equitex, an Englewood, Colo.-based investment firm investing in developing companies.
Innovative Gaming, formed in 1991 to develop, manufacture, market and distribute specialty slot games, must sell its gaming assets as a part of the Equitex deal.
Innovative Gaming's offerings include BJ Blitz, Hot Shot Dice, Lightning Strike Roulette, Supersuits Progressive Blackjack, Bonus Streak and Mythical Reels.
Innovative Gaming shares were up 16 cents Thursday to close at $1.91 in trading on the Nasdaq Stock Market. Shares of Equitex were up 17 cents to close at $7.55 on the Nasdaq Stock Market.
Xertain is a privately held company incorporated in Delaware.
Innovative Gaming Chairman and Chief Executive Officer Edward Stevenson failed to return a Thursday phone message.
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Go.com, owned by the Walt Disney Co., will include information from Las Vegas-based Lowestfare.com on its Internet-based Go Network.
Under the deal, Lowestfare.com will offer budget travel in the Deals department and vacation packages in the Vacations department of the Go Network Travel Center.
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The Las Vegas chapter of the Associated General Contractors said Tony Illia has resigned as public relations director to start his own company.
Ilia's consulting firm, Insight Communications, will work from offices at 2881 S. Valley View Blvd., Suite 1.
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Wells Fargo Bank named Robert Lewis and Luther Mack to its community board.
Lewis is a consultant for Kaufman & Broad Home Corp. Mack is president of Mack Associates in Reno.
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Bob Mott, president of Albuquerque, N.M.-based Sonvada Foods Inc., has a nine-store area development to launch Sonic Drive Ins fast-food restaurants in Las Vegas.
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24-7Delivery.com, a Nevada corporation founded and operated by Mitch Kove and Kelly Marinos, has launched its online grocery shopping service. The company said it will deliver convenience store items to consumers' homes, offices or hotel rooms.
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Las Vegas-based PDS Financial Corp.'s said financial chief Steven Des Champs resigned.
The company said President and Chief Operating Officer Peter Cleary will serve as interim financial chief while it seeks Des Champs' replacement.
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PurchasePro.com, a Las Vegas-based online business-to-business company, said Credit Suisse First Boston; Bear, Stearns & Co.; Prudential Volpe Technology Group; Robertson Stephens; and Jefferies & Co. will manage its proposed secondary public offering of up to 3 million shares of common stock.
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