The Motley Fool Discussion Boards
Stocks J / Jackpot Enterprises, Inc.
|Subject: Jackpot selling gaming unit||Date: 7/10/2000 9:04 PM|
|Author: Kcourt||Number: 11 of 12|
Jackpot Enterprises Inc. to Sell Its Gaming
Machine Route Operations to E-T-T Inc. LAS
VEGAS, (BUSINESS WIRE) Jul 10, 2000
Jackpot Enterprises Inc. (J), which is being
renamed J Net Enterprises Inc., pending
shareholder approval, today announced that it had
entered into a definitive agreement to sell its
gaming machine route operations to E-T-T Inc. for
$45 million in cash.
The sale is part of J Net's previously announced
plans to transform itself into an Internet
infrastructure company and a manager of
technology funds. Allan R. Tessler, chairman and
chief executive officer of J Net, noted, 'The
execution of this agreement is the culmination of
an auction process which was begun by the
company several months ago.'
E-T-T is a gaming machine route operator owned
by the Herbst family of Nevada. Members of the
Herbst family also own Terrible Herbst, one of the
largest gasoline retailers in Nevada.
Tessler noted: 'We are pleased to have entered
into the deal with E-T-T. Their strong reputation in
the Nevada marketplace wi