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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 will ensure continued
high-quality service to Jackpot's customers. In
addition, the fact that they are licensed in the state
should assist in a prompt closing.'
Jackpot was represented in the process by Koffler
& Co. of Los Angeles. 'We were pleased with the
number of bids received and the quality of the
offers,' stated Stephen A. Koffler, president of
Koffler & Co.
The transaction, which is expected to close in four
to six months, is subject to certain regulatory and
other approvals and customary closing conditions.
Jackpot has received copies of E-T-T's financing
commitments which are also subject to customary
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