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 conditions.
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