Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (1) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: Kcourt Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 12  
Subject: Jackpot selling gaming unit Date: 7/10/2000 9:04 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 2
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.


Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (1) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

Post of the Day:
Value Hounds

Medallion Financial: TAXI!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement