SOURCE: Wells-Gardner Electronics Corp.

March 09, 2007 08:30 ET

Wells-Gardner Announces That Its AG&E Subsidiary Has Been Awarded a Florida Gaming License

CHICAGO, IL -- (MARKET WIRE) -- March 9, 2007 -- Wells-Gardner Electronics Corporation (AMEX: WGA) announced that its wholly owned subsidiary American Gaming & Electronics (AG&E) has been awarded a Slot Machine Business Entity Occupational License number 7980504 by the State of Florida Department of Business and Professional Regulation.

"We are delighted to have been awarded this Florida gaming license," said Anthony Spier, Wells-Gardner's Chairman and Chief Executive Officer. "This is a 3-year license which expires on September 30, 2009. It allows our personnel to sell both used gaming devices and gaming parts to all racinos and compacted casinos in Florida."

In the State of Florida, sales of slot machines began in late 2006 and are expected to increase significantly in 2007. In addition the Seminole Tribe of Florida is negotiating to be able to offer Class 111 gaming machines at their tribal casinos across the state. Also Miami-Dade and other Florida counties are expected to ask voters to allow slots at their pari-mutuel facilities over the next couple of years.

Founded in 1925, Wells-Gardner Electronics Corporation is a distributor and manufacturer of color video monitors and other related distribution products for a variety of markets including, but not limited to, gaming machine manufacturers, casinos, coin-operated video game manufacturers and other display integrators. During 2000, the Company formed a 50/50 joint venture named Wells-Eastern Asia Displays ("WEA") to manufacture CRT monitors in Malaysia. The Company has most of its LCDs manufactured in Mainland China. In addition, the Company acquired American Gaming & Electronics, Inc. ("AGE"), a leading parts distributor to the gaming markets, which sells parts and services to over 700 casinos in North America with offices in Las Vegas, Nevada, Egg Harbor Township, New Jersey and McCook, Illinois. AGE also sells refurbished gaming machines on a global basis as well as installs and services some brands of gaming machines in casinos in North America.

This press release contains forward-looking statements within the meaning of the federal securities laws. Those statements include statements regarding the intent, belief or expectations of the Company and its management. Readers are cautioned that the forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, and that actual results could differ materially from those expressed in any forward-looking statement. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, but are not limited to, development of competing technologies, availability of adequate credit, interruption or loss of supply from key suppliers, our ability to increase production at our Malaysian joint venture and our Chinese LCD sub-contractor, increased competition, the regulatory process and regulatory and legislative changes affecting the gaming industry. Wells-Gardner assumes no obligation to update the information contained in this release to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. All press releases and SEC filings are available on the Wells-Gardner website accessible on www.wellsgardner.com by clicking Company and then clicking News. For additional investor information, please contact Jim Brace - Wells Gardner at (708) 290-2120 or Alan Woinski - Gaming USA at (201) 599-8484.

Contact Information

  • For additional investor information, please contact:

    Jim Brace
    Wells-Gardner
    (708) 290-2120

    Alan Woinski
    Gaming USA
    (201) 599-8484