SOURCE: Wells-Gardner Electronics Corp.

Wells-Gardner Electronics Corp.

December 21, 2010 11:00 ET

Wells-Gardner Extends CEO's Employment Contract to 2014

CHICAGO, IL--(Marketwire - December 21, 2010) -  Wells-Gardner Electronics Corporation (NYSE Amex: WGA) announced that it has extended the employment contract of Anthony Spier, Wells-Gardner's Chairman and Chief Executive Officer by three years to December 31, 2014.

"The Board of Directors decided that it was in the best interest of the Company to have continuity of senior management as Wells-Gardner embarks on exciting new programs that are expected to bring dramatic growth to the Company including participating in the new Illinois video lottery business as well as upgrading the Company's engineering capabilities," commented Marshall Burman, Chairman of the Compensation Committee of the Wells-Gardner Board of Directors. "The Board has been pleased with senior management's leadership during the recent difficult gaming economic environment particularly in terms of the strength of the Company's balance sheet."

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. The Company has the majority of its LCDs and CRT monitors manufactured in Mainland China. In addition, the Company's American Gaming & Electronics, Inc. subsidiary ("AGE"), a leading parts distributor to the gaming markets, sells parts and services to over 700 casinos in North America with offices in Las Vegas, Nevada, Hammonton, New Jersey, Miami, Florida 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, 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. For additional investor information, please contact Jim Brace -- Wells-Gardner at (708) 290-2120 or Alan Woinski -- Gaming USA Corporation at (201) 599-8484.

Contact Information

  • Contact:
    Jim Brace
    Wells-Gardner
    (708) 290-2120

    Alan Woinski
    Gaming USA Corporation
    (201) 599-8484