ENTERTAINMENT GAMING ASIA INC. (NASDAQ:EGT) Files An 8-K Termination of a Material Definitive Agreement
Item 1.02 Termination of a Material Definitive Agreement
On December 21, 2016, we, together with the venue and land owners
of Dreamworld Club (Poipet), entered into an agreement to
terminate the machines operation and participation agreement
among the parties dated April 2, 2012, or the participation
agreement, effective December 1, 2016. to the participation
agreement, the ownership of the Dreamworld Club (Poipet) building
structure, which was constructed and paid for by us on the
property of the land owner of Dreamworld Club (Poipet), reverted
to the venue owner upon termination of the participation
agreement.
Item 2.01 Completion of Acquisition or Disposition of
Assets
On December 21, 2016, we completed the sale of gaming assets in
Cambodia, including our 278 electronic gaming machine (EGM) seats
placed in Dreamworld Club (Poipet), 72 EGM seats held in Cambodia
storage and gaming equipment spare parts and accessories, to the
venue owner of Dreamworld Club (Poipet) in Cambodia for cash
proceeds of $900,000. The cash proceeds from the sale were
received in full and the transaction closed on December 23, 2016.
Item 9.01 Financial Statements and Exhibits
| (d) | Exhibits | Method Filing |
The following exhibit is filed with this report:
| Exhibit 99.1 |
Press release dated December 28, 2016 regarding the registrants sale of its gaming assets in Cambodia and the termination of its machines operation and participation agreement for Dreamworld Club (Poipet) |
Filed Electronically herewith |
About ENTERTAINMENT GAMING ASIA INC. (NASDAQ:EGT)
Entertainment Gaming Asia Inc. is a gaming company. The Company is engaged in slot operations, which include the ownership and leasing of electronic gaming machines (EGMs) in resorts, hotels and other venues; the design, manufacture and distribution of gaming chips and plaques, and the development of a social casino gaming platform designed for the Pan-Asian market. The Company conducts business in two operating segments: gaming operations, which includes slot participation operations, and gaming products, which consists of the design, manufacture and distribution of gaming chips and plaques. Its gaming operations consist of slot operations in Cambodia and the Philippines. Its gaming products consist of the manufacture and sale of gaming chips and plaques under its Dolphin brand and the distribution of gaming products in select markets for third-party suppliers. It identifies and develops new gaming venues, acquires EGMs, casino management systems and other gaming peripherals. ENTERTAINMENT GAMING ASIA INC. (NASDAQ:EGT) Recent Trading Information
ENTERTAINMENT GAMING ASIA INC. (NASDAQ:EGT) closed its last trading session 00.00 at 1.38 with 8,576 shares trading hands.
