Content area
Full Text
Industry: GAMBLING/CASINOS
Company to Refocus on Profitable, Core North American Businesses, Divest Latin
American Assets
Michael Wordeman to Retire As CEO, Remain As Chairman
Roland Gentner Appointed Interim CEO
Clay Trulson, VP Finance, to Assume CFO Duties
Search Committee Established to Hire New CEO
RAPID CITY, S.D., June 18 /PRNewswire/ -- Sodak Gaming, Inc. (Nasdaq: SODK) today announced a corporate restructuring designed to refocus the Company on its profitable, core North American businesses. This restructuring was approved by the Sodak Board of Directors.
The key elements of the corporate restructuring are:
-- Refocusing the Company's attention on Sodak's market-leading position in electronic gaming machine distribution and wide area progressive systems in the Native American gaming communities in North America and participation in select gaming operations. At present, Sodak commands a 95% market share in the high margin business of wide area progressive systems and 73% in machine sales to Native American casinos.
-- Divesting the Company's Latin American operations through the sale of assets in Peru, Ecuador and Brazil to allow the Company to focus on the excellence of service and enhanced profitability of its equipment sales and wide area progressive systems. Salomon Smith Barney has been retained to assist in the sale of these operations.
-- Appointing outside Board members Colin Reed, Chief Financial Officer of Harrah's Entertainment, Inc. (NYSE: HET), and Ronnie Lopez, President of Phoenix International Consultants and Director of Bank of America-Arizona, to an executive committee to oversee the restructuring and...