Gaming Partners International C (NASDAQ:GPIC)

NORTH LAS VEGAS, Nev., May 16, 2016 /PRNewswire/ -- Gaming Partners International Corporation (GPIC), a leading worldwide provider of casino currency and table gaming equipment, announced today that it has completed the purchase of the assets of Dolphin Products Limited, a wholly owned subsidiary of Entertainment Gaming Asia Inc. (EGT) for approximately $5.9 million. In addition, earn-out payments may be made based on revenue from certain casinos.  Dolphin was a leading manufacturer and distributor of RFID and traditional gaming chips and plaques under the Dolphin® brand to major casinos in Asia and Australia.

"We are excited to announce we have completed the purchase of Dolphin Products Limited including their portfolio of gaming currency and manufacturing equipment," commented Gregory Gronau, GPIC's President and Chief Executive Officer.  "The acquisition will allow us to expand our product portfolio while consolidating the manufacturing into our existing plants to better serve our casino customers.  The acquisition continues our strategy of continually expanding the suite of our products we offer our customers.  Dolphin is a well known brand in the industry and we look forward to adding their products to our portfolio."

HONG KONG, April 22, 2016 /PRNewswire/ -- Entertainment Gaming Asia Inc. (NASDAQ: EGT) and Gaming Partners International Corporation (NASDAQ: GPIC), today announced that EGT's wholly-owned Hong Kong subsidiary, Dolphin Products Limited ("Dolphin"), has entered into a binding letter of intent ("LOI") to sell its assets to GPIC. Dolphin is a leading manufacturer and distributor of RFID and traditional gaming chips and plaques under the Dolphin brand to major casinos in Asia and Australia.  GPIC is a leading manufacturer and supplier of casino table game equipment,  including gaming chips and plaques, to licensed casinos worldwide under the brand names Paulson, Bourgogne et Grasset, Gemaco and Bud Jones.

Under the terms of the LOI, GPIC will acquire the assets of Dolphin including fixed assets, raw materials and inventory and intellectual property for an estimated cash purchase price of approximately $5.9 million, subject to physical inventory counts at closing.  The purchase price will be paid out in installments over a 24-month period after closing. In addition, GPIC will make earn out payments to EGT over the next five years based on a varying percentage of net revenues on certain select sales to specific Asian-based casinos. The asset sale represents Dolphin's and EGT's exit from the table game equipment business and, as part of the transaction, Dolphin and EGT will each agree not to engage in the manufacture of table game equipment in competition with GPIC.

The companies anticipate negotiating a definitive asset purchase agreement to effect the transaction consistent with the terms of the LOI and closing the transaction in May 2016. The closing of the transaction will be subject to GPIC's satisfactory due diligence review of Dolphin and customary closing conditions to be set forth in the definitive asset purchase agreement. Accordingly, there is no guarantee the transaction will be consummated.