October 23, 2014 10:15 AM ET

Hotels, Restaurants and Leisure

Company Overview of PokerTek, Inc.

Company Overview

PokerTek, Inc. develops, manufactures, and markets electronic table games and related products for casinos, cruise lines, racinos, card clubs, and lotteries worldwide. The company’s electronic tables are multi-station gaming devices that facilitate the play of casino games; and automate the shuffling, dealing, cash handling, enforcement of game rules, awarding of pots, and other aspects of the game, as well as allow players to view community information specific to the game being played. Its products include PokerPro, a 10-seat electronic poker table that allows operators to offer player-banked games and tournaments, including cash games, single-table tournaments, and multi-table tournaments...

1150 Crews Road

Suite F

Matthews, NC 28105

United States

Founded in 2003

25 Employees

Phone:

704-849-0860

Key Executives for PokerTek, Inc.

Chief Executive Officer
Age: 49
Co-Founder
Age: 53
Co-Founder and Vice Chairman
Age: 51
Co-Founder
Age: 57
Director of Sales
Compensation as of Fiscal Year 2014.

PokerTek, Inc. Key Developments

PokerTek, Inc.(NasdaqCM:PTEK) dropped from NASDAQ Composite Index

PokerTek, Inc. will be removed from the NASDAQ Composite Index.

PokerTek Receives Non-Compliance Notice From NASDAQ

On August 21, 2014, the PokerTek, Inc. received written notice (Notice) from The NASDAQ Stock Market (NASDAQ) indicating that the Company is no longer in compliance with the minimum stockholders’ equity requirement for continued listing on the NASDAQ Capital Market (Capital Market). NASDAQ Listing Rule 5550(b)(1) requires Companies to maintain a minimum of $2,500,000 in stockholders' equity for continued listing on the Capital Market. In the Company’s Form 10-Q filed on August 14, 2014, the Company reported stockholders’ equity of $2,382,018 for the period ended June 30, 2014. The Notice has no immediate effect on the listing of the Company’s common stock. In the Notice, NASDAQ requested the Company to provide its plan to regain compliance with the continued listing requirements before October 6, 2014. If NASDAQ accepts the plan, it can grant the Company an additional 180 days from the date of the Notice for the Company to evidence compliance with the Listing Rule. If NASDAQ does not accept the plan, the Company will have the opportunity to appeal any delisting decision to a NASDAQ Listings Qualifications Panel. As previously reported by the Company, on April 29, 2014, the Company entered into an Agreement and Plan of Merger (Merger Agreement) with Multimedia Games, Inc., a Delaware corporation (MGAM), and 23 Acquisition Co., a North Carolina corporation and wholly owned subsidiary of MGAM (Merger Sub), pursuant to which Merger Sub will merge with and into the Company, and the separate corporate existence of Merger Sub will thereupon cease, and the Company will continue as the surviving corporation and a wholly owned subsidiary of MGAM (Merger). The Merger Agreement was unanimously approved by the Company’s Board of Directors based on the recommendation of a Special Committee of the Board, and the shareholders of the Company voted to approve and adopt the Merger on July 24, 2014. If the Merger is consummated prior to October 6, 2014, the Company intends to take no action in response to the Notice, as it will cease to be a publicly-traded corporation and its common stock will be delisted from the Capital Market and deregistered under the Securities Exchange Act of 1934, as amended, in connection with the completion of the Merger. If the Merger is not consummated prior to October 6, 2014, the Company intends to submit a plan to regain compliance and request an additional 180 days to evidence compliance.

PokerTek, Inc. Announces Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013

PokerTek, Inc. announced consolidated earnings results for the fourth quarter and year ended December 31, 2013. For the quarter, the company reported total revenue of $1,408,470 against $1,343,581 a year ago. Operating loss was $115,475 against $146,417 a year ago. Net loss from continuing operations before income taxes was $124,449 against $157,351 a year ago. Net loss from continuing operations or $0.01 per basic and diluted share was $120,739 against $184,465 or $0.02 per basic and diluted share a year ago. Net loss was $120,739 or $0.01 per basic and diluted share against $182,315 or $0.02 per basic and diluted share a year ago. EBITDA was $154,850 against $133,069 a year ago. For the year, the company reported total revenue of $5,546,695 against $5,177,279 a year ago. Operating loss was $553,241 against $690,132 a year ago. Net loss from continuing operations before income taxes was $591,432 against $759,483 a year ago. Net loss from continuing operations was $633,742 or $0.07 per basic and diluted share against $846,391 or $0.11 per basic and diluted share a year ago. Net loss was $633,207 or $0.07 per basic and diluted share against $794,128 or $0.10 per basic and diluted share a year ago. Net cash used in operating activities was $135,363 against $774,143 a year ago. Purchase of property and equipment was $10,190 against $1,378 a year ago. EBITDA was $585,811 against $423,170 a year ago.

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Recent Private Companies Transactions

Type
Date
Target
Private Placement
July 16, 2014
--
Merger/Acquisition
April 30, 2014
--
 

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