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GPIC > SEC Filings for GPIC > Form 8-K on 13-Mar-2014All Recent SEC Filings

Show all filings for GAMING PARTNERS INTERNATIONAL CORP

Form 8-K for GAMING PARTNERS INTERNATIONAL CORP


13-Mar-2014

Entry into a Material Definitive Agreement


Item 1.01 Entry into a Material Definitive Agreement.

On March 13, 2014, the Company entered into a Binding Letter of Intent to acquire all of the net assets of GemGroup Inc. and Subsidiaries for $22.5 million in cash. GemGroup is a privately-held manufacturer of casino currency, cards and table layouts primarily sold under the Gemaco brand. The Company expects to fund the acquisition using a combination of cash and bank financing. We anticipate closing on the transaction on or before June 30, 2014. However, given the uncertainty associated with due diligence, we cannot guarantee the transaction will be consummated. In the event we cannot negotiate a definitive asset purchase agreement, we may be liable to GemGroup for $1.0 million.

The Company announced this transaction in a press release, a copy of which is attached hereto as Exhibit 99.1 and incorporated herein by this reference.

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