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Article: Mikohn Gaming to Sell Its Outdoor Sign Subsidiary And Phase Out Obsolete Slot Line; Company Anticipates Profitable Fourth Quarter.
- Article from:
- PR Newswire
- Article date:
- April 7, 2000
CopyrightCOPYRIGHT 2000 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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LAS VEGAS, March 3 /PRNewswire/ --
Responding to the enormous growth in orders for its YAHTZEE(R) Slot Series and other opportunities consistent with its strategic focus on developing its recurring revenues, Mikohn Gaming Corp. (Nasdaq: MIKN) today announced that it has executed a letter of intent to sell its outdoor sign subsidiary, Mikohn Lighting & Sign, to H.I.G. Capital, LLC for $6.5 million, consisting of $5.0 million in cash and a $1.5 million note. Proceeds from the sale will be used to reduce bank debt. The company expects to breakeven on the transaction.
The H.I.G. transaction is subject to the completion of due diligence and regulatory ...