Entertaining Gaming Asia Inc (fka EGT) (EGT)

[marirstk]

$EGT: Naga World Contract Details: Target: 20$

https://biz.yahoo.com/e/160304/egt8-k.html

On February 29, 2016, we entered into a Lease of Machines Agreement with NagaWorld Limited ("NagaWorld") pursuant to which NagaWorld has agreed to lease from us 670 slot machines and related equipment commencing March 1, 2016. Since May 25, 2010, we had placed and jointly operated a total of 670 seats of our slot machines on NagaWorld's casino floor pursuant to a machines operation and participation contract and its supplemental agreements under which we split with NagaWorld the net win from all the machines and certain operating costs on a respective basis of 25%/75%. This contract expired on February 29, 2016.

Under the terms of the Lease of Machines Agreement, NagaWorld will lease all 670 seats of our slot machines and related equipment in their present locations on the NagaWorld casino floor commencing March 1, 2016. The Company will be responsible to pay the withholding tax and provide onsite machine and system maintenance but will not provide any other operational support staff.

NagaWorld will pay us, on a monthly basis, a fixed fee per machine seat per day. The lease payments will be graduated for the first six months of the agreement. From March 1 through May 31, 2016, the lease payments per machine seat per day will be $22. From June 1 through August 31, 2016, the lease payments will be $20 per machine seat per day. Beginning September 1, 2016, the lease payments will be $18 per machine seat per day. NagaWorld may terminate the agreement upon not less than 30 calendar days' prior written notice.

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