UPDATE 1-Progressive retains Roth Capital to seek alternatives
Mon Oct 13, 2008 9:25am EDT
(Recasts, adds details)
Oct 13 (Reuters) - Progressive Gaming International Corp (PGICD.O: Quote, Profile, Research, Stock Buzz), a supplier of branded slot machines, said it retained Roth Capital Partners LLC to assist the company in evaluating strategic alternatives, including a possible sale.
In a statement, the company said it cannot say when it expects the review to conclude and does not intend to comment on it further until a specific alternative is issued by its Board.
The Las Vegas based company added that that there can be no assurance that the review process will result in any announcement of sale or other transactions.
Earlier in September, Progressive's CEO, Russel McMeekin resigned and the company said it would miss its previous 2008 revenue outlook.
Progressive's shares closed at 42 cents Friday on Nasdaq. (Reporting by Divya Nair in Bangalore, Editing by Dinesh Nair)
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