Ainsworth Game Technoloy executes $8.5M patent agreement
- Ainsworth Game Technology signed a patent licence agreement with Aristocrat worth $8.5 million.
- The company will pay the total sum in instalments over a three and a half year period.
- The business stated the deal aims to provide operational certainty for its game features and strategic growth initiatives in Australia.
Ainsworth Game Technology (ASX:AGI) executed an agreement with Aristocrat Technologies for a licence to certain patents and a release from potential claims related to historic use in the Australian market, involving an aggregate payment of $8.5 million.
The negotiations followed Aristocrat's success in a patent commissioner case, leading both entities to formalise terms for utilising specific game feature technologies.
"The Agreement we have entered into with Aristocrat provides us with the certainty required to confidently implement our strategic growth initiatives in the Australian market," said Ainsworth CEO Ryan Comstock.
Under the terms of the arrangement, the company will disburse the $8.5 million in instalments across a three and a half year term while securing pass-through rights for its customers and distributors.
The business stated that the arrangement is expected to support ongoing commercial operations and product integration across local venues.
Following the announcement, the Ainsworth Game Technology share price was up at $1.11.
The company designs, develops, manufactures, and services electronic gaming machines and related online products for global gaming markets.
