IGT Signs Broad Patent Cross-Licensing Agreement with Aristocrat

Rhea-AI Summary

International Game Technology (IGT) has entered a significant patent cross-licensing agreement with Aristocrat Leisure, enhancing its portfolio of game features and remote game server technologies. This deal allows IGT to sublicense their combined patents to the global gaming industry, potentially accelerating innovation and development in gaming mechanics. While financial details remain undisclosed, IGT emphasizes its commitment to protecting its intellectual property and facilitating growth through collaboration.

Positive

• Expanded patent portfolio through collaboration with Aristocrat, enhancing innovation opportunities.
• Ability to sublicense valuable game feature and RGS patents to third parties, potentially increasing revenue.

Negative

• None.

Combined Remote Game Server patent portfolio offers compelling content for digital and social gaming

Game Feature and Remote Game Server patents can be sublicensed to third parties to advance innovation in the gaming industry

LONDON, April 12, 2022 /PRNewswire/ -- International Game Technology PLC (NYSE:IGT) ("IGT") today announced that it has signed a broad patent cross-licensing agreement with Aristocrat Leisure Limited (ASX: ALL) ("Aristocrat") that includes valuable patents related to game features and remote game server (RGS) technologies. Under the agreement, IGT will be able to offer licenses to the companies' combined game feature and RGS patent portfolios to the global gaming industry. Financial terms of the agreement have not been disclosed.

"This agreement extends and expands the previous patent cross-license between IGT and Aristocrat. This combination of two of the gaming industry's most valuable game features and RGS patent portfolios can help propel the evolution of gaming with compelling content and advanced game mechanics," said Renato Ascoli, IGT CEO Global Gaming. "We look forward to providing the entire gaming industry with the opportunity to license IGT and Aristocrat patents, particularly the compelling content resulting from our combined RGS portfolios, in the spirit of competition and innovation."  

IGT will continue in its efforts to protect its intellectual property, individually and through collaborations with gaming industry developers and suppliers, in an effort to advance innovation and excitement in the gaming market.

About IGT
IGT (NYSE:IGT) is a global leader in gaming. We deliver entertaining and responsible gaming experiences for players across all channels and regulated segments, from Lotteries and Gaming Machines to Sports Betting and Digital. Leveraging a wealth of compelling content, substantial investment in innovation, player insights, operational expertise, and leading-edge technology, our solutions deliver unrivaled gaming experiences that engage players and drive growth. We have a well-established local presence and relationships with governments and regulators in more than 100 countries around the world, and create value by adhering to the highest standards of service, integrity, and responsibility. IGT has approximately 10,500 employees. For more information, please visit www.igt.com.

Cautionary Statement Regarding Forward-Looking Statements
This news release may contain forward-looking statements (including within the meaning of the Private Securities Litigation Reform Act of 1995) concerning International Game Technology PLC and its consolidated subsidiaries (the "Company") and other matters. These statements may discuss goals, intentions, and expectations as to future plans, trends, events, dividends, results of operations, or financial condition, or otherwise, based on current beliefs of the management of the Company as well as assumptions made by, and information currently available to, such management. Forward-looking statements may be accompanied by words such as "aim," "anticipate," "believe," "plan," "could," "would," "should," "shall", "continue," "estimate," "expect," "forecast," "future," "guidance," "intend," "may," "will," "possible," "potential," "predict," "project" or the negative or other variations of them. These forward-looking statements speak only as of the date on which such statements are made and are subject to various risks and uncertainties, many of which are outside the Company's control. Should one or more of these risks or uncertainties materialize, or should any of the underlying assumptions prove incorrect, actual results may differ materially from those predicted in the forward-looking statements and from past results, performance, or achievements. Therefore, you should not place undue reliance on such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include (but are not limited to) the factors and risks described in the Company's annual report on Form 20-F for the financial year ended December 31, 2021 and other documents filed from time to time with the SEC, which are available on the SEC's website at www.sec.gov and on the investor relations section of the Company's website at www.IGT.com. Except as required under applicable law, the Company does not assume any obligation to update these forward-looking statements. You should carefully consider these factors and other risks and uncertainties that affect the Company's business. All forward-looking statements contained in this news release are qualified in their entirety by this cautionary statement. All subsequent written or oral forward-looking statements attributable to International Game Technology PLC, or persons acting on its behalf, are expressly qualified in their entirety by this cautionary statement.

IGT Contacts
Phil O'Shaughnessy, Global Communications, toll free in U.S./Canada +1 (844) IGT-7452 and outside U.S./Canada +1 (401) 392-7452
Francesco Luti, Italian media inquiries, +39 06 5189 9184
James Hurley, Investor Relations, +1 (401) 392-7190

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SOURCE International Game Technology PLC

FAQ

What recent agreement did IGT sign with Aristocrat?

IGT signed a broad patent cross-licensing agreement with Aristocrat, allowing both companies to sublicense valuable patents related to game features and remote game server technologies.

How does the IGT and Aristocrat agreement impact the gaming industry?

The agreement is expected to propel innovation in the gaming industry by providing access to a combined portfolio of game features and RGS technologies.

What is the significance of the patent agreement for IGT investors?

The patent agreement could lead to increased revenue opportunities through sublicensing and expansion of IGT's intellectual property protection.

When was the patent cross-licensing agreement between IGT and Aristocrat announced?

The agreement was announced on April 12, 2022.