One of Omega's owners, Alfred Wilms, was named CEO of the combined company. Gaming & Technology acquired Omega's assets, and Omega's shareholders received 72.5% of the company's stock. On January 1, 1985, the company merged with Omega Enterprises, a manufacturer of video slot machines through its Cal Omega subsidiary, in a " reverse acquisition". The Colorado Belle, described as unprofitable, was sold the following year to Circus Circus Enterprises for $4 million. in March 1983 to better reflect its focus. The company changed its name to Gaming and Technology Inc. According to Iannone, he was told the company "won't last six months", but he cut expenses and restructured debt, effecting a turnaround by 1983. Richard Iannone installed as president in 1981. Ī management shake-up in the wake of the SEC probe saw C. The SEC investigation ended in 1983 with no further action against the company, while Solomon personally agreed to an injunction against any further securities violations, rather than fighting charges that he illegally sold stock in the company between 19 to raise money for its gaming ventures. Three new directors were added in November to the company's board as part of a settlement under discussion with the SEC, but by March 1981, regulators still had questions about the company's public disclosure, and trading in the stock was suspended for 10 days.
Under scrutiny from the Nevada Gaming Commission, Solomon was forced to step down as chairman, as a condition of licensing for the casino. An obstacle arose in July 1980 in the form of an SEC investigation, alleging inadequate financial disclosure and sale of unregistered stock.
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Entry into gaming Īdvanced Patent made its move into the gaming industry in 1979, acquiring United Coin Machine Company, one of the largest slot route operators in Nevada, and announcing plans for the Colorado Belle hotel and casino in Laughlin, the first of a series of hotels to be built in the Las Vegas area. It boasted a portfolio of over 80 patents, but generated considerable publicity for five in particular: an ultrasonic fluidic fuel system for combustion engines, an ultrasonic endodontics device, a "louvered television screen", an ultrasonic meat tenderizer, and an ultrasonic dry cleaning machine. Its first 12 years were spent in the development stage. The company's stock was publicly offered the next year. History Advanced Patent Technology Īdvanced Patent Technology was founded in 1968 by Jack Solomon and Alvin Snaper, entrepreneurs who held patents in fields including medicine, optics, and electronics.
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