SPOKANE, WA -- Cavanaughs Hospitality Corporation (NYSE:CVH) today confirmed that Cavanaughs has made a proposal to the board of directors of Lasergate Systems, Inc. (OTC BB:LSGT) which, if certain terms and conditions are met, may lead to a future tender offer for acquisition by Cavanaughs of Lasergate shares.
Lasergate Systems, Inc. designs, develops, markets, sells and services software and systems for admission control and revenue accounting at general admission and reserved seating facilities worldwide, including amusement parks, theme parks, museums, ski resorts, sports arenas and multi-purpose arenas.
Cavanaughs Hospitality Corporation serves the Northwest with 3,933 full service hotel rooms in 19 hotels, 47 restaurants and lounges and 196,900 square feet of meeting space. In addition, Cavanaughs provides entertainment services through G&B Select-a-Seat, a computerized ticket company with over 25 outlets in Washington, Idaho, and Montana for venues including but not limited to, the Spokane Opera House, the Spokane Arena, Washington State University and the University of Idaho. G&B Select-a-Seat processes approximately 2 million tickets per year. G&B Select a Seat also offers customers the advantage of purchasing tickets by calling 1-800-325-SEAT, 24 hours a day, 7 days a week. The Company also provides entertainment events through G&B Presents, a Broadway, and special events presenting company which has presented Broadway shows and other special events including sporting events and concerts throughout the Northwest during its 12 year's of existence. Cavanaughs also manages 3.1 million square feet of third party property management, 2,200 residential units, and owns 590,000 square feet of office and retail space.
Statements in this release may be construed to be forward looking and are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward looking statements involve risks and uncertainties, including without limitation, risks relating to operations and acquisitions, the availability of capital to finance growth, as well as the other matters disclosed in the documents filed by the Company with the Securities & Exchange Commission. SOURCE Cavanaughs Hospitality Corporation.