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Progressive Gaming in belt-tightening exercises
Progressive Gaming has changed its President and Chief Operating Officer and engaged Capital Partners LLD to help conduct a strategic review process "including, but not limited to, the sale of the company", following an announcement that current market conditions are behind a shortfall in the company's projected performance.
Interim President and COO Terrance W Oliver said: "We expect to begin implementing these measures before the end of the 2008 third quarter period. Our goal is to reduce expenses by an amount sufficient to permit us to generate cash-flows in the near-term."
The Company has streamlined certain sales, marketing and service functions by leveraging distribution channels and through the planned consolidation of regional offices. Additionally, the Company will not participate in trade shows and its executive management has agreed to a reduction of their salaries.
