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PokerTek, Inc. (PTEK) Raises Equity Capital in Private Placement

PokerTek, Inc. raised $500,000 in a private placement of stock with several different accredited investors. The company sold a total of 686,090 shares at $0.76. Lyle Berman, the Chairman of the Board of Directors of PokerTek, purchased nearly half of this private placement.

PokerTek raised capital in August 2009 when ICP Electronics purchased 565,000 shares at $0.85, bringing the total net proceeds for the company to nearly $1 million. PokerTek reported a net loss in its second quarter of $1.6 million, or $0.15 per share. Revenues fell to $1.5 million, down 60% from the same quarter in 2008.

Mark Roberson, the acting CEO of PokerTek, said, “Our bottom line results and operating cash flow improved as we continued to streamline the business and reduce overhead. Our revenues reflect lower international PokerPro hardware sales and lower sales to the traditional coin-op distribution channel.”

PokerTek manufactures the PokerPro automated poker tables system, allowing Casinos to offer Poker to its customers at lower cost. Nearly 40 patents protect the PokerPro automated poker table from competition. PokerTek also makes the Heads-Up Challenge, an automated poker amusement game for two players.

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