North Carolina-based PokerTek, Inc. announced that ICP Electronics of Taiwan is investing in the company, which produces the PokerPro automated poker table.

PokerTek will issue 565,000 shares of common stock to ICP valued at price of 85 cents per share.

The parties signed a stock purchase agreement and agreed to two-year extended payment terms for additional Heads-Up Challenge products to be produced by ICP. Heads-Up Challenge is a two-player version of the PokerPro table produced in collaboration with ICP, which supplied electronic components and engineering for the product.

“We are pleased to further solidify our partnership with PokerTek,” said Jordan Jiang, general manager of ICP Electronics. “We have worked closely with PokerTek for several years and this investment allows us to participate in PokerTek’s up-side potential as we continue to collaborate on development and production projects in the future.”

Mark Roberson, PokerTek’s acting CEO, added, “ICP has been a valuable partner, providing state-of-the-art electronic design and engineering services for our PokerPro product line and manufacturing our Heads-Up Challenge product. We have been in discussions with ICP for quite some time about the potential to strengthen the bond between our two companies and I am pleased to have them as a shareholder. This transaction further aligns our common interests with ICP and significantly enhances our ability to expand the new Heads-Up Challenge operator-direct program.”

By Staff