McMeekin Out at Progressive

Progressive Gaming International Corporation’s stock tumbled last month as the company replaced its CEO and warned investors that 2008 financials would not meet projections.
Shares fell 25 percent on the news and ended down $1.22, or 43.88 percent, to close at $1.56-the lowest figures ever posted by the company.
CEO Russel McMeekin has resigned. He came on in 2002 and presided over the transition of Progressive from a slot and table games provider to a pure technology company. Upon his exit, he was promptly replaced by longtime board member Terrance Oliver, the former chief operating officer of Fitzgeralds Gaming Corp.
Oliver, who is serving on an interim basis, announced that Progressive will look for ways to cut costs and improve its bottom line before the end of the third quarter.
Progressive has retained the services of investment bank Roth Capital Partners, LLC to examine alternative strategies for enhancing shareholder value.

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