The valuation is low because of the large amount of secured debt, the declining EBITDA, the continued lost market share in the core business, and the ever increasing possibility if not probability that the Company goes into a technical default again on its senior secured loans if these trends continue. If this happens what is the value of the equity.

The Summit side of the Company will hopefully turn these trends around, but that is not an easy market either when you are playing with the giants like IGT, Bally's and WMS, that have combined EBITDAS that are 100 times larger than Gametech.

So we better hope that the new products they come out with are pretty good.