NEW YORK, Feb. 1, 2013 /PRNewswire/ -- The Ader Group today issued the following statement regarding the letter International Game Technology issued to stockholders earlier today:
"The Ader Group is extremely disappointed by the IGT Board and management's response to our efforts to improve value for ALL shareholders. While we have been trying for months to engage in a dialogue with the Board about the strategic direction for the company, IGT has resorted to a course of misleading personal attacks and mischaracterizations. Shame on the IGT Board!
Based on our discussions with fellow IGT shareholders, it is clear to us that many investors are frustrated with recent decisions by the Board and management and seek to have better representation in the boardroom. We look forward to continuing our discussion with our fellow owners and articulating our plan for value creation at IGT. Your Board has nothing to fear from the Ader Group, if, in fact, the Board's interests are aligned with shareholders."
The Ader Group, led by Ader Investment Management LP, beneficially own approximately 3.0% of IGT's outstanding common stock. The Ader Group has been troubled by the steady diminution in the value of our investment in IGT in recent years, and believes the company can do better. As described in the Ader Group's proxy materials, we believe IGT is in dire need of meaningful change at the Board and management level. The Ader Group seeks your support for its highly qualified, independent, forward-looking nominees and urges you to vote FOR the Ader slate on its GOLD proxy card TODAY by signing, dating and returning the GOLD proxy card in the postage-paid envelop provided with it. The Ader Group's views are available at WWW.RESCUEIGT.COM.If you have questions about how to vote your shares, or need additional assistance, please contact the firm assisting the Ader Group in the solicitation of proxies: