Cavanaughs Hints At Deal

Thu., Feb. 18, 1999

From Staff

Cavanaughs Hospitality Corp. said Wednesday it is involved in acquisition discussions with Lasergate Systems Inc. of Clearwater, Fla.

Lasergate makes specialized software for companies that sell tickets to general admission and reserved seating venues.

Cavanaughs said in a statement that it has made a preliminary proposal to Lasergate’s board of directors. If terms are met, a buyout offer could follow.

Stephen Barbieri, a Cavanaughs spokesman, said Cavanaughs has worked with Lasergate for 10 years, using the company’s software for G&B Select-a-Seat, the ticketing service Cavanaughs runs.

Barbieri said Cavanaughs hopes to expand its ticketing business, which would be aided by controlling the software used.

Lasergate, with a market capitalization of $1.84 million, is traded on the Nasdaq OTC Bulletin Board for about 15 cents a share.

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Cavanaughs Hints At Deal

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