GTECH Named Apparent Successful Bidder for Three-Year Contract to Provide Lottery Product Vending Machines (LPVMS) to the Washin
25 March 2004 - 12:30AM
PR Newswire (US)
GTECH Named Apparent Successful Bidder for Three-Year Contract to
Provide Lottery Product Vending Machines (LPVMS) to the Washington
Lottery WEST GREENWICH, R.I., March 24 /PRNewswire-FirstCall/ --
GTECH Holdings Corporation today announced that its wholly-owned
subsidiary, GTECH Corporation, has been named the apparent
successful bidder to provide the Washington Lottery with Lottery
Product Vending Machines (LPVMs) and ongoing maintenance and
support services. The proposed three-year contract follows a
competitive procurement and includes three one-year extension
options. "We are excited about today's news in Washington State
which comes on the heels of our recently-announced ITDM win in
Illinois," said GTECH President and CEO W. Bruce Turner. "GTECH's
innovative LPVMs are designed to make the most of the self-service
opportunity today. Our strategy for a fully integrated technology
solution offers self-service online game purchases, end- to-end
connectivity, communications, and reporting to assist the
Washington Lottery in streamlining and growing its business now and
in the years ahead." Upon successful completion of negotiations
with the Washington Lottery, GTECH will deliver approximately 1,000
Expandable Dispensing System (EDS-Q)LPVMs initially. The LPVMs will
provide the Washington Lottery with secure, automated distribution
of instant lottery tickets to players and are expected to be
installed by November 2004. GTECH has been the online and instant
ticket lottery system provider for the Washington Lottery since
1996. In addition, through its recent acquisition of Interlott
Technologies, GTECH has been providing LPVM products and services
to the Washington Lottery since 1998. With respect to its contract
resulting from negotiations with the Washington Lottery, the
Company expects to generate revenues of approximately $6 million to
$8 million over the three-year contract term. Certain statements
contained in this press release are forward looking statements
within themeaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Such statements
include, without limitation, statements relating to the prospects
and financial outlook for the Company, which reflect management
assumptions regarding: (i) the future prospects for and stability
of the lottery industry and other businesses in which the Company
is engaged or expects to be engaged, (ii) the future operating and
financial performance of the Company (including, without
limitation, expected future growth in revenues, profit margins and
earnings per share), and (iii) the ability of the Company to retain
existing business and to obtain and retain new business. Such
forward looking statements reflect management's assessment based on
information currently available, but are not guarantees and are
subject to risks and uncertainties that could cause actual results
to differ materially from those contemplated in the forward looking
statements. These risks and uncertainties include, but are not
limited to, those set forth above, in the Company's subsequent
press releases and on reports by the Company on Forms 10-K, 10-Q
and 8-K, and other reports and filings with the Securities and
Exchange Commission, as well asrisks and uncertainties respecting:
(i) the potential impact of extensive and evolving government
regulations upon the Company's business; (ii) the ability of the
Company to continue to retain and extend its existing contracts and
win new contracts; (iii) the possibility of slower than expected
growth or declines in sales of lottery goods and services by the
Company or the Company's customers; (iv) exposure to foreign
currency fluctuations; (v) risks and uncertainties inherent in
doing business in foreign jurisdictions; (vi) the relatively large
percentage of the Company's revenues attributable to a relatively
small number of the Company's customers; (vii) the possibility of
significant fluctuation of quarterly operating results; (viii) the
intensity of competition in the lottery industry; (ix) the
possibility of substantial penalties under and/or termination of
the Company's contracts; (x) the ability of the Company to respond
to technological change and to satisfy the future technological
demands of its customers; (xi) opposition to expansion of lottery
and gaming; (xii) the Company's ability to attract and retain key
employees; and (xiii) the possibility of adverse determinations in
pending legal proceedings. GTECH, a leading global information
technology company with $1 billion in revenues and 5,000 people in
44 countries, provides software, networks, and professional
services that power high-performance, transaction processing
solutions. The Company's core market is the lottery industry, with
a growing presence in financial services transaction processing.
For more information about the Company, please visit GTECH's
website at http://www.gtech.com/. Contact: Robert K. Vincent Public
Affairs GTECH Corporation 401-392-7452 DATASOURCE: GTECH Holdings
Corporation CONTACT: Robert K. Vincent, Public Affairs of GTECH
Corporation, +1-401- 392-7452 Web site: http://www.gtech.com/
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