GTECH Named Apparent Successful Vendor for Online Lottery Contract in Tennessee
November 21 2003 - 3:00PM
PR Newswire (US)
GTECH Named Apparent Successful Vendor for Online Lottery Contract
in Tennessee WEST GREENWICH, R.I., Nov. 21 /PRNewswire-FirstCall/
-- GTECH Holdings Corporation today announced that its wholly-owned
subsidiary, GTECH Corporation, was named the apparent successful
vendor to provide an online lottery system, lottery terminals, and
related communications network to the Tennessee Education Lottery
Corporation (TELC). The seven-year integrated services contract is
expected to commence at startup and follows a competitive
procurement process. "GTECH is committed to the growth of new
customers in new markets," said GTECH President and CEO W. Bruce
Turner. "We are grateful for the opportunity to provide the TELC
with a state-of-the-art online lottery solution and an IP- based
wireless communications network. GTECH's Enterprise Series
transaction processing solution will not only allow the TELC to
remain flexible and grow at their own pace, but it also gives them
the ability to integrate best-in- class third-party applications.
We appreciate the desire of the TELC to begin generating revenues
for college scholarships as soon as possible," continued Mr.
Turner. "With the experienced team of lottery professionals that
CEO Rebecca Paul has been able to assemble, we are confident that
the initiation of the Tennessee Education Lottery will proceed
flawlessly and at a record-setting pace." Upon successful
completion of final contract negotiations, GTECH will provide the
TELC with the Company's Enterprise Series architecture, featuring
Internet Protocol (IP) web-component technology. Approximately
4,000 PC-based Altura(R) terminals will be installed initially,
with the capability for the TELC to grow to 10,000 terminals over
the contract period. Of the total terminals, up to 3,000 Altura LVT
terminals for retailers requiring a more compact terminal will be
provided. GTECH will provide the TELC with ongoing services
including system design, delivery, and ongoing support operations;
terminal installation and maintenance; retailer training; marketing
support; field service; hotline management; and telecommunications
network installation, management, and maintenance. With respect to
its contract resulting from negotiations, GTECH expects to generate
revenues of approximately $120 million to $130 million over the
life of the contract. Proceeds from the TELC will be used to
support the Tennessee Hope Scholarship Program. Certain statements
contained in this press release are forward looking statements
within the meaning 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 the future prospects for and stability of the
TELC's operations. 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 as
risks and uncertainties respecting: (i) the Company's and the
TELC's inability to agree upon and enter into a definitive
agreement; (ii) the potential impact of extensive and evolving
government regulations upon the Company's business; (iii) the
possibility of slower than expected growth or declines in sales of
lottery goods and services by the Company's new customers; (iv) the
intensity of competition in the lottery industry; (v) the
possibility of substantial penalties under and/or termination of
the Company's contracts; (vi) the ability of the Company to respond
to technological change and to satisfy the future technological
demands of its customers; (vii) opposition to expansion of lottery
and gaming; (viii) the possibility of legal protests of the award.
GTECH, a leading global information technology company with $1
billion in revenues and 4,900 people in 43 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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