GTECH Receives Second Consecutive 90-Day Contract Extension From the Colorado Lottery
January 13 2005 - 8:15AM
PR Newswire (US)
GTECH Receives Second Consecutive 90-Day Contract Extension From
the Colorado Lottery WEST GREENWICH, R.I., Jan. 13
/PRNewswire-FirstCall/ -- GTECH Holdings Corporation (NYSE:GTK)
today announced that the Colorado Lottery, pursuant to the
provisions of its original contract with GTECH, exercised for the
second time its unilateral right to extend GTECH's contract for an
additional 90 days. Under this second consecutive 90-day extension,
the Company will continue to provide online lottery products and
services to the Lottery commencing on January 31, 2005. GTECH's
contract with the Colorado Lottery expired on October 31, 2004,
however the Lottery, in its sole discretion, granted the Company
its first 90-day extension which began November 1, 2004. Following
a competitive procurement in October 2002, the Colorado Lottery
selected Scientific Games Corporation as its vendor to provide
equipment and services for a new integrated online and
instant-ticket lottery system. As with the first 90-day extension,
this second contract extension was entered into in order to provide
Scientific Games additional time to convert the system beyond the
previously-established deadline. Under the terms of the contract
extension, GTECH will continue to provide ongoing services to the
Colorado Lottery, including operation and maintenance of the
central system hardware and software, terminal maintenance, and
hotline management through April 30, 2005. GTECH has provided
online lottery products and services to the Colorado Lottery since
1988. The Company estimates revenues of $2 million over the 90- day
contract extension period. 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. The Company identifies forward
looking statements by words such as "may," "will," "should,"
"could," "expect," "plan," "anticipate," "intend," "believe,"
"estimate," "continue," or similar words that refer to the future.
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 as risks 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 and
gaming 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 and gaming industries; (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 over $1 billion in revenues and more than
5,400 people in over 50 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 commercial gaming technology
and 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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