GTECH Names Joseph Nadan Senior Vice President and Chief Technology Officer
April 28 2005 - 9:50AM
PR Newswire (US)
GTECH Names Joseph Nadan Senior Vice President and Chief Technology
Officer WEST GREENWICH, R.I., April 28 /PRNewswire-FirstCall/ --
GTECH Holdings Corporation (NYSE:GTK) today announced that Joseph
S. Nadan, Ph.D. has joined the Company as Senior Vice President and
Chief Technology Officer. Reporting to W. Bruce Turner, GTECH
President and Chief Executive Officer, Dr. Nadan is responsible for
managing and overseeing all aspects of technology for the Company.
"The success of our business is based on the most efficient use of
technology, and we are fortunate to be adding such an experienced
technologist to our senior management team," said Mr. Turner. "Joe
has an extensive background in electrical and computer engineering
and is a proven leader. His business expertise and technological
savvy will be important factors in achieving our strategy for
growth as we expand into new markets and meet new challenges." Most
recently, Dr. Nadan served as Chief Technology Officer of Emerging
Technology Research at American International Group (AIG), the
world's leading international insurance and financial services
organization, with operations in more than 130 countries and
jurisdictions. Dr. Nadan also served as Chief Technology Officer at
AIG Technologies (AIGT), a member company of AIG. In these roles,
he was primarily responsible for the strategic planning of
technology at AIGT data centers. Prior to AIG, Dr. Nadan held
various senior management positions at Market Data Corporation
(MDC) a Cantor Fitzgerald spin-off in Rye Brook, N.Y. While at MDC,
he helped the company become a leading provider of broker-support
and real-time electronic-trading systems to the worldwide financial
services community. Earlier in his career, Dr. Nadan served as
Group Director, U.S. Consumer Electronics Research and Development,
for Philips Electronics, where he managed U.S.-based N.V. Philips
research and development of commercial prototypes of consumer
electronic products. Dr. Nadan earned his undergraduate, graduate,
and doctoral degrees in Electrical Engineering from the City
College of New York, where he later served as a tenured Associate
Professor of Electrical Engineering and the Assistant Dean of the
School of Engineering. He also completed the Executive MBA program
at Columbia University, majoring in strategic planning with an
emphasis on consumer behavior in accepting new electronic
technologies. 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 5,300
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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