GTECH Signs New Long-Term Integrated Services Contract to Provide Complete Video Lottery Solution in Jamaica
July 12 2004 - 9:16AM
PR Newswire (US)
GTECH Signs New Long-Term Integrated Services Contract to Provide
Complete Video Lottery Solution in Jamaica WEST GREENWICH, R.I.,
July 12 /PRNewswire-FirstCall/ -- GTECH Holdings Corporation
(NYSE:GTK) today announced that its wholly-owned subsidiary, GTECH
Global Services Corporation, signed a new contract to provide a
complete video lottery solution, including a central system, video
lottery terminals (VLTs), a communications network, and related
services to Supreme Ventures Limited in Jamaica. The new contract
is coterminous with GTECH's existing online lottery contract with
Supreme Ventures, which is set to expire in January 2011. "The
video lottery contract in Jamaica is an important development for
the Gaming Solutions team," said GTECH President and CEO W. Bruce
Turner. "As the demand for video lottery grows around the world, we
are well-positioned to provide a complete video lottery solution.
With the recent acquisition of Spielo, we can now provide a single
source of accountability for online central systems, system design,
terminals, communications networks, game development, marketing
services, and ongoing support operations worldwide." Under the
terms of the new integrated services contract, GTECH will provide
Supreme Ventures with the Company's Enterprise Series(TM) Video
Lottery central system solution and approximately 125 Spielo VLTs
to be installed in Kingston initially. Supreme Ventures has the
option to expand the number of VLTs over the life of the contract.
A variety of telecommunications technologies will be installed as
the interface between the VLTs and the central system. GTECH will
provide ongoing services to Supreme Ventures including installation
and maintenance of the central system, VLTs, and the communications
network; field and marketing services; and data center operations
from GTECH's existing facility in Austin, Texas. The new video
lottery central system is expected to be operational by December
2004. Supreme Ventures has been a valued GTECH lottery customer
since it began online sales in 2001. With respect to its new
contract with Supreme Ventures, GTECH expects to generate
approximately $50 million to $60 million in revenues over the
contract term. 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: (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 5,500 people in 45 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 CONTACT: Robert K. Vincent, Public Affairs of GTECH
Corporation, +1-401- 392-7452 Web site: http://www.gtech.com/
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