GTECH Signs Three-Year Contract Extension in Oregon
August 03 2004 - 9:02AM
PR Newswire (US)
GTECH Signs Three-Year Contract Extension in Oregon WEST GREENWICH,
R.I., Aug. 3 /PRNewswire-FirstCall/ -- GTECH Holdings Corporation
(NYSE:GTK) today announced that its wholly-owned subsidiary, GTECH
Corporation, signed a three-year contract extension with the Oregon
Lottery to commence June 21, 2005, as allowed under the Lottery's
current online contract with GTECH. "The Oregon Lottery has been a
valued GTECH customer since 1985," said GTECH President and CEO W.
Bruce Turner. "We are proud of the innovations we have brought to
the Lottery over the years in terms of online and video lottery
technology. We look forward to delivering our Enterprise Series
Video central system which is designed to enhance the Lottery's
video central system management." Under the terms of the contract
extension, GTECH will replace the Lottery's existing video lottery
central system with GTECH's Enterprise Series Video(TM) central
system. In addition, GTECH will provide the Lottery with
approximately 2,000 internet protocol (IP)-ready Altura(R) LVT
video site controllers, which will link over 10,000 video lottery
terminals to the central system, and provide validation of winning
receipts and printing of retailer reports. The Oregon Lottery will
also receive video lottery central system software support and
software licensing. With respect to its contract extension with the
Oregon Lottery, GTECH expects to generate revenues of approximately
$22 million to $25 million. 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
5,500 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 Corporation
CONTACT: Robert K. Vincent, Public Affairs of GTECH Corporation,
+1-401-392-7452 Web site: http://www.gtech.com/
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