GTECH Receives 90-Day Contract Extension With the Colorado Lottery
October 13 2004 - 9:00AM
PR Newswire (US)
GTECH Receives 90-Day Contract Extension With the Colorado Lottery
WEST GREENWICH, R.I., Oct. 13 /PRNewswire-FirstCall/ -- GTECH
Holdings Corporation (NYSE:GTK) today announced that the Colorado
Lottery, pursuant to the provisions of its original contract with
GTECH, granted a 90-day contract extension whereby the Company will
continue to provide online lottery products and services to the
Lottery. GTECH's current contract with the Lottery is set to expire
on October 31, 2004. The Colorado Lottery had selected Scientific
Games Corporation as its vendor to provide equipment and services
for a new integrated online and instant-ticket lottery system in
October 2002, following a competitive procurement. The contract
extension, which was entered into in order to provide the new
vendor additional time to convert the system beyond what was
previously announced, will commence on November 1, 2004, and
continue through January 30, 2005. 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. The Company estimates revenues of $2 million
over the 90-day contract extension period. GTECH has provided
online lottery products and services to the Colorado Lottery since
1988. 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 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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