International Lottery and Totalizator Systems (ITSI) Message Board

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Non-Tech : International Lottery and Totalizator Systems (ITSI)

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To: Vinnie who wrote (135)	9/9/1999 12:20:00 PM
From: Ted Campbell	Read Replies (1) of 160

Here's the latest news on ITSI....just in case anyone missed it: ITSI : INTL LOTTERY & TOTALIZATOR SYS (OTC:BB) All Headlines Berjaya Group Agrees to Increase Share Ownership in ILTS CARLSBAD, Calif., Sept. 8 /PRNewswire/ -- INTERNATIONAL LOTTERY & TOTALIZATOR SYSTEMS, INC. (OTC Bulletin Board: ITSI) announced today that Berjaya Group Berhad has agreed to increase its holdings in ILTS to approximately 70 percent through the purchase of additional shares of common stock. The shares purchased by Berjaya for approximately US$ 5.2 million will be from authorized but unissued shares of company stock. The transaction is expected to close within two weeks. Berjaya, a Malaysian conglomerate with assets of nearly US$ 4 billion, presently holds approximately 38% of ILTS though stock purchases beginning in 1993. In commenting on the purchase, ILTS President M. Mark Michalko said, "We are extremely pleased that Berjaya has agreed to provide additional funding to the Company. After examining a number of proposals to raise funds in recent months, management determined that this transaction represented the best solution for the Company and all of its shareholders through its immediate impact and long-term benefits. It was on this basis that we requested Berjaya to increase its share ownership." He continued, "In addition to the obvious benefits from increased equity capital, this transaction strengthens our company's position as a member of a multinational corporate family with wide gaming industry experience and significantly greater financial resources than even our largest competitor. We are excited that we will now have the ability to aggressively pursue new opportunities and implement new elements of our long-term strategic plan." International Lottery & Totalizator Systems, Inc. provides computerized wagering systems,

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