And the contract wins keep comin'...
International Lottery & Totalizator Systems to Supply Lottery System And Facilities Management Services to UK Charitable Lottery
CARLSBAD, Calif., Sept. 13 /PRNewswire/ -- INTERNATIONAL LOTTERY & TOTALIZATOR SYSTEMS, INC. (OTC Bulletin Board: ITSI) announced today that the Company has entered into agreements with Interactive Flight Technologies, Inc. (Nasdaq: FLYT) under which ILTS will supply an on-line lottery system and facilities management services, through a UK subsidiary, to IFT for operation of lotteries on behalf of charities throughout the United Kingdom. The lottery will operate under a license granted by the Gaming Board of Great Britain to Inter Lotto (UK) Ltd., and an operating agreement between Inter Lotto and IFT, which has a substantial minority ownership interest in Inter Lotto.
Under the terms of a purchase agreement ILTS will provide a complete DataTrak(R) on-line lottery system including central system hardware and software as well as a minimum of 3,500 DATAMARK XClaim(R) terminals, with potential for expansion of up to 15,000. In addition, under a separate facilities management agreement, ILTS through a UK subsidiary, will provide a full range of services in connection with the lottery system, including installation, training, computer operations, network management and field maintenance. The facilities management contract has a base term of eight years with options for extensions.
The base value of the purchase agreement is US$ 12.3 million and the base value of the facilities management agreement is estimated to be a minimum of US$ 30 million. ILTS plans to begin manufacture of the lottery terminals in the fourth quarter of 1999. Initial delivery of the terminals is scheduled to start in the first quarter of 2000, with the lottery targeted to launch operations shortly thereafter.
"We are delighted to supply our advanced DataTrak(R) on-line system and a full range of services to IFT," said ILTS President Mark Michalko. "In addition to supplying a total system, ILTS through a UK subsidiary, will be acting in a full facilities management role, operating a system that will showcase our equipment and firmly establish ILTS' presence in the facilities management arena."
International Lottery & Totalizator System, Inc. provides computerized wagering systems, equipment and services to lottery and racing organizations worldwide.
The statements in this press release which are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by forward-looking statements. These risks and uncertainties include the absence of significant contract backlog, the dependence on business from foreign customers sometimes in politically unstable regions, political and governmental decisions as to the establishment of lotteries and other wagering industries in which the Registrant's products are marketed, fluctuations in quarter-by-quarter operating results and other factors described in the Registrant's Annual Report on Form 10-K for the year ended December 31, 1998.
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SOURCE: ÿInternational Lottery & Totalizator Systems, Inc.
CONTACT: ÿJim Snow of International Lottery & Totalizator Systems, Inc., 760-931-4027 |
