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: Ted Campbell who wrote (155)	2/21/2000 7:40:00 PM
From: Gunther Karger	Read Replies (1) of 160

Ted Campbell The following is what was said: "Discovery Group Inc. Upgrades ITSI from "Watch" to BUY and Accumulate on dips. International Lottery and Totalizator Systems (ITSI - OTC BB @ $1.00) has provided high tech wagering systems world class operators since the early 80's with customers ranging from Sweden to Australia. ITSI's systems can be found in the worlkd class Royal Hong Kong Jockey Club and Singapore clubs. The company over the years went through a transition from an equipment supplier relying on revenues from product deliveries to a company which also provides service and thus realizes a steadier revenue flow. Last fall, it signed contracts to provide the system and services for a major lottery system in the United Kingdom with an initial terminal installation of 3,500 exandable to 15,000. Revenues associated with this contract are about 40 million USD. The system is expected to be inaugurated late March and the company has been delivering equipment which has brought ITSI back to a positive cash flow status, following several quarters of negative cash flows. ITSI also received $5.2 million cash from its major investor, Berjaya Group, bringing its investment to 71% of the approximate 13 million shares now outstanding. The latest investment was made at 75 Cents/share. The initial investment in 1993 was at $5.5/share. We believe that ITSI will have a much better year this year than it has had in a long time and therefore, for the third time in 15 years, Discovery Group issues a BUY/Accumulate rating on the company. This is not a daytrading situation and it is recommended that persons do not acquire shares with the expectation of a quick and dramatic gain, although that is possible." Gunther

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