To: Toni Wheeler who wrote (130 ) 7/10/1999 3:25:00 PM From: Ted Campbell Respond to of 160
Unfortunately, it appears the South African lottery was awarded to G-Tech's consortium and not ITSI's....I'm depressed!! Here's the bad news: GTECH Announces Uthingo Consortium Chosen as Preferred Bidder for South Africa National Lottery WEST GREENWICH, R.I., July 9 /PRNewswire/ -- GTECH (NYSE: GTK - news) today announced that the Uthingo consortium, in which GTECH is a 10 percent equity partner, was chosen as the preferred bidder for the South Africa National Lottery. In addition to the equity stake, GTECH will provide technology for the Lottery. The seven-year license award is subject to successful negotiations regarding the terms of the license. ''This contract award gives GTECH and our Uthingo partners the unique opportunity to pioneer the first online lottery on the African continent and build a communications infrastructure which will benefit lottery beneficiaries and the citizens of South Africa,'' said William Y. O'Connor, GTECH chairman and CEO. ''This award confirms, once again, GTECH's leadership position in the global lottery industry,'' added Mr. O'Connor. ''As the most anticipated lottery contract award since the UK National Lottery, the world's largest online lottery, it presents tremendous growth opportunity for GTECH and our shareholders.'' Uthingo was selected as the preferred bidder following a competitive bid, among three consortia bidding for the South Africa National Lottery license. Subject to reaching agreement on the terms of the license, Uthingo will operate all aspects of the lottery, including such diverse tasks as provision of a country-wide, dedicated communications network, selection, licensing and training of retailers for start-up and implementation of all marketing activities in support of the lottery. As a technology partner, GTECH will provide the hardware and software needed to operate the lottery system, as well as provide support and training to the Uthingo consortium. The Uthingo consortium is a powerful combination of local South African empowerment groups and international lottery experts. The South African partners collectively own 70 percent of the equity and have majority voting rights while the three international lottery companies share 30 percent of the equity. The South African members of the Uthingo consortium include: The Disability Employment Concerns Trust, Motswedi Technology Group Ltd., NAFCOC Investment Ltd., Black Management Forum Investments Ltd., Women's Development Bank Investment Holdings Ltd., and the National Union of Manufacturers Investment Trust. Upon successful conclusion of the license negotiations, the National Empowerment Fund and the South African Post Office will become equity owners in the Uthingo consortium. The three international partners from the lottery industry are CISL Ltd., the sister company to Camelot, the operator of the UK National Lottery; Tattersalls, Australia's premier lottery and gaming operator; and GTECH, the world's leading online lottery equipment and services provider. GTECH is the world's leading supplier of computerized online lottery products and services. Currently, GTECH has contracts to supply and/or operate lottery systems for 81 lotteries in 34 countries and now on six continents. GTECH provides equipment and services to many of the world's largest online lotteries including the UK National Lottery, the Texas Lottery, New York Lottery, and the Brazilian National Lottery. For more information about the Company, please visit GTECH's Website at gtech.com . SOURCE: GTECH -------------------------------------------------------------------------------- More Quotes and News: Gtech Holdings Corp (NYSE:GTK - news)