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GTECH Signs Contract to Provide Complete Video Lottery Solotion in Jamaica
By CaribPR Newswire
Posted: Jul 12, 2004 12:10 UTC
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WEST GREENWICH, RI (CaribPR Newswire) - GTECH Holdings Corporation (NYSE: GTK) today announced that its wholly-owned subsidiary, GTECH Global Services Corporation, signed a new contract to provide a complete video lottery solution, including a central system, video lottery terminals (VLTs), a communications network, and related services to Supreme Ventures Limited in Jamaica.
The new contract is coterminous with GTECH's existing online lottery contract with Supreme Ventures, which is set to expire in January 2011.
"The video lottery contract in Jamaica is an important development for the Gaming Solutions team," said GTECH President and CEO W. Bruce Turner. "As the demand for video lottery grows around the world, we are well-positioned to provide a complete video lottery solution. With the recent acquisition of Spielo, we can now provide a single source of accountability for online central systems, system design, terminals, communications networks, game development, marketing services, and ongoing support operations worldwide."
Under the terms of the new integrated services contract, GTECH will provide Supreme Ventures with the Company's Enterprise Series Video Lottery central system solution and approximately 125 Spielo VLTs to be installed in Kingston initially. Supreme Ventures has the option to expand the number of VLTs over the life of the contract. A variety of telecommunications technologies will be installed as the interface between the VLTs and the central system.
GTECH will provide ongoing services to Supreme Ventures including installation and maintenance of the central system, VLTs, and the communications network; field and marketing services; and data center operations from GTECH's existing facility in Austin, Texas. The new video lottery central system is expected to be operational by December 2004.
Supreme Ventures has been a valued GTECH lottery customer since it began online sales in 2001. With respect to its new contract with Supreme Ventures, GTECH expects to generate approximately $50 million to $60 million in revenues over the contract term.
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. 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 45 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 [www.gtech.com].
PRESS CONTACT:
Robert K. Vincent
Public Affairs, GTECH Corporation
voice: 401-392-7452
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