Autotote comments on waiver from bank lending group on covenants.NEW YORK--(BUSINESS WIRE)--July 17, 1995--AUTOTOTE CORPORATION (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : NMS See NetWare Management System. : TOTE) today made the following comment on discussions with its bank group: "Autotote has been in discussions with the bank group regarding the expiration of its most recent waiver, on July 14, 1995. We are in the process of finalizing the documentation with regard to an agreement whereby Autotote's bank group will agree to waive compliance with certain financial covenants in the company's senior credit facility through October 14, 1995. We believe that the financial waiver will be agreed upon Adj. 1. agreed upon - constituted or contracted by stipulation or agreement; "stipulatory obligations" stipulatory noncontroversial, uncontroversial - not likely to arouse controversy shortly and will be retroactive to July 14, 1995." AUTOTOTE CORPORATION designs and manufactures computerized wagering equipment and provides facilities management The management of a user's computer installation by an outside organization. All operations including systems, programming and the datacenter can be performed by the facilities management organization on the user's premises. for use in racetracks, off-track wagering, lotteries and legalized sports betting Sports betting is the general activity of predicting sports results by making a wager on the outcome of a sporting event. Perhaps more so than other forms of gambling, the legality and general acceptance of sports betting varies from nation to nation. facilities. The company's systems are in use in the United States, Europe, Central and South America, Canada, Mexico and the Far East. CONTACT: The Miller Company, Larchmont Greg W. Miller, 914/834-1868 |
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