Autotote receives extension on bank waivers.NEW YORK--(BUSINESS WIRE)--Oct. 31, 1995--As anticipated, 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 : TOTE) today announced that it has reached a formal agreement with its senior bank group to extend through January 31, 1996 the waivers previously granted to the company under its senior bank credit facility. As required by the senior bank group, the company has raised approximately $4.8 million and must raise approximately $225,000 of additional cash by November 24, 1995 to keep the waivers in effect. As a result of the waiver agreement, the company is currently in compliance with all applicable covenants and remains current with respect to all payments due under the terms of the credit facility. As previously announced, the senior bank group has agreed in principle that it would consider renegotiating or amending the senior credit facility, provided certain conditions are met. These conditions include raising the additional required cash, receipt of satisfactory audited 1995 fiscal year-end Fiscal Year-End The completion of a one-year, or 12-month, accounting period. Notes: The reason that a company's fiscal year often differs from the calendar year and does not close on Dec 31, is due to the nature of company's needs. financial statements and a satisfactory fiscal 1996 operating plan. If negotiations with the banks are successful, the new agreement would eliminate the need for further waivers. -0- AUTOTOTE CORP. 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. Autotote's systems are in use in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Europe, Central and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. , Canada, Mexico and the Far East. CONTACT: The Miller Company Greg Miller, 914/834-1868 |
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