Autotote sells CBS unit.NEW YORK--(BUSINESS WIRE)--Oct. 30, 1996-- Autotote Corp. (AMEX AMEX See: American Stock Exchange :TTE TTE Telecommunications Terminal Equipment TTE Transthoracic Echocardiography TTE Transthoracic Echocardiogram TTE Trustee TTE TCL-Thomson Electronics TTE To the Extreme (band) TTE The Tourism Expert ) today announced that it has sold Autotote CBS (Cell Broadcast Service) See cell broadcast. Inc. (CBS), its sports wagering subsidiary, to American Wagering Inc. (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 :BETM) for $3 million in cash plus certain additional payments as described below. In addition to the cash payment, subject to regulatory review, CBS also will pay Autotote royalties on use of certain software, including the MEGASPORTS(R) software developed by Autotote for pari-mutuel sports wagering. Autotote will continue to be CBS' exclusive supplier for terminals and equipment in new and replacement systems installed in Nevada. After the sale of CBS, Autotote's subsidiary, Autotote Systems Inc., will continue to provide sports wagering systems and services in Mexico. CBS, which is based in Las Vegas, provides sports wagering systems to nearly all of the casinos in Nevada, including all of the major casinos along the Las Vegas strip The Las Vegas Strip (also known as The Strip) is a 4 mi (6.7 km) section of Las Vegas Boulevard South, most of which has been designated an All-American Road. . -0- Note: Autotote Corp. designs and manufactures computerized wagering equipment and provides facilities management for use in off-track wagering, lotteries and legalized sports betting facilities. Autotote's systems are in use in the United States, Europe, Central and South America, Canada, Mexico, New Zealand and the Far East. CONTACT: Autotote Corp. Lawrence J. Corneck 212/754-2233 or The Miller Company Gregory Miller 914/834-1868 |
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