Autotote signs letter of intent to sell Tele Control Lottery subsidiary.NEW YORK--(BUSINESS WIRE)--Jan. 14, 1997--AUTOTOTE CORPORATION [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 signed a letter of intent to sell its European lottery business, Tele Control, to Scientific Games Holdings Corp. [NYSE NYSE See: New York Stock Exchange : SG] for a price estimated to be between $25.0 million and $29.5 million, determined pursuant to a formula. Commenting on the announcement, Lorne Weil, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Autotote stated, "The sale of Tele Control continues our concentration on our core businesses and also strengthens our Company by allowing us to significantly reduce our bank debt. At the same time, however, the sale will affect neither our domestic lottery activity, nor our other international lottery customers not served by Tele Control." Consummation of the proposed sale is subject to execution of a definitive purchase agreement and related documents and to satisfaction of certain customary conditions, including certain third party consents. AUTOTOTE CORPORATION provides wagering equipment, computer software, facilities management and satellite broadcast services for on-track, off-track and inter-track wagering, lotteries, and legalized sports betting facilities. Autotote's systems are in use in the United States, Europe, Canada, Mexico, Latin America, New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. and the Far East. CONTACT: John Elliott Autotote Corporation (212) 754-2233 |
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