eLottery/Executone to Begin NASDAQ National Market Trading On April 19, 1999 Using New Ticker Symbol:ELOT; Executone retires trading symbol: XTON.MILFORD, Conn.--(BUSINESS WIRE)--April 15, 1999-- Executone Information Systems, 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 NM:XTON XTON Christleton (Chester, UK) ), announced today that it had requested NASDAQ to change the Company's trading symbol Trading symbol See: Ticker symbol from XTON to ELOT. As of Monday April 19, 1999 the Company will begin trading on the NASDAQ National Market under the new trading symbol: ELOT. The Executone trading symbol: XTON will be retired. On March 29, 1999, the Board of Directors of Executone announced that it had voted to divest To deprive or take away. Divest is usually used in reference to the relinquishment of authority, power, property, or title. If, for example, an individual is disinherited, he or she is divested of the right to inherit money. the Company's telephony and health care businesses and that it had received an offer for those businesses in the range of $70 million from a group led by Stanley J. Kabala kab·ba·lah or kab·ba·la or ka·ba·la also ca·ba·la or qa·ba·la or qa·ba·lah n. 1. often Kabbalah , Chairman and Chief Executive Officer of Executone. Under the terms of the offer, all of the assets and employees of the telephony and healthcare businesses would be transferred to a new company to be privately held by management and selected outside investors. The proceeds of any sale will remain in the public company to help it accelerate the achievement of eLottery's business plans. The transaction is subject to financing, negotiation of a definitive agreement and approval by Executone shareholders. Shareholders will vote on the separation and on changing the name of the Company to eLottery, Inc. at the 1999 annual shareholders meeting which will be called when a final transaction is available to present for approval. Stanley Kabala stated, "With the sale of the telephony and healthcare assets proceeding on schedule, we believe now is the proper time to change our ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors to reflect the nature of the eCommerce business that the company will become." The trading symbol for the Company's 7 1/2% convertible debentures Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. due 2011 will also change from XTONG to ELOTG. eLottery is a web-based retailer of governmental lottery tickets. Using its past experience and market tested and secure products, eLottery is committed to leading the governmental lottery industry into the eCommerce market. As a web-based electronic ticket retailer, the company's electronic lottery tickets can be sold through, and are compatible with, current on-line systems. eLottery has positioned itself to become a leader in the area by helping governmental lotteries address the legal, political and social issues they face as a result of the rapid growth in Internet sales. The Company has developed, installed and processed 10 million eCommerce lottery ticket sales and transactions. It has operated Internet, Intranet, telephone, communications, accounting, banking, database and other applications and services that facilitate the electronic sale of new and existing lottery products worldwide. eLottery, Inc. is on the World Wide Web at http://www.elottery.com with demonstration games at http://www.elotteryworld.com. Executone Information Systems, Inc. develops, markets and supports voice and data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. and information systems. Products and services include telephone systems, voice mail systems, inbound in·bound 1 adj. Bound inward; incoming: inbound commuter traffic. Adj. 1. inbound and outbound call center systems, and specialized healthcare communications and workflow management systems. Executone's products and services are sold under the EXECUTONE, INFOSTAR, IDS, LIFESAVER, and INFOSTAR/ILS brand names. Executone is on the World Wide Web at http://www.executone.com. This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Such statements are subject to certain factors, which may cause Executone's plans to differ or results to vary from those expected including the risks associated with the development of new products and the uncertainty of product acceptance, the competitive nature of the Company's industry, rapid technological change, legal uncertainties, the Company's dependence on key personnel, and a variety of risks set forth from time to time in Company filings with the Securities and Exchange Commission. |
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