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WILLIAM SPIER IN AGREEMENT ON VIDEO LOTTERY TECHNOLOGIES SHARES OWNED BY LARRY LIPPON

 WILLIAM SPIER IN AGREEMENT ON VIDEO LOTTERY
 TECHNOLOGIES SHARES OWNED BY LARRY LIPPON
 NEW YORK, Oct. 22 /PRNewswire/ -- William Spier announced today that he has entered into an agreement with Larry Lippon, former chairman and chief executive officer of Video Lottery Technologies, Inc. (NASDAQ: VLT), regarding all shares of VLT owned by Lippon. The agreement provides that Lippon will sell a portion of his shares for cash and grant an option with respect to the remaining shares in which he will retain, subject to regulatory review, a participatory interest in profits derived by the Spier Group.
 Under the agreement, the Spier Group has been granted an option to purchase 3,032,155 of Lippon's VLT shares at a base price of $11 per share, plus profit sharing, as described herein. Subject to regulatory review, Lippon will have the right to receive one-half of the profit realized on any of the optioned shares. The option has a four-year term and, in effect, requires payments to Lippon of a minimum of $5 million per year, from the payments of the exercise price and profit sharing. The investment group also will purchase 641,303 VLT shares for an aggregate cash purchase price of $7,054,333.
 Lippon will place all VLT shares subject to the option into an escrow account. Lippon will have no right to vote these shares or, if the option is not exercised, direct their disposition.
 Spier has reached an agreement with Richard Barber, president of VLT, to purchase 267,788 of his shares for an aggregate cash price of $2,945,668. (The purchases from Lippon and Barber would represent 909,091 VLT shares for an aggregate price of $10 million.)
 Spier stated that his group supports the new management team at VLT and intends to cooperate with the company in pursuing aggressive growth.
 Spier said that he has offered to enter into an agreement with VLT which would, among other things, limit his group's ability to seek control of VLT in order to indicate his support for, and confidence in, VLT's current management.
 William Spier is a director of VLT and chairman and chief executive officer of DeSoto, Inc., a manufacturer of consumer household and toiletries products.
 VLT, through its subsidiaries, provides video and on-line lottery services and products.
 -0- 10/22/92
 /CONTACT: William Spier of Video Lottery Technologies, Inc., 212-759-3287/
 (VLTS) CO: Video Lottery Technologies, Inc. ST: New York IN: CNO SU:


TS -- NY104 -- 3636 10/22/92 12:54 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Oct 22, 1992
Words:415
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