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Autotote Signs Ten Year Contract Extension in the Dominican Republic for Online Lottery Services26 September 2000NEW YORK – (Press Release) -- Sept. 26, 2000 -- AUTOTOTE CORPORATION (Amex: TTE) today announced that it has signed a ten year contract extension with LEIDSA (Loteria Electronica Internacional Dominicana, S.A.) to provide online lottery services in the Dominican Republic, as authorized by Loteria Nacional. Autotote has been providing such services to LEIDSA since 1996 in exchange for a percentage of the betting handle. Autotote's revenues in the Dominican Republic are currently just over $1.0 million annually and are increasing steadily. Lorne Weil, Chairman and CEO of Autotote, commented, ''We are pleased to receive this vote of confidence from a valued and long-term client. Over the past four years, LEIDSA's system has grown to encompass 850 outlets. In the next three years, its plans call for expanding to as many as 1,500 outlets. We have experienced significant growth in revenues during our partnership with LEIDSA and we look forward to continuing this rewarding relationship and to helping LEIDSA meet its ambitious expansion goals. Pedro Alegria, Executive Vice President of LEIDSA, added, ``Recently, the Loteria Nacional renewed our contract for ten years which in turn enabled us to renew our contract with Autotote. Autotote's performance over the last four years has been outstanding in every respect. Given its record of excellence, and the added advantages it gained through its recent acquisition of Scientific Games, we are very happy to continue this productive and profitable relationship.'' |