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Autotote Wins Bid for Iowa Lottery Contract13 September 2000NEW YORK – (Press Release) --Sept. 13, 2000 -- AUTOTOTE CORPORATION (Amex: TTE) announced that it has won a competitive bid for the Iowa state lottery contract. Based on 1999 lottery sales in Iowa of $178 million, Autotote believes that the seven-year contract, with option to renew, is worth at least $40 million over the life of the agreement. The Company stated that it won the competition with the highest technical ranking, 91.8, and the lowest bid. The new lottery is expected to be operational by July 1, 2001. Lorne Weil, Chairman and CEO of Autotote, commented, ``We are delighted to be working with the Iowa Lottery to install an entirely new lottery system. Our proposal provides for a significant upgrade to the system, consisting of 2,800 retailers. During the course of the agreement, we will install approximately 1600 EXTREMA(TM) terminals and 1200 SciScan® instant validation terminals. The fact that our equipment received the highest technical ranking is especially gratifying since we were up against formidable competition.'' |