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eLOT Stockholders Eligible for Warrants

STAMFORD, Connecticut – (PRESS RELEASE) -- eLOT, Inc. announced today that under a recently court approved agreement, holders of the firm's old common stock are still eligible to receive Class B and Class C Warrants, allowing them to purchase up to 1,950,000 shares of new eLOT common stock for another two years. Eligibility is contingent upon the firm's ability to meet certain operating milestones over the two year period ending December 31, 2007. Complete details of this extension agreement are available on the eLot website.

The Class B Warrants entitle shareholders of the old common stock to purchase 750,000 shares of the new stock at $.10 per share on a conversion ratio of .00893 shares of the new common stock for each old share previously owned.

The Class C Warrants entitle holders of the old common stock to purchase 1,200,000 new shares at $1.00 per share on a conversion ratio of .01429 shares of the new common stock for each previously owned old share.

eLOT and its subsidiary, eLottery Inc., are leading providers of web-based retailing and Internet marketing services to governmental lotteries. eLottery has positioned itself as the proven internet partner to lead the governmental lottery industry into the e-commerce market. The company offers the only patented (#6,322,446 and 6,383,078) onine transaction and information systems to authorized state and governmental lottery operators.

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