West Greenwich-based GTECH Holdings Corp. announced Tuesday that its board of directors has authorized a new open market share repurchase program for up to an aggregate of $100 million of the company’s outstanding common stock through Feb. 25, 2006, GTECH said in a news release. This is in addition to the $100 million authorized by the board on May 14, 2004, of which approximately $9 million remained as of Sept. 21, when the company reported its fiscal year 2005 second-quarter earnings.
It is contemplated that repurchases will be accomplished through periodic purchases on the open market. The extent to which the company actually repurchases its shares and the timing of such purchases will depend upon market conditions and other corporate considerations.
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In other GTECH news, the company announced that its wholly-owned subsidiary, GTECH Global Services Corp., has been selected as the preferred bidder by Veikkaus Oy to begin negotiations for new interactive lottery software, a new integrated online and instant lottery system, and terminals in Finland. This decision is the result of a competitive procurement, the company said.
“We are delighted and honored to have one of the world’s most successful and technically-progressive lottery operators such as Veikkaus Oy select GTECH for a project of this magnitude and complexity,” said GTECH President and CEO W. Bruce Turner in a release. “This partnership with Veikkaus is a strong indication of the value and validation of GTECH’s Enterprise Series (ES) solution package. ES will support Veikkaus’ current distribution channels and games and provide them with an integrated and open platform for the future.”
The collaboration between Veikkaus and GTECH is expected to change the gaming and entertainment landscape, extending the reach of technologies and game concepts, while creating new market penetrations in a diverse range of venues.
GTECH has provided lottery equipment and services to Veikkaus since 1990. Further details of the award will be disclosed upon the company’s signing of a definitive agreement with Veikkaus, which is expected to be finalized by mid- December 2004.
