WEST GREENWICH – GTECH Holdings Corp. announced that its subsidiary, GTECH Corp., has been named the apparent successful bidder to provide the Washington Lottery with lottery product vending machines and maintenance and support services. The proposed three-year contract includes a trio of single-year extension options. The announcement, which comes on the heels of the company’s win of a similar contract in Illinois, is expected to generate revenues between $6 million and $8 million.
Upon successful completion of negotiations, GTECH, which has been the online and instant ticket lottery system provider for the Washington Lottery since 1996, will deliver approximately 1,000 expandable dispensing system machines. The machines can provide the state with secure, automated distribution of instant lottery tickets and are expected to be installed by November.
Exten announces merger with MultiCell subsidiary
WARWICK – Exten Industries Inc. announced in late March that its board of directors voted to merge its subsidiary, MultiCell Technologies, into the parent company. The company name will be changed to MultiCell Technologies Inc.
“The name change more accurately reflects the company’s business focus now and in the future, which is providing liver cell-based products to the life sciences industry, and exploring the efficacy of our protein therapeutics,” said Jerry Newmin, chairman and chief executive officer, in a release.
In conjunction with this consolidation, Exten President Greg Szabo has left the company to pursue other interests. Newmin will resume the office of president in addition to his other duties. The merger will have no effect on the company’s current shareholders, or on the number of shares outstanding and will allow the company to remove overlapping accounting and administrative expenses. Exten acquired MultiCell in the fall of 2001 and consolidated company operations within Rhode Island a year later.
