SOURCE: Global Lottery Corporation

April 28, 2005 09:30 ET

Global Lottery Corporation (OTC "GLTC") Announces the Acquisition of WSG Systems, Inc., Owner of Worldwide Lottery and Worldwide Pari-Mutual Betting Software and Systems

SEATTLE, WA -- (MARKET WIRE) -- April 28, 2005 -- James Walters, President of Global Lottery Corporation, a Nevada corporation, (OTC: GLTC) announced today that GLTC has acquired WSG Systems, Inc., a California corporation ("WSG"), on a 1 share of GLTC for each 2 shares of WSG basis. GLTC will issue up to 6,763,950 shares of GLTC's common stock in exchange for up to 13,527,900 shares of common stock issued in WSG. WSG will become and operate as a subsidiary of GLTC. The shareholders of WSG voted over 80% for the share exchange at the WSG Special Meeting of Shareholders held today at 8:00 AM in Encinitas, California.

The assets acquired by GLTC from WSG include proprietary technology, proprietary software, its tradenames and trademarks as those products pertain to the worldwide lottery industry and/or worldwide pari-mutual betting. WSG was co-founded by Mr. James Walters. Prior to co-founding WSG, Mr. James Walters co-founded International Totalizator Systems, Inc. ("ITS") and as President, Chairman and CEO for fifteen years, took the company to a $320 million dollar market capitalization as a public company doing business with the most prestigious customers in twenty-one countries. ITS was the largest supplier to the pari-mutuel industry and second largest to the lottery industry, prior to Mr. Walters resigning as CEO and director.

The GLTC lottery products are designated to be used by all entities in the industry for conducting lotteries and or pari-mutual betting, including corporations and/or governmental agencies representing countries, provinces, states, etc. to implement and/or to improve their lottery and/or pari-mutual betting systems. GLTC provides an alternative to dated industry practices with "open systems" computer hardware and software solutions to the lottery market using PC-based technology. GLTC's proprietary "Cobra" terminal is a compact and fully equipped device capable of being connected to a large network of terminals, either locally or remotely through one of the several communications protocols.

Certain of the statements made in this Company information summary regarding its business constitutes forward-looking statements contemplated under the Private Securities Litigation Reform Act of 1995 and certain factors could cause actual results to differ materially from those projected. For a brief discussion of the risks and uncertainties that my effect our business and future operating results, please refer to the Company's 15c2-11 Filing Statement posted with the National Quotations Board, Pink Sheets under "Financial Reports."

Contact Information

  • For further information, please contact:
    James Walters
    (760) 439-5960