SOURCE: Global Lottery Corporation

June 01, 2005 09:30 ET

Global Lottery Corporation (OTC: GLTC) Announces the Rescision of the Acquisition of WSG Systems, Inc., Further Negotiations Pending

CARLSBAD, CA -- (MARKET WIRE) -- June 1, 2005 -- James Walters, President of Global Lottery Corporation (OTC: GLTC), a Nevada corporation, announced today that GLTC has rescinded the asset acquisition of WSG Systems, Inc., a California corporation ("WSG"), on a 1 share of GLTC for each 2 shares of WSG basis, effective as of May 31, 2005. GLTC will cancel up to 6,763,950 shares of GLTC's common stock issued in exchange for up to 13,527,900 shares of common stock issued in WSG. The shareholders of WSG voted over 80% for the share exchange at the WSG Special Meeting of Shareholders held on April 28, 2005, in Encinitas, California; however certain debtholders of WSG opposed the acquisition of WSG, as per the share exchange reported in a news release dated April 28, 2005. Management of both companies have entered into further negotiations to allow the acquisition to accommodate the shareholders and the debtholders of WSG. For further information, please contact Mr. James Walters (760) 439-5960 or by e-mail at jtwihox@aol.com.

Certain of the statements made in this Company information summary regarding its business constitute 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 may 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:
    Mr. James Walters
    (760) 439-5960
    jtwihox@aol.com