Apr 2011 Financial News

SVL - Press Release - Re-negotiation of Lottery Contract with GTECH

Apr 29, 2011

The following Press Release was issued by Supreme Ventures Limited:

Brian George, President & CEO of Supreme Ventures Limited (SVL) has announced the successful completion of a new contractual agreement with GTECH Corporation. George said the “re-negotiated contract will expire in 2026 and is also in line with the period of the extended lottery gaming license approved by the Betting, Gaming and Lotteries Commission, for SVL’s subsidiary company – Supreme Ventures Lotteries Limited (SVLL).”

GTECH has expressed its pleasure with the extension of the lottery gaming licence to 2026, which will see their company moving ahead with planned long-term investments for Jamaica. Commenting on the success of the negotiations, Jaymin Patel – President & CEO of GTECH Corporation said “We are extremely pleased to receive this vote of confidence from a valued and long-standing customer. We look forward to working closely with Supreme Ventures to expand and grow their business in the coming years through new technologies and joint marketing initiatives.”

The new agreement will see SVL benefitting from a reduction in operating costs and the commitment from GTECH, for on-going improvement to the lottery system and network, in line with state-of-the-art services provided in jurisdictions globally of similar size.

George said “the SVL team has had an enviable partnership with GTECH, our technology provider for the lottery network in Jamaica. Through this partnership, we revolutionized the gaming industry in Jamaica, highlighted by the first completely wireless agent network and the introduction of on-time ‘live’ game draws on national television from the start-up of operations in June 2001.

Additionally, SVL with the use of this technology, was the first on-line lottery operator in the region and possibly the world, to offer top-up phone credit via lottery terminals. The significant investment which GTECH made in our operations has ensured that SVL operates with state-of-the-art technology and with the support of our advertising agencies, has provided a strong and well executed marketing program for our suite of lottery games. GTECH will continue to enhance its systems over the life of this agreement and this will allow us to execute our business strategy of new games, promotions and commercial services in the future. Given the realities of B2B, B2C and the need for inter-connectivity to other systems, we are excited about the possibilities that the future holds.”

Supreme Ventures provides 2,500 permanent jobs through its company offices and gaming lounges, the strong and expansive lottery agent network, and technology suppliers. Through the network of lottery agents islandwide, the company sells the lottery games and electronic phone PIN vouchers from the terminal. The lottery games sold include Cash Pot, Lotto, Pick 2, Pick 3, Dollaz, Lucky 5 and Winquick. The company is also a participant in the multi-jurisdictional lottery game – Super Lotto.


Source:
The Trinidad and Tobago Stock Exchange Limited
Friday April 29, 2011