eLOT Stockholders Eligible for Warrants
STAMFORD, Connecticut – (PRESS RELEASE) -- eLOT, Inc. announced today that
under a recently court approved agreement, holders of the firm's old common
stock are still eligible to receive Class B and Class C Warrants, allowing
them to purchase up to 1,950,000 shares of new eLOT common stock for another
two years. Eligibility is contingent upon the firm's ability to meet certain
operating milestones over the two year period ending December 31, 2007.
Complete details of this extension agreement are available on the eLot
website.
The Class B Warrants entitle shareholders of the old common stock to
purchase 750,000 shares of the new stock at $.10 per share on a conversion
ratio of .00893 shares of the new common stock for each old share previously
owned.
The Class C Warrants entitle holders of the old common stock to purchase
1,200,000 new shares at $1.00 per share on a conversion ratio of .01429 shares
of the new common stock for each previously owned old share.
eLOT and its subsidiary, eLottery Inc., are leading providers of web-based
retailing and Internet marketing services to governmental lotteries. eLottery
has positioned itself as the proven internet partner to lead the governmental
lottery industry into the e-commerce market. The company offers the only
patented (#6,322,446 and 6,383,078) onine transaction and information systems
to authorized state and governmental lottery operators.
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