| Lottery & Wagering Solutions Inc. Announces the Disposition of Its Remaining Interests |
Lottery & Wagering Solutions Inc. announced today that it had consummated an agreement disposing of its remaining interests in a project which it had entered into in October, 1997 to develop a hotel/casino in Yuzhno-Sakhalinsk City, Russia. Under this agreement, the Company received net proceeds of $700,000 in reimbursement of certain of its development costs, after payment of fees of $100,000 for services and consulting work performed in connection with the transaction.
The sole operating business of Lottery & Wagering Solutions Inc. consisted of a casino in Suriname which was closed on December 31, 2004. The Company is currently engaged in seeking and attempting to develop other opportunities in the gaming industry.
Source: Business Wire
Friday, 3 June 2005
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