eLOT
Stockholders Eligible for Warrants
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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