China LotSynergy Holdings, IGT sign deal

3 May 2007

HONG KONG – (PRESS RELEASE) -- China LotSynergy Holdings Limited (SEHK: 8161) and International Game Technology (NYSE: IGT) today announced that China LotSynergy Holdings Limited ("CLS") and International Game Technology ("IGT") have entered into a strategic alliance through a Subscription Agreement and a Technical Cooperation Agreement on May 1, 2007.

Pursuant to the agreements, IGT will invest approximately US$103 million in CLS, partly in the form of equity and partly in the form of a convertible note. Through the strategic alliance with CLS, IGT will be able to gain access to the fast-growing Chinese Lottery market, while CLS will be able to source advanced gaming technology to support its business expansion in China.

Ivy Lau, Chairperson of CLS said, "IGT is a global leader in the supply of gaming technology. This strategic alliance will be highly beneficial to both parties. We believe that IGT is the right strategic partner for us given its superior manufacturing capabilities and game and systems technology."

TJ Matthews, Chairman of IGT said, "We are very excited about the opportunity to participate in the fast-growing China Lottery industry by partnering with an established market leader who has extensive local expertise and experience like CLS. Our strategic investment in CLS attests to our confidence in the future success of our cooperation."

Proceeds from the shares and convertible note will be used for business expansion, potential investment opportunities, and general working capital purposes.

The completion of the agreements is subject to customary closing conditions, including, but not limited to, mutual satisfactory completion of due diligence and the Stock Exchange of Hong Kong approval on the listing of new shares. The closing date is anticipated to be on or before May 31, 2007.


Related Links
IGT Ownership Details
IGT Software Details
Chinese Gambling

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