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Scientific Games to Acquire MDI
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Business New Haven
3/6/2002
By: BNH
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NEW YORK - Scientific Games Corp. (NASDAQ: SGMS), which operates the Sports Haven gaming complex in New Haven, and MDI Entertainment Inc. (OTC: LTRY.OB) of Hartford, have executed a letter of intent for Scientific Games to acquire all of the outstanding shares of MDI (except for shares currently owned by Scientific Games) by exchanging its shares for MDI shares at $2.10 per MDI share.
MDI will become a wholly owned subsidiary of Scientific Games, operating as an autonomous business unit and continuing to offer products and services to all lotteries. MDI currently has under license the largest library of proprietary contents in the lottery industry, say company officials. Among MDI's lottery offerings is the sale of licensed and branded merchandise that lotteries offer as second-chance prizes. The company designs complete promotional programs for lotteries, including game design, prize structure, point-of-sale promotions, advertising and prize-fulfillment.
Scientific Games supplies instant tickets, systems and services to lotteries as well as wagering systems and services to pari-mutuel operators.
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