30 Jun 2010 14:08
Sportech Plc ("The Group")
Update on the Proposed Acquisition of Scientific Games Racing ("SGR")
Further to the announcement on 13 May 2010, in which it was stated that completion of the acquisition of SGR remained subject to certain international regulatory approvals which were expected to have been received by the end of June 2010, the Group provides the following update.
Sportech continues to make good progress with the Regulatory Authorities in North America, and has reached an advanced stage in obtaining regulatory clearance in the Netherlands. As a consequence, Sportech is confident that the transaction will receive the necessary US State regulatory approvals and complete in due course.
This US regulatory process has been more demanding than originally anticipated, and consequently has taken longer than initially advised. This highlights both the challenges of the US licensing process, but also the benefits from being one of a number of licensed gaming operators and providers in North America.
Sportech has taken advantage of this lengthy procedure to focus on the fine detail of the integration plan for the two businesses, and the development potential of the combined Group. The Board remains confident that the opportunities for the enlarged Sportech to drive growth and value remain significant.
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For further information, please contact:
Sportech PLC
Ian R Penrose, Chief Executive Tel: 020 7268 2400
Pelham Bell Pottinger
David Rydell / Emma Kent / Rosanne Perry Tel: 0207 861 3232