Scientific Games Corp. (SGMS)

[lonno]

NEW YORK, Jan. 22 /PRNewswire-FirstCall/ --
SCIENTIFIC GAMES CORPORATION (Nasdaq: SGMS) today announced that its
subsidiary, Blue Suede Acquisition Corp., a wholly-owned subsidiary of
Scientific Games International, Inc., has completed the previously announced
acquisition of MDI Entertainment, Inc. On January 9, 2003, Scientific Games
acquired 8,616,738 of the outstanding shares of MDI through a successful
tender offer of $1.60 per share, in cash. Such shares, along with shares
already owned by Blue Suede and the shares purchased from Steven Saferin
pursuant to a separate stock purchase agreement, represented a total of
approximately 13,020,240 shares, or approximately 92% of MDI's outstanding
common stock.
Following the successful conclusion of the tender offer, the acquisition
of the remaining shares of MDI was completed through the purchase of shares of
MDI from Steve Saferin pursuant to the stock purchase agreement followed by a
short form merger.
Under the terms of the merger, the remaining shares of MDI common stock
were converted into the right to receive $1.60 per share in cash, subject to
applicable provisions of Delaware law. As a result of the merger, MDI became
a wholly-owned subsidiary of Scientific Games International. Accordingly, MDI
has filed an application to terminate the registration of its common stock
under the Securities Exchange Act of 1934, eliminating its obligation to file
periodic financial and other information with the SEC.