The Company had been primarily engaged in the lottery industry for approximately 10 years and was one of the largest providers in the world of vending machines for the sale of instant-winner lottery tickets. In 2000, the Company began the process of selling its lottery business in order to acquire the cash necessary to transition the Company into other business activities that could provide more diversified and larger market opportunities. On June 1, 2001, the Company completed the sale of its lottery business to Interlott Technologies, Inc. Under the agreement with Interlott, the Company sold all of the assets used in its existing lottery business relating to the manufacture, sale, lease and service of instant lottery ticket vending machines.
Since June 1, 2001, we have been in the process of establishing new strategic initiatives and preparing the Company to transition into new business activities. In that connection, during 2002 the Company has been actively reviewing (i) opportunities that involve the acquisition of or merger with companies that have new business activities with high growth potential and (ii) marketing plans to maximize the value of the Company’s existing non-lottery related products, which consist primarily of card dispensing equipment.
On August 11, 2003, the company announced that it had completed a merger with McDigit, Inc. (“McDigit”), which was approved by its shareholders on July 28, 2003. McDigit, through its manufacturing subsidiary and its acquisition of the long-range video, audio and data transmission system technology and related brands from Sequent Technologies, Inc., is positioning itself to become a leading provider of Homeland Security technology. McDigit will provide Global with immediate revenue from proven on-going business as well as exciting new products that can accelerate the Company's launch into a large and expanding market.