Global Payment Technologies to Market Worldwide a New Joint Casino Gaming Product, Table Trac Lite, which includes its New ARGUS Currency Validator. The market is estimated in excess of 35,000 tables worldwide, or approximately $70 million.
Hauppauge, New York, July 11, 2001 – Global Payment Technologies, Inc. (NASDAQ Symbol:GPTX) (“GPT”), a leading manufacturer and innovator of currency acceptance systems used in the worldwide gaming, beverage, and vending industries, jointly announced with Table Trac, Inc. (OTC/BB: TBTC) of Minneapolis, Minn. the signing of the definitive agreements. Under the terms of the agreements GPT and Table Trac will each have the right to distribute and sell the new product, Table Trac Lite. In addition, GPT will receive an exclusive right to sell Table Trac’s casino management system product outside of the United States and Canada, subject to minimum sales requirements.
“Until now,” said Stephen Katz, Chairman & CEO of GPT, “casinos around the world have lacked the technology that our combined product, Table Trac Lite, provides. For the first time, a casino can have an automated secure way to monitor the currency received and other important performance variables at its gaming tables in real-time. Table Trac Lite is an economical way to provide currency validation and security that casino operators have been looking for.”
“The pairing of both firms brings new technologies to the Ligaz888 gaming industry, in which both companies have been operating, and will allow both of us to leverage GPT’s already established worldwide sales and support structure” Katz added.
The agreements call for GPT to market, worldwide, the new table gaming product, Table Trac Lite, to a total market estimated in excess of 35,000 tables worldwide, or approximately $70 million, that automates and monitors the operations and revenues of casino table games. Table Trac Lite is a combination of patented technologies of both companies and uses GPT’s new ARGUS™ validator that accepts and validates worldwide currencies. Under a second distribution agreement GPT will market and distribute all other Table Trac products.
Joseph A. Nielsen, CFO of Table Trac, will assume the additional title of Managing Director of the joint venture named Globaltrac LLC. “Both distribution agreements cover a four-year period with renewal options,” said Nielsen, “and in order to maintain its exclusivity as to the second distribution agreement, GPT must achieve a certain sales performance.”
Table Trac Lite debuted in Puerto Rico last month in the GPT exhibition booth during The Caribbean Gaming Show and is scheduled for its first live beta trial by the end of August 2001.
About Global Payment Technologies, Inc. – www.gpt.com
Global Payment Technologies, Inc. is a United States-based designer, manufacturer, and marketer of automated currency acceptance and validation systems used to receive and authenticate currencies in a variety of payment applications worldwide. GPT’s proprietary and patented technologies are among the most advanced in the industry. GPT maintains manufacturing facilities in Hauppauge, N.Y. and sales offices in Las Vegas, the U.K., Australia and South Africa.
About Table Trac, Inc. – www.tabletrac.com
Table Trac, based in Minnetonka, Minn., has developed a patented real-time system that automates and monitors the operations of casino gaming tables. It provides casino management with comprehensive information including linking table games activity seamlessly into an automated environment that provides instant information about the entire casino’s table gaming status, along with slot machine play, players club, accounting, banking and games security. This system may be utilized in conjunction with the new product, Table Trac Lite.
Special Note Regarding Forward-Looking Statements: A number of statements contained in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the applicable statements. These risks and uncertainties include, but are not limited to: the risks that GPT’s current and future products may contain errors or defects that would be difficult and costly to detect and correct; GPT’s dependence on the paper currency validator market and its potential vulnerability to technological obsolescence; possible risks of product inventory obsolescence; potential difficulties in manufacturing operations; potential shortages of key parts and/or raw materials; potential difficulties in managing growth; dependence on a limited base of customers for a significant portion of sales; dependence on key personnel; the possible impact of competitive products and pricing; and other risks described in more detail in GPT’s Securities and Exchange Commission filings.
