CasinoCityTimes.com

Gurus
News
Newsletter
Search News Subscribe
Stay informed with the
NEW Casino City Times newsletter!
Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter!

Gaming News

 

Agreements Between Global Payment Technologies and Table Trac Signed

11 July 2001

HAUPPAUGE, New York -- (Press Release) -- 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 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(TM) 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.

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.

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.

< Gaming News