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Global Payment Technologies, Inc. Forms Strategic Alliance With Smart Card Integrators, Inc.
by
Anonymous
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Contact:
Steven Katz, Chairman and CEO
Global Payment Technologies, Inc.
(516)887-0700
Matthew Hayden, President
Hayden Communications, Inc.
(843)272-4653
Hauppauge, New York, May 15, 2001 – Global Payment Technologies, Inc. (NASDAQ:GPTX) (“GPT”), a leading manufacturer and innovator of currency acceptance systems used in the worldwide gaming, beverage, and vending industries, announced today that it has formed a strategic alliance with Smart Card Integrators, Inc. (“SCI”), a smart card applications system integrator headquartered in Los Angeles, CA.
SCI is a key player in the emerging North American and Latin American smart card market and has established a worldwide market niche in gaming. SCI provides integrated smart card solutions by combining a system's design, development, and implementation components into one seamless product, including software, firmware, hardware, and cards.
Steven Katz, GPT Chairman and CEO, said, “We are very enthusiastic about our alliance with SCI. We will work closely with them to jointly develop new products that combine the attributes of the traditional paper currency validator with the capabilities to process transactions using credit cards, debit cards, and smart cards. The first phase of product development will focus on the gaming industry, with opportunities in vending and retail to be pursued thereafter.”
“Through the alliance,” Katz added, “GPT will have the right to distribute the new products, as well as SCI’s current product line, on an exclusive basis in our key markets of Australia, South Africa, and Southeast Asia. GPT will also have the right to distribute both new and existing products worldwide on a non-exclusive basis subject to certain exclusions. Just as important, GPT and SCI will co-own the intellectual property of any product jointly developed in the future.”
“We believe that non-traditional forms of currency, such as credit cards, debit cards and smart cards, will continue to gain acceptance and popularity around the world, as is already happening in the gaming market.” Katz concluded. “GPT strives to be in the forefront of validation technology, and, with a strong partner in SCI, the partnership should allow both companies to more rapidly bring new products to market.”
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. Please visit the GPT web site for more information at http://www.gpt.com.
Currently, SCI concentrates its efforts on closed environment systems while positioning itself for the open environment market. SCI maintains its own R&D department to ensure that it remains a leader in the smart card system technology. Please visit SCI’s web site for more information at http://www.sci-s.com.
Special Note Regarding Forward-Looking Statements: A number of statements contained in this release are forward-looking statements within the meaning of the Private Securitites 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 applicaable 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 diffeicult 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 limlited base of customers for a significant portion of sales; dependence on key personnel; the possible impact of competitive procuts and pricing; and other risks described in more detail in GPT's Securities and Exchange Commission filings.
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This article courtesy of http://www.smartcardlink.com.
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