Cash Systems, Inc. Announces Joint Venture Agreement with Bally Technologies and Scotch Twist.LAS VEGAS Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. -- Cash Systems, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CKNN), a provider of cash-access solutions for the gaming industry, today announced that it has entered into a joint venture agreement with Bally bally Adjective, adv Brit old-fashioned, slang extreme or extremely: a bally nuisance, he's too bally charming for his own good Adj. 1. Technologies, Inc. (NYSE NYSE See: New York Stock Exchange : BYI), and Scotch Twist, Llc. ("Joint Venture"), to jointly develop products that can accept conventional credit and debit cards debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. , electronic check cashing and other cash sources at the gaming device. The Joint Venture will begin by developing products that allow customers to obtain funds using credit and debit cards at the gaming device under a license to a portfolio of patents from Scotch Twist. Bally Technologies and Cash Systems will work together to market and sell such access systems, initially for use exclusively with Bally's hardware interface and accounting systems and will allocate the fees generated from the use of such jointly developed products to the Joint Venture. Michael Rumbolz, Chairman and Chief Executive Officer of Cash Systems stated, "This joint venture has the potential to permanently alter how gaming patrons access cash on the casino floor. We are confident that the product suite developed by the joint venture will change the competitive landscape and provide the next major evolution in casino operations. In the casino environment, time equals money, and these products will significantly expedite the cash advance process where both customers and casinos believe it matters most, at the gaming device. In addition, these products will provide regulators with new methods for identifying and addressing critical issues surrounding responsible gambling." "Bally is the industry leader in gaming systems and this joint venture with Cash Systems is an attractive future addition to our solution framework," said Richard Haddrill, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Bally Technologies. "This next stage of cashless will provide both patron convenience and operator efficiency." About Bally Technologies, Inc. With a history dating back to 1932, Las Vegas-based Bally Technologies designs, manufactures, operates and distributes advanced gaming devices, systems and technology solutions worldwide. Bally's product line includes reel-spinning slot machines, video slots, wide-area progressives and Class II, lottery and central determination games and platforms. As the world's No. 1 gaming systems company, Bally also offers an array of casino management, slot accounting, bonusing, cashless and table management solutions. The Company also owns and operates Rainbow Casino in Vicksburg, Miss. Additional information on the Company can be found at www.ballytech.com. About Cash Systems, Inc. Cash Systems, Inc., located in Las Vegas, with additional offices in San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. and Minneapolis, is a provider of cash-access and related services to the retail and gaming industries. Cash Systems' products include its proprietary cash advance systems, ATMs and check cashing solutions. Please visit http://www.cashsystemsinc.com for more information. About Scotch Twist, Llc. Scotch is the assignee assignee (assign) n. a person to whom property is transferred by sale or gift, particularly real property. (See: assign) ASSIGNEE. One to whom an assignment has been made. 2. of various patents that allow funding from exogenous Exogenous Describes facts outside the control of the firm. Converse of endogenous. sources to be used in gaming devices. These inventions include casino Gaming Devices that permit a customer to obtain credit through use of a credit, debit or ATM card An ATM card (also known as a bank card, client card, or cash card) is an ISO 7810 card issued by a bank, credit union or building society. Its primary uses are: This press release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , including the Company's beliefs about its business prospects and future results of operations. These statements involve risks and uncertainties. Among the important additional factors that could cause actual results to differ materially from those forward-looking statements are risks associated with the overall economic environment, the successful execution of the Company's plan of operation, changes in the Company's anticipated earnings, continuation of current contracts, gaming and other applicable regulations, and other factors detailed in the Company's filings with the Securities and Exchange Commission, including its most recent Forms 10-KSB and 10-QSB. In addition, the factors underlying Company forecasts are dynamic and subject to change and therefore those forecasts speak only as of the date they are given. The Company does not undertake to update any forecasts that it may make available to the investing public. |
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