Cash Systems, Inc. Announces Letter of Intent for powercash
February 27 2008 - 8:30AM
Business Wire
Cash Systems, Inc. (NASDAQ: CKNN), a provider of cash access
solutions for the gaming industry, today announced the signing of a
Letter of Intent to provide Cash Systems powercash product to
American Gaming Group LLC�s first casino project, The Wildwood
Casino. Cash Systems previously announced that it had secured an
agreement to provide its full line of cash access services
including all-in-1atm services, casinopc for cash advance services,
and ecash checking to The Wildwood Casino. This is the second
location to agree to deploy Cash Systems powercash product and is
the first non-Native American casino. Prior to deployment,
powercash will be subject to regulatory approval, the development
of the required interface between Cash Systems and Wildwood
Casino�s slot accounting and player tracking system and the
execution of a definitive agreement between Cash Systems and
American Gaming Group, LLC. powercash includes patented technology
that will change the way casino players purchase credits on the
casino floor. Once patrons have enrolled in the casino player�s
club program and with the Company's enrollment application software
they will be able to purchase credits from their desired credit,
debit or checking accounts while sitting at the gaming device.
Players will be able to request funds from the designated financial
account, purchase credits and transfer those credits into their
player�s club account and then transfer down to the gaming device
the amount of credits that they want to use. Casino patrons will no
longer have to worry about bringing cash to the casino with
powercash. powercash is the next evolution for the gaming floor. By
reducing the dependency on cash and tickets, the gaming floor
becomes even more dynamic for the casino patron. Moving from game
to game is easier and faster by only having to use their casino
player�s club card to access their credits. Safe and secure since
any credits that are left on the gaming device are automatically
transferred back to the players account simply by removing their
casino player�s club card. Additionally, powercash is the first
product that has the ability to touch every aspect of the casino
facilities through the Company�s suite of products such as
tablecash and play-n-shop. Patrons can use their player�s club card
to make purchases in the retail shops, restaurants, spa, hotel and
any of the entertainment facilities offered by a casino resort
property. "powercash is the first cash access technology that
allows a truly cashless casino floor while at the same time
adhering to the principles of Responsible Gaming. This Letter of
Intent with American Gaming Group represents another major
milestone in our deployment of this cashless technology. The
American Gaming Group understood the value of implementing
powercash on the gaming floor and wanted to make sure they were
first in the marketplace," said Michael Rumbolz, CEO of Cash
Systems. Mr. Rumbolz further states, �Working together with
American Gaming Group, we will be presenting the powercash
technology to the regulators for approval for deployment at The
Wildwood Casino�. "We look forward to finalizing our agreement with
Cash Systems for powercash and once approved by the regulatory
authorities, implementing powercash in our casino. powercash will
allow us to offer our patrons the most complete gaming experience.
We believe the powercash technology with all of its benefits will
take the patrons experience to another level, said Eddie Lynn, Vice
President and General Manager, American Gaming Group, LLC. Mr. Lynn
furthers states, With the competitive environment we will be faced
with in Cripple Creek, we were looking for ways to enhance the
Wildwood player club program and set it apart from all other player
club programs. We believe powercash is the technology that will
give us the competitive edge," said Eddie Lynn, Vice President and
General Manager, American Gaming Group, LLC. The Wildwood Casino
will be the first new constructed casino to open in Cripple Creek,
Colorado since 2006. Located approximately 45 minutes from Colorado
Springs, Colorado, the Wildwood Casino will be the first casino
encountered by visitors as they enter the city of Cripple Creek.
The property will encompass over 50,000 sq. ft. with 25,000 sq. ft.
dedicated to gaming. The one level casino will have over 700 state
of the art slot machines with full ticket in ticket out capability
and 14 table games. The Wildwood Casino will be the largest single
level casino in the Cripple Creek market. Wildwood Casino will also
offer to their casino patrons an upscale restaurant, Maverick�s, a
casual caf�, Fireside Kitchen and a bar/lounge with entertainment
capability. The property is complimented by a large covered parking
area. Wildwood Casino will offer hotel rooms at the near by Gold
King Mountain Inn which consists of 67 rooms complete with a spa,
25 meter pool and a fully equipped gym and sauna. The Wildwood Gas
Station and Mini-Market will open at the same time as the Wildwood
Casino giving the casino an additional competitive edge in the
Cripple Creek market place. All three facilities are owned by the
American Gaming Group, LLC and is affiliated with American Gaming
Enterprises. About Cash Systems, Inc. Cash Systems, Inc., located
in Las Vegas, with additional offices in San Diego 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. This
press release may contain forward-looking statements, 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 10K and 10Q.
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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