Progressive Gaming and Acres-Fiore to Jointly Develop New Bonusing Features for CasinoLink(R) Jackpot Station(TM)
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Progressive Gaming International Corporation®
(NASDAQ: PGIC) (the "Company”
or "Progressive Gaming”)
and Acres-Fiore announced today that they have entered into an agreement
whereby they will jointly develop a new, innovative mystery jackpot
feature for Progressive Gaming’s CasinoLink®
Jackpot Station™ ("CJS”).
The new feature will allow for multiple jackpots to be won at random on
any game play and will include a "Win
Proximity” meter that indicates to players
when one of the jackpot awards is close to being hit. The agreement
allows Progressive Gaming to add Acres-Fiore’s
premium game enhancements to both existing and new CJS installations,
subject to regulatory approvals.
Progressive Gaming expects to submit the new premium mystery jackpot
technology for GLI approval in September 2007, with field trials at
several Native American facilities expected to commence soon after the
receipt of necessary approvals. As of March 31, 2007, Progressive Gaming
had more than 5,500 CJS installations in North American casinos and
expects to have approximately 12,000 units installed by 2007 year-end.
Recently, the Nevada Gaming Control Board’s
Technology Division approved CJS to proceed to field trial at multiple
properties in Las Vegas.
CJS is a proprietary hardware and software solution for
centralizing/linking regular and mystery progressive jackpots. The
jointly developed premium mystery jackpot feature is expected to enhance
the entertainment level of the linked slot machines as the new game play
functionality is displayed to players through a "Win
Proximity” meter that increases player
excitement by visually showing how close any of up to eight jackpots are
to being awarded. Once a jackpot has been triggered the players view a
communal overhead screen that first reveals which jackpot level has been
awarded and then reveals which of the players is awarded the jackpot.
John Acres, Chief Executive Officer of Acres-Fiore added, "We
believe Acres-Fiore’s innovative mystery
jackpot features will leverage the collective IP of both companies and
bring incremental entertainment value to Progressive Gaming’s
robust CJS platform. Excitement will build as the ‘Win
Proximity’ meter approaches its peak, and
then again as the jackpot recipient is chosen. We expect that this
excitement will create an electric communal gaming experience for
players and drive incremental revenue for operators. We look forward to
working with Progressive Gaming to deliver the most innovative and
entertaining gaming solutions to operators and customers worldwide.”
Russel McMeekin, President and Chief Executive Officer of Progressive
Gaming, commented, "Both John Acres and Rich
Fiore have a proven track record of developing innovative gaming
solutions that enhance the entertainment experience for players which
has led to higher return for operators. The proven earnings capability
of the CJS mystery and progressive system has allowed us to quickly grow
its installed base to more than 5,500 units following its introduction
in the second half of 2006. We are excited to be working with
Acres-Fiore on a new innovative mystery progressive feature that we
expect will help drive further improvements in the market penetration of
CJS.” About Progressive Gaming International Corporation
Progressive Gaming is a leading supplier of integrated casino and
jackpot management system solutions for the gaming industry worldwide.
This technology is widely used to enhance casino operations and drive
greater revenues for existing product as well as our own proprietary
table games.
Progressive Gaming is unique in the industry in offering casino
management and progressive systems in a modular yet integrated solution.
Products include multiple forms of regulated wagering solutions in
wired, wireless and mobile formats. There are Progressive Gaming
products in over 1,000 casinos throughout the world. For further
information, visit www.progressivegaming.net.
About Acres-Fiore
Acres-Fiore is founded on the simple principal that recreational
gamblers wager, not simply to win, but to have winning experiences.
Acres-Fiore develops intellectual property and game concepts emphasizing
a more emotionally gratifying player experience and licenses the ideas
to gaming equipment manufacturers.
Safe Harbor Statements under The Private Securities Litigation Reform
Act of 1995: This release may contain certain forward-looking statements
including the potential for CJS to drive further improvements in the
Company’s market penetration of CJS, the
potential of CJS to exceed market performance expectations, the
viability of CJS to compete in the gaming market, the expansion of the
Company’s installed base in gaming markets
worldwide, and the expected market opportunities for the Company’s
CasinoLink and CJS system products. Such statements are subject to
certain risks and uncertainties, and actual circumstances, events or
results may differ materially from those projected in such
forward-looking statements. Factors that could cause or contribute to
differences include, but are not limited to, the risk that gaming
regulatory agencies may not grant approval of products in the time
frames expected, the demand for the Company’s
products may not reach anticipated levels, the status of rights licensed
from content providers, risks related to the Company's ability to
enforce and develop its intellectual property rights, including rights
licensed from third parties, the risk that patents may exist of which
the Company is not aware, or that existing patents may provide benefits
to third parties beyond those anticipated by the Company, the Company's
ability to meet its capital requirements, relationships with casino
operators, the overall industry environment, customer acceptance of the
Company's new products, further approvals of regulatory authorities,
adverse court rulings, production and/or quality control problems, the
denial, suspension or revocation of privileged operating licenses by
governmental authorities, competitive pressures and general economic
conditions as well as the Company's debt service obligations. For a
discussion of these and other factors which may cause actual events or
results to differ from those projected, please refer to the Company's
most recent annual report on Form 10-K and quarterly reports on Form
10-Q, as well as other subsequent filings with the Securities and
Exchange Commission. The Company cautions readers not to place undue
reliance on any forward-looking statements. The Company does not
undertake, and specifically disclaims any obligation, to update or
revise any forward-looking statements to reflect new circumstances or
anticipated or unanticipated events or circumstances as they occur.
CasinoLink is a registered trademark of Progressive Gaming International
Corporation. CJS is a trademark of Progressive Gaming International
Corporation. ©2006 Progressive Gaming
International Corporation®. All rights
reserved.