(NASDAQ: PGIC) (the "Company"), a leading provider of diversified technology and system solutions used in the gaming industry worldwide, announced today that the Nevada Gaming Commission has approved the Casinolink Jackpot System ("CJS") inter-linked progressive module of the Company's Casinolink® Enterprise Edition slot management system. CJS technology is deployed in casinos in markets outside of Nevada in North America as well as in numerous international jurisdictions.
Progressive Gaming reported on May 12, 2008 that it had a backlog of 2,000 CJS installations for Nevada and that it expects to install approximately 500 units by year-end. With Nevada Gaming Commission approval, the Company expects to secure additional orders for CJS installations in Nevada.
CJS is a comprehensive, robust and proprietary hardware and software solution for centralizing/linking regular and mystery progressive jackpots. With CJS, casino operators can centralize control of progressive and mystery jackpots for their owned slot machines and generate related media displays. Among other things, operators can manage the frequency and sizes of progressive jackpots as well as the way "wins" are celebrated on the slot floor. CJS allows casinos to create individual banks of progressives or progressive themed areas of their slot floor and provides the ability to link games for floor-wide bonusing and link thousands of games across multiple properties.
Russel McMeekin, President and Chief Executive Officer of Progressive Gaming International Corporation, commented, "Since its initial deployment in North American casinos nearly two years ago, CJS has established a strong track record as a system application that has consistently driven higher time-on-device and coin-in for slot machines on which it has been installed and therefore proven to generate a strong return on investment for our customers.
"CJS deployment in Nevada is expected to be an important driver of our anticipated slot management system and revenue growth over the remainder of this year as this approval by the Nevada Gaming Commission allows us to address the largest slot machine market in the world. Progressive Gaming will benefit from CJS' attractive revenue model, whereby we generate both a one-time installation fee and high-margin, recurring daily fees, as we already have a solid backlog of orders in hand for the Nevada market and expect that this approval will help to secure additional orders going forward."
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 products. 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.
©2008 Progressive Gaming International Corporation®. All rights reserved.
Safe Harbor Statements under The Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, including statements regarding anticipated new roll-outs of Casinolink Jackpot System, the domestic and overseas demand for the Company's products, the expected benefits to be realized by the Company's customers as a result of its products, the Company's ability to create shareholder value, slot management systems installed base at the end of 2008 and beyond, the anticipated impact of an increased installed base on the Company's financial performance, including revenue growth, anticipated gross margins, operating expenses, net income, revenue, and other expenses for 2008 and beyond. 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, risks related to delays in the approval, introduction, installation and customer acceptance of existing and new products, the risk that additional capital for refinancing the Senior Notes and other working capital needs may not be available to the Company on favorable terms, or at all, the risk that markets for the Company's products are not as large as the Company anticipates or that competing products may reduce demand for the Company's products, the risk that the on-going relationship related to the sale of the Company's Table Games Division may not provide anticipated benefits, the risk that the Company may not realize expected annual savings from certain cost reduction initiatives, the risk that regulatory approvals may not be obtained when expected, or at all, 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.