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LAS VEGAS, October 1, 2021 / PRNewswire / – Everi Holdings Inc. (NYSE: EVRI) (“Everi†or the “Companyâ€), a leading provider of land-based and digital casino gaming content and products, financial technology and solutions loyalty program, today announced that it is acquiring certain strategic assets of Meter Image Capturing, LLC (“MIC”), a private provider of progressive meter reporting technology that uses optical and voice recognition to record and store with Accuracy all data from progressive counters of electronic gaming machines on a casino floor, greatly improving the process and reducing the time that casino operators spend on this daily task. The acquisition was funded from existing cash and Everi expects the acquisition to have a positive impact on earnings and operating cash flow. Financial terms were not disclosed.
Introduced to the gaming market in February 2020, MIC’s technology solution is a revolutionary new system designed to improve operational efficiency by reducing labor costs created by the monotonous task of recording incremental values ​​to stay compliant with regulatory requirements. The technology collects progressive counter data more accurately and exponentially faster than typical methods commonly used in the gaming industry today, and automatically delivers this data to back-end audit / finance departments. MIC technology is currently deployed in more than 20 casinos.
Darren simmons, Executive Vice President and Chief Financial Officer of Everi, said: “The acquisition of innovative technology from MIC is very complementary with our portfolio of FinTech offerings that create efficiencies and cost savings. for casino operators. This addition will allow our customers to streamline operations on their slot machine. ground and internal compliance audits. MIC’s solution has been well received since its introduction early last year and we plan to leverage our experienced sales and marketing team and extensive distribution channels to significantly expand product awareness in the market. . This technology will integrate seamlessly with our award-winning Jackpot Xpressâ„¢ mobile product. The addition of this functionality further enhances our comprehensive suite of financial, casino loyalty and RegTech products and services, bringing consistency and continuity to operator workflows.
“Everyone at Meter Image Capture is delighted that gaming industry FinTech leader Everi has chosen to integrate our technology into their portfolio,†said Patrick schmit, CEO of MIC. “I am confident that existing customers and future MIC users will be delighted with the technical advancements and superior service Everi will provide in the future.”
Caution Regarding Forward-Looking Statements
This press release contains “forward-looking statements” as defined in the United States Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements often contain words such as, “” plan “,” believe “,” objective “,” target “,” future “,” estimate “,” may “,” should “,” well positioned “or” will “and similar phrases to identify outlook statements.
The forward-looking statements contained in this press release are subject to additional risks and uncertainties, including those set forth under the sections “Risk Factors†and “Management’s Discussion and Analysis of Financial Condition and Results of Operations†in our filings with the Securities and Exchange Commission (the “SECâ€), including, without limitation, our annual report on Form 10-K for the year ended December 31, 2020 filed with the SEC on March 15, 2021 and subsequent periodic reports, and are based on information available to us as of the date hereof.
These cautionary statements qualify our forward-looking statements, and you are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statement contained in this document speaks only as of the date on which it is made, and we do not intend and assume no obligation to update or revise any forward-looking statement, whether whether as a result of new information, future events or otherwise.
This press release should be read in conjunction with our most recent reports on Forms 10-K and 10-Q, and the information included in our other documents filed with the SEC. It is important to understand the information contained in these filed documents in order to fully understand our published financial results and our business outlook for future periods.
About Everi
Everi’s mission is to lead the gaming industry through the power of people, imagination and technology. Focused on player engagement and helping our casino customers operate more efficiently, the Company develops entertaining gaming content and gaming machines, gaming systems and services for land operators and iGaming. The Company is also the leading provider of trusted financial technology solutions that power the casino while improving operational efficiency and meeting regulatory compliance requirements, including products and services that facilitate cash and cashless financial transactions. practical and secure, self-service player loyalty tools and applications. , and regulatory and intelligence software. For more information, please visit www.everi.com, which is regularly updated with financial and other information about the Company.
Contact:
Investor Relations
William pfund
Senior Vice President, Investor Relations
(702) 676-9513 or [email protected]
JCIR
Richard Land, James leahy
(212) 835-8500 or [email protected]
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SOURCE Everi Holdings Inc.
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