[May 07, 2004] Global Payment Technologies, Inc. Appoints Distributor For Venezuela HAUPPAUGE, N.Y. --(Business Wire)-- May 7, 2004 -- Global Payment Technologies, Inc. (NASDAQ Symbol: GPTX) ("GPT"), a leading manufacturer and innovator of currency acceptance systems used in the worldwide gaming and vending industries, announced today that it has awarded a distribution contract for Venezuela. The contract was awarded to Inversiones Rintronic C.A. of Venezuela, a local organization in the sales, service and repair industry for over 20 years, with divisions covering the medical research, vending and gaming sectors. Over the last 10 years Rintronic has offered service and support to many local vending operators and OEMs including Pepsi, Dixie-Narco and Royal Vendors, and has established an excellent reputation with local casinos due to the high quality and value of services they offer. Rintronic has a well-established sales network, representing various global companies including, Automatic Product International, USA vending machines, and Westwood Technologies USA. Additionally, Rintronic has an established and successful track record of sales via their distribution network. Wayne Morgan, GPT's Vice President of Sales stated, "In line with GPT's mission of expanding markets utilizing established local resources, we are pleased to be able to formalize our relationship with Rintronic. We have an installed-base of GPT's products in Venezuela in a variety of vending machines and on casino floors. Rintronic offers us the ability to reach new customers throughout the region with their sales network, and facilitates GPT offering the highest levels of after-sales support to its customers. Rintronic has already opened doors for us with a variety of major international companies using our Aurora product, which has once again penetrated the "venue barrier", transitioning into the region's gaming arena, and offering exceptional levels of performance at a lower cost than is normally associated with traditional gaming validators. Rintronic's reputation with the local casino operators has also presented many opportunities for us to enter the market with a very cost-effective retro-fit program and we continue to develop solutions for a variety of after-market applications." Roberto Iglesias of Rintronic Stated "The relationship with GPT has been excellent and has allowed us to offer our customers a range of solutions and options which were previously not available. We now have the right tools to expand our presence in this market, and we are able to maintain the integrity of the GPT brand by controlling the quality of the sales and service support by offering official GPT products and spare parts." Global Payment Technologies, Inc. is a United States-based designer, manufacturer, and marketer of automated currency acceptance and validation systems used to receive and authenticate currencies in a variety of payment applications worldwide. GPT's proprietary and patented technologies are among the most advanced in the industry. Please visit the GPT web site for more information at http://www.gpt.com. Special Note Regarding Forward-Looking Statements: A number of statements contained in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the applicable statements. These risks and uncertainties include, but are not limited to: the risks that its current and future products may contain errors or defects that would be difficult and costly to detect and correct; GPT's dependence on the paper currency validator market and its potential vulnerability to technological obsolescence; possible risks of product inventory obsolescence; potential difficulties in manufacturing operations; potential shortages of key parts and/or raw materials; potential difficulties in managing growth; dependence on a limited base of customers for a significant portion of sales; dependence on key personnel; the possible impact of competitive products and pricing; and other risks described in more detail in GPT's Securities and Exchange Commission filings. [ Back To TMCnet.com's Homepage ]