MATTHEWS, N.C. - (Business Wire) PokerTek, Inc., the industry pioneer and worldwide leader in automated poker tables and related software, announced today that it has teamed with Vend Lease to offer Lucky Sevens, an innovative financing program, for operators of its fast growing Heads-Up Challenge amusement game.
“Even with our rapid growth, we still run into operators that want to try the product but lack the upfront capital to place as many machines as they’d like. This program will make it easier for those operators to get Heads-Up Challenge into more locations sooner,” said James Crawford, PokerTek’s President and Amusement Division General Manager. “Cash flow is king for route operators and Lucky Sevens helps make Heads-Up Challenge a cash flow winner from day one.”
The Lucky Sevens financing promotion is underwritten by Vend Lease of Baltimore, Maryland. The program enables route operators and other game distributors to purchase Heads-Up Challenge with minimal upfront costs and low monthly payments, allowing them to generate higher cash flow from new installations. Participants in the program will make 27 payments, with their first seven payments at only $77 per month.
“This is a great program that directly targets the needs of operators,” said Michael Paszkiewicz, President of Vend Lease. “Heads-Up Challenge is a hot game and we are excited to work with PokerTek to help grow its footprint.”
Lucky Sevens is good through August 31, 2008 and is offered exclusively to qualified applicants in the U.S. through PokerTek’s authorized distributor network. Operators are responsible for one advance payment and a $150 filing fee at contract signing. Initial seven payments of $77 per month are per machine and do not include applicable tax and freight.
Heads-Up Challenge is a two-player electronic poker game designed for entertainment purposes for bars and restaurants. Launched in late 2007, this new product has generated significant operator interest and contributed more than $1M in revenue to PokerTek during the quarter ended March 31, 2007. Heads-Up Challenge was also selected as a finalist for the AMOA’s prestigious “Most Innovative Award” at the American Music Operators Association show of 2007.
For more details about Heads-Up Challenge contact PokerTek at 888-694-8248; or call your local authorized PokerTek distributor. Finance information may be obtained by calling Vend Lease at 888-363-5327 (x141 Gary Lentz) or glentz@vendlease.net.
About Vend Lease:
As a Direct Funding Source since 1979, Vend Lease is focused on delivering cost-effective financial services solutions to the Coin-Op industry. Vend Lease’s vision is to continue building a premier financial services company in the marketplace by further developing flexible programs that facilitate the needs of a wide range of customers. For more information, please visit the company’s website at www.vendlease.net.
About PokerTek:
PokerTek™, Inc. (NASDAQ: PTEK), headquartered in Matthews, NC, develops and markets PokerPro and PokerPro Heads-Up™, automated poker tables and related software applications developed to increase casino revenue, reduce expenses and attract new players into poker rooms. PokerTek entered the amusement space by introducing Heads-Up Challenge™, a heads-up poker table for bars and restaurants that targets adults who play for amusement only. PokerPro tables are located in the United States, Canada, Panama, Germany, Australia, South Africa and several major cruise lines. For more information, please visit the company's website at www.pokertek.com or contact Tracy Egan at 704.849.0860 x106.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are made in accordance with the Private Securities Litigation Reform Act of 1995. The forward-looking statements herein include, but are not limited to, the expected adoption of the PokerPro systems by casinos and other customers and the expected acceptance of the PokerPro systems by players. Our actual results may differ materially from those implied in these forward-looking statements as a result of many factors, including, but not limited to, overall industry environment, customer acceptance of our products, delay in the introduction of new products, further approvals of regulatory authorities, adverse court rulings, production and/or quality control problems, the denial, suspension or revocation of permits or licenses by regulatory or governmental authorities, termination or non-renewal of customer contracts, competitive pressures and general economic conditions, and our financial condition. These and other risks and uncertainties are described in more detail in our most recent annual report on Form 10-K and other reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. We undertake no obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur, except as required by applicable laws, and you are urged to review and consider disclosures that we make in the reports that we file with the Securities and Exchange Commission that discuss other factors germane to our business.
For PokerTek, Inc.
Tracy Egan, 704-849-0860, ext. 106
