Reading, September 7 2010 – Cogetech and MEI recently signed a partnership for all of Cogetech’s VLT games to be equipped with the MEI CASHFLOW SC note validators. The nine year contract includes Cogetech’s 5,200 existing machines as well as all future orders it receives.
“The strong usage of VLT machines make the banknote reader a real focal point,” says Fabio Schiavolin, CEO at Cogetech. “We understand increased acceptance rates, especially of street quality notes, can impact the amount of play on the slot floor and ultimately increase profitability. MEI has created several families of highly engineered electronic payments systems that are renowned worldwide. This partnership represents for us a real warranty of reliability and performance on our VLT's products, redefining the role and perception of bill validators within the Gaming industry.”
Cogetech is a leading Italian gaming company established in July 2004 originally as a joint venture between Cogemat, a group of Italian gaming entrepreneurs, and the American gaming operator Gtech Corporation. Today (after Gtech exit) Cogetech is owned by the founders (45%) and by OI GAMES II (SPV of the two leading private equity firms Orlando Management and Investindustrial) that controls the company with 55% of the share capital.
Its expertise in developing and implementing advanced technological solutions as well as deep industry knowledge, both local and international, are the strongholds for the creation of a network for the management of amusement machines (AWPs). Cogetech is based in Milan and Rome and operates through a widespread shops network throughout the Italian territory employing more than 400 people and with annual sales exceeding 200 million euros.
“MEI is very excited about the Italian VLT market,” said Mark Greenawalt, MEI vice president – Gaming – Europe and Africa. “It is always with great pride that we see end-users recognize the added value of MEI payment systems and specify our brand to their games suppliers. We would like to thank the Cogetech’s team for trusting MEI and are looking forward to working together for many years to come.”
About MEI Today, MEI systems are relied upon for more than 2 billion transactions per week in over 100 countries. The company developed the first electronic coin mechanism in the 1960s followed by the first electronic non-contact bill acceptor, and more recently the vending management system. Today MEI has the largest worldwide installed base of unattended payment mechanisms. In 2010, MEI reached a milestone of selling more than five million bill acceptors and six million coin mechanisms worldwide. Its products are in widespread use in the vending, soft drink, gaming, amusement, transportation, retail, and kiosk markets. For more information on MEI and its products, visit www.meigroup.com or call 1-800-345-8215 in US (please refer to our website for various international telephone numbers).