YPSILANTI, MI, Jan. 29 /CNW/ - Pollard Banknote has been awarded a
one-year contract extension to supply instant lottery tickets and related
services to the Minnesota State Lottery ("Minnesota Lottery"). A renewal of
the original contract signed in 2007, this extension will run from February
2009 through February 2010 and is valued at approximately $2 million (US).
The Minnesota Lottery experienced record-breaking, double-digit growth of
14.3% over the past year, from $260.8 million in fiscal year 2007 to $298
million in fiscal year 2008. The Lottery continues to be one of the fastest
growing lotteries in North America with sales growing an additional 25% thus
far in fiscal year 2009.
This increase has been almost entirely due to the Lottery's introduction
of the $20 category-exclusively provided by Pollard Banknote. Employing
Pollard Banknote's patented Scratch FX(TM) process, these premium games
currently represent over 20% of the Minnesota Lottery's instant sales,
exceeding the combined sales of the $1 and $2 categories. Even more remarkable
is the fact that sales have already surpassed the $10 category as well and
have been entirely incremental.
"The Minnesota Lottery has been a great partner," said Gordon Pollard,
Co-Chief Executive Officer, Pollard Banknote. "It has been a truly exciting
year for the Lottery with the launch of its $20 price point and games such as
$500,000 Explosion and $500,000 Extravaganza. This contract extension allows
us to continue offering the Minnesota Lottery an array of innovative products
aimed at generating more record-breaking sales results."
"The addition of Pollard Banknote's unique products and services has
helped us achieve record sales," added Clint Harris, Director, Minnesota State
Lottery. "We are very happy with the results of our $20 Scratch category and
look forward to continue working with Pollard Banknote to enhance the value of
our future Scratch offerings."
Since its founding in 1990, the Minnesota Lottery has allocated over $1.5
billion to State programs. In fiscal year 2008, the Lottery exceeded its
proceeds goal by almost $5 million and transferred over $116 million to
subsidize projects supported by various State-sanctioned funds, including the
General Fund, the Environment & Natural Resources Trust Fund, the Game and
Fish Fund, and the Natural Resources Fund.
About Pollard Banknote Limited Partnership
Pollard Banknote Limited Partnership ("Pollard Banknote") is one of the
world's leading full-service lottery vendors and is a major supplier to North
America's charitable gaming industry. The firm manufactures instant tickets
and provides related programming, design, and marketing support. As well,
Pollard Banknote manufactures ticket vending machines, pull tab tickets and
bingo paper, and supplies lottery management services (including warehousing
and distribution). Established in 1907, the firm is owned by the Pollard
family and the Pollard Banknote Income Fund and currently serves more than 45
lotteries worldwide, including some of the largest and most respected
lotteries in the United States, Canada, Europe, Asia, and Central and South
About Pollard Banknote Income Fund
Pollard Banknote Income Fund (TSX: PBL.UN) is an unincorporated, open-end
trust which owns 26.7% of Pollard Holdings Limited Partnership, which in turn
owns Pollard Banknote Limited Partnership.
This press release may contain forward-looking statements relating to
expected future events and financial and operating results of the Pollard
Banknote Income Fund ("the Fund") or Pollard Holdings Limited Partnership that
involve risks and uncertainties. Actual results may differ materially from
management expectations as projected in such forward-looking statements for a
variety of reasons, including market and general economic conditions and the
risks and uncertainties detailed from time to time in the Fund's periodic
reports and registration statements filed with the Canadian securities
regulatory authorities. Due to the potential impact of these factors, the Fund
disclaims any intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or otherwise,
unless required by applicable law.
For further information:
For further information: Gordon Pollard (email@example.com) or John
Pollard (firstname.lastname@example.org), Co-Chief Executive Officers, Phone: (204) 474-2323,