YPSILANTI, MI, May 20 /CNW/ - Following a recent competitive procurement, Pollard Banknote has been named the primary supplier of instant lottery tickets and related services to the Minnesota State Lottery. Expected to commence in May 2010, the four-year contract-with two 1-year renewals available at the Lottery's option-is valued at approximately $28 million (US), including extensions.
The Minnesota State Lottery's instant ticket sales have increased 25% since fiscal year 2007, the largest growth rate in the U.S. market (excluding start-ups). The Lottery chose Pollard Banknote to be the key contributor to its growth strategy by providing players with several innovative Pollard-produced products in both the $20 and $3 categories.
"Pollard Banknote is delighted to be strengthening our relationship with the Minnesota State Lottery as we move from a secondary supplier to its new primary supplier," said Gordon Pollard, Co-Chief Executive Officer, Pollard Banknote. "While we've charted some undeniably impressive territory together since our collaboration began in 2007, from the rejuvenation of the Lottery's Crossword and Bingo games to the results-oriented approach orchestrated within its $20 category, an opportunity to serve as the Lottery's primary vendor allows us to dramatically expand our partnership as we continue to help this premier operator realize record-setting successes."
"Pollard Banknote has served as a key partner in our sales successes over the past few years," said Clint Harris, Director, Minnesota State Lottery. "Their innovative products and game strategies have truly resonated with our players, and we look forward to expanding this relationship now that Pollard Banknote has been chosen as our primary supplier."
Since its founding in 1989, the Minnesota State Lottery has allocated over $1.5 billion to State programs. In fiscal year 2009, Lottery revenues totaled a record $481.2 million, over $118 million of which was appropriated 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 America.
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.
SOURCE Pollard Banknote Limited
For further information: For further information: Gordon Pollard, firstname.lastname@example.org or John Pollard, email@example.com, Co-Chief Executive Officers, Phone: (204) 474-2323, www.pollardbanknote.com