YPSILANTI, MI, June 14, 2017 /CNW/ - Pollard Banknote Limited (TSX: PBL) ("Pollard Banknote") is pleased to announce that, following a competitive procurement process, it has been awarded a contract to serve as the sole supplier of validation pull-tab tickets and related services for the Michigan Lottery. The contract will run until December 31, 2022, with the potential for three additional one-year extensions. The value of the contract term, including contract renewals, is estimated to be $5.6 million.
The contract extends the 21-year relationship between Pollard Banknote and the Michigan Lottery, which began in 1996 with an instant ticket contract. Since 2003, the company has printed nearly half a billion pull-tabs for the Lottery through its wholly owned subsidiary, American Games. Working with the Michigan Lottery, Pollard Banknote has adapted strategies from the instant games category to develop and enhance the pull-tab product line. Examples of that include introducing popular themes from the instant category (e.g., Cash for Life) and various licensed properties, as well as by evolving prize structures to offer higher top prizes. In FY2016, pull-tab tickets from the Lottery generated approximately $32 million in revenue to support education in Michigan.
"We are thrilled to again be selected as the Lottery's sole supplier of validation pull-tab tickets," said Donna Preziotti, Director, Sales & Marketing, Pollard Banknote. "Since the inception of the Lottery's pull-tab product line in 2003, we have worked together to enhance these tickets by incorporating many innovative features. In 2009, we successfully implemented bar coded validation, providing added security and accountability to these games. We see a lot of potential for sales increases in this category and we're excited about pursuing this together with the Michigan Lottery."
"Pollard Banknote has consistently proven to be a leader in the lottery industry with its state-of-the-art innovations and services. We are pleased that the company will continue to serve as our pull-tab ticket supplier," said Aric Nesbitt, the Commissioner of the Michigan Lottery. "Pollard Banknote provides unparalleled industry knowledge and strategies that have improved the financial performance of our pull-tab products. We look forward to working with Pollard Banknote to develop future innovations that help support the Lottery's mission of providing funds for public education in Michigan."
In addition to providing pull-tab tickets, Pollard Banknote has served as the Michigan Lottery's primary supplier of instant tickets for more than two decades, providing print innovations and marketing services to the Lottery, including game designs, launch strategy recommendations, and prize structure strategies.
About the Michigan Lottery
Since its inception in 1972, the Lottery's mission has been to maximize revenues to supplement the state's School Aid Fund with entertaining games of chance. The Lottery has contributed more than $20.5 billion to support Michigan's public schools, including a record $888.9 million in FY2016.
About Pollard Banknote
Pollard Banknote is a leading lottery partner to more than 60 lotteries worldwide, providing high quality instant ticket products, licensed games and strategic marketing and management services for both traditional instant games and the emerging iLottery space of web, mobile and social channels. The company is a proven innovator and has decades of experience helping lotteries to maximize player engagement, sales, and proceeds for good causes. Pollard Banknote also plays a major role in the charitable pull-tab and bingo markets in North America. Established in 1907, Pollard Banknote is owned approximately 73.5% by the Pollard family and 26.5% by public shareholders and is publicly traded on the TSX (PBL). For more information, please visit our website at www.pollardbanknote.com.
Certain statements in this press release may constitute "forward-looking" statements and information, which involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. When used in this document, such statements include such words as "may," "will," "expect," "believe," "plan," and other similar terminology. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this document. There should not be an expectation that such information will in all circumstances be updated, supplemented, or revised whether as a result of new information, changing circumstances, future events, or otherwise.
SOURCE Pollard Banknote Limited
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