Thursday October 1, 12:58 pm Eastern Time
Company Press Release
On-Point Technology Systems Inc. Announces Award of New Contract with the Virginia Lottery
SAN DIEGO--(BUSINESS WIRE)--Oct. 1, 1998--ON-POINT TECHNOLOGY SYSTEMS INC. (''On-Point'') (Nasdaq/NMS:ONPT - news) today announced the award of a new contract with the State Lottery Department of the Commonwealth of Virginia (''the Virginia Lottery'') for the supply of instant ticket vending machines (''0ITVMs'') and maintenance services for all of the Virginia Lottery's ITVMs statewide.
The contract was awarded after the Virginia Lottery selected On-Point as the most responsive bidder to fulfill the requirements set forth in the Virginia Lottery's request for proposals to provide ITVMs and statewide maintenance services. The contract provides for the sale of approximately 1,000 ITVMs and for maintenance services for three years. The total value of the contract is estimated at approximately $9 million.
Frederick Sandvick, the chairman and chief executive officer of On-Point, commented, ''We are extremely pleased to once again be awarded the contract to provide the Virginia Lottery with what we believe are the most cost-effective ITVMs and the best maintenance services in the industry.
''On-Point's ITVMs are designed to maximize revenues for lotteries by providing the player with an interactive vending experience in an efficient, reliable manner. The Virginia Lottery will receive the benefit of these ITVMs and we look forward to working closely with the Virginia Lottery in achieving their goals.''
On-Point provides effective technologies for transaction automation. On-Point designs, sells, leases and services high-security vending machines both domestically and internationally and is a premiere supplier of automated, self-service lottery ticket vending machines and prepaid phone card vending machines
Any forward-looking statements in this release are made pursuant to the ''Safe Harbor'' provisions of the Private Securities Litigation Act of 1995. Investors are cautioned that actual results may differ substantially from such forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, continued acceptance of the company's products and services in the marketplace, competitive factors, new products and technological changes, dependence upon third-party vendors, a limited number of customers, political and other uncertainties related to customer purchases, and other risks detailed in the company's periodic filings with the Securities and Exchange Commission.
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