Passport Technology Terminates Pending Acquisition Agreement With Australis Capital
LAS VEGAS, August 3, 2020 (Newswire.com) - Passport Technology, the leading provider of casino cash access services internationally, announces it has terminated the pending acquisition agreement with Australis Capital previously announced by Passport on June 25, 2020. Under the terms of the Stock Purchase Agreement, Passport will pay a break fee of $500,000 in shares of Passport.
“Passport has experienced significant and consistent growth since 2017 and with recent material new contract signings, incoming new business and new markets opening, Passport shareholders do not believe the pending transaction reflects Passport’s true value,” states Kurt Sullivan, President, Passport Technology. “Passport’s leading portfolio of international casino operators, long-term exclusive agreements, cutting-edge technology and long runway of new business will generate approximately $12 million USD in revenue in 2021 and $4 million in operating income.”
About Passport Technology, Inc.
Passport Technology, Inc. is a leading developer of technology-based products and services for the highly regulated payments, gaming, and financial services markets. The company's portfolio includes attended payment kiosks, cash access systems, server and web-based analytic technology, agnostic application management systems, and interactive content and services in over 50 casino properties internationally.
Passport partners with casino operators to increase gaming revenue by delivering funds to the casino floor through cash and cashless payment portals including CashValet®, CashlessValet™, POSpod®, and ACMowl®. Passport's proactive approach with customers and regulatory authorities in solution development has proven successful and a cornerstone of the business highlighted by responsible gambling features including self-exclusion, VIP alerts, dynamic pricing, free-play, and the industry's most robust real-time back-end reporting tools. Since inception, Passport has responsibly delivered over $2 billion in funds in over 50 casinos internationally.
Passport Technology is recognized as the winner of the Global Regulatory Awards 2018 and 2019 Compliance Payment Service or Solution Provider of the Year.
For more information, please visit passporttechnology.com.
Chief Marketing Officer
Passport Technology Inc.
Source: Passport Technology