News

InnoVentry sells entertainment division to Global Cash Access

March 5, 2002

SAN FRANCISCO -- InnoVentry Corp. is selling its Entertainment Division to Global Cash Access (GCA), the leading provider of cash access, financial management and customer relationship marketing technologies to the gaming industry.

Under the terms of the agreement, GCA will acquire InnoVentry's Atreva Express, Atreva Credit Card Access and Cash Center lines of products and services at more than 60 gaming establishments throughout the country. Terms of the transaction were not disclosed.

According to InnoVentry, the sale will allow the company to focus its research and development, sales and marketing efforts on the retail division of the business, which includes the RPM check-cashing machines.

"GCA's sole focus is on providing the gaming industry with leading edge technologies and unsurpassed service," said Kirk Sanford, CEO of Global Cash Access. "Leveraging InnoVentry's ATM presence and strong customer base with GCA's state of the art technology will further extend GCA's commitment to build and maintain the single most comprehensive financial resource for casinos."

"Breaking off the entertainment division of InnoVentry allows us to focus on enhancing the RPM product to include a greater range of functionality and to transition into new markets," Said Frank Petro, CEO of InnoVentry. "We chose Global Cash for its stellar reputation in the gaming industry. We're confident that our current install base will benefit from GCA's absolute focus on that market."

RPM machines offer secure check cashing, utilizing advanced facial recognition technology to identify the customer, eliminating the need for cards or PINs. The machines are touch screen activated and include a multimedia second screen that can deliver customized educational and promotional messages in English and Spanish.

According to InnoVentry, the machines will eventually provide a range of financial services including traditional ATM functionality, money orders, money transfers and electronic bill payment.

Since June 1997, when a forerunner of InnoVentry's RPM Cash Management Machine first went "live" at a convenience store in Fort Worth, Texas, more than $450 million has been dispensed to more than 500,000 check-cashing customers.