YPSILANTI, MI, Dec. 2 /CNW/ - Following a recent competitive procurement, the Michigan Lottery has awarded Pollard Banknote a new five-year contract -- with three possible one-year extensions -- for the printing of instant lottery tickets and traditional (non-charitable) pull-tab games. Provided the Lottery exercises all renewals, this latest agreement extends the company's partnership with the Lottery until 2016 and carries an estimated total value of $72 million (US).
"Pollard Banknote is honored to have again been selected to serve the Michigan Lottery's interests, and we're anxious to continue sharing our expertise in identifying further growth opportunities," said Gordon Pollard, Co-Chief Executive Officer, Pollard Banknote. "This historic partnership has been championed by almost 200 talented marketing and production staff at our Ypsilanti facility."
Pollard Banknote has acted as the Michigan Lottery's sole instant ticket supplier since 1996. As before, the new contract not only stipulates the provision of tickets but also related services such as game design, marketing support, and strategic planning.
"The Michigan Lottery is delighted to continue building on its 12-year partnership with Pollard Banknote," said Michigan Lottery Commissioner M. Scott Bowen. "Pollard Banknote's performance under past and present contracts has been excellent. Their ongoing commitment to quality and an unparalleled knowledge of Michigan's marketplace make them the perfect partner for us as we move forward."
Since Pollard Banknote's exclusive partnership with the Michigan Lottery began, instant sales have increased by 55% -- from $472 million in FY 1996 to $733 million in FY 2008. During this period, this remarkable success story has contributed to the transfer of over $7 billion to the School Aid Fund which benefits K-12 public education programs statewide.
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.
Forward-Looking Statements
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.
