Electronic Game Card Product Surpasses Expectations
IOWA—(PRESS RELEASE) -- Electronic Game Card, Inc. (OTCBB:EGMI) today confirmed that the initial response to the pilot conducted with its partner, Scientific Games Corporation, and the Iowa Lottery of the Quarter Play(TM) electronic GameCards in the Cedar Rapids, Waterloo/Cedar Falls and Dubuque areas of Iowa has surpassed the upper expectations set for the new lottery industry product.
As of December 13, nearly 90% of the 20,000 electronic GameCards initially ordered by the Iowa Lottery for the three-month trial have been sold to the public via the 130 outlets in eastern Iowa selling the GameCards.
Dr. Ed Stanek, CEO of the Iowa Lottery Authority, and a leading innovator in the US lottery business, commented: "We are delighted with the consumer response to the Quarter Play(TM) electronic GameCard - sales being ahead of the targets set for the product. We believe electronic GameCards present a significant new revenue opportunity for the Iowa Lottery and we look forward to widening our electronic GameCard offering to the public in 2005."
To this end, Electronic Game Card, Inc. (OTCBB:EGMI) Scientific Games Corporation (NASDAQ:SGMS) and Iowa State Lottery confirmed that an initial follow-on order of over half a million GameCard units is being made.
The re-order will allow the continued roll-out of Quarter Play(TM) as well as the phased introduction of a further two electronic GameCard based products.
The results from Iowa are being closely watched by the industry. This re-order represents a significant step forward in the broader adoption of electronic GameCards by the lottery industry in the US.
Electronic GameCards are being marketed to the overall $150 billion global lottery industry through a joint venture formed between Electronic Game Card Inc. and Scientific Games Corporation, the world's leading supplier of "instant" products to the global lottery industry.
Electronic GameCards are an important next phase in the evolution of lotteries' traditional products, particularly in terms of extended playing time. These games give new-generation lottery players what they are demanding most, which is more entertainment value and greater innovation for their money.