Passport Technology Inc. Enters Canada With Compelling Cash Services Solutions for Casinos

LAS VEGAS, March 20, 2018 /PRNewswire/ -- Passport Technology today announced the introduction of CashValet® and POSpod™, the world's most powerful quasi-cash delivery platform purpose-built for the highly advanced and regulated gaming industry in Canada.

CashValet®'s technology stack delivers rich and dynamic feature functionality providing operators tools to better manage Anti-Money Laundering (AML) requirements, responsible gambling initiatives, evolving privacy regulations while setting new benchmarks in performance.

CashValet® is purpose-built for highly regulated international gaming jurisdictions where the ability to approve authorizations and dispense cash is just one key element. The CashValet® cloud-based application enables operators to customize the solution in real time with flexible parameters for corporate hierarchy and independent locations. Operators can simply and smartly customize the transaction cycle based on their unique requirements through the industry's finest user interfaces, web portals and POSpod™ points of interaction.

"Together with our Canadian partners—and in consultation with many constituents—we developed a solution delivering immediate operational, financial and social impacts to the operators and communities we serve," states Kurt Sullivan, Chief Operating Officer. "Combined with our rich history in the Canadian marketplace and commitment to forward development, we are excited to establish CashValet® and POSpod™ as the new industry benchmark."

Combined, POSpod™ and CashValet®  provide operators a low-maintenance, feature-rich solution running P2PE (Point-to-Point Encryption) PCI DSS Level 1 certified proprietary software. Cash Valet's® before on Microsoft Azure Cloud and Window 10 Enterprise software along with P2PE tokenization and Microsoft database encryption. Patron data and card numbers are never transmitted or stored in the clear. Passport Technology Inc. is committed to patron and card data security and does not transfer patron data outside Canada following privacy regulations.

"We're delighted to see the Canadian designed Cash Valet® and POSpod™ product suite receiving so much interest from operators around the globe," states Scott Dowty, Chairman. "Our move to Canada is especially exciting as a majority of our shareholders including myself are embedded in communities across Western Canada and Ontario. This is a true homecoming for Passport Technology and a great example of Canadian innovation and perseverance."

Passport Technology Inc will ensure all required regulatory procedures are taken both provincially and federally prior to making services commercially available.

Passport Technology Inc is also pleased to announce the appointment of Dr. Corbin Dowty as Executive Vice President & Director, Investor Relations. For three decades, Dr. Dowty has built industry-leading health services clinics in Western Canada. Dr. Dowty is an engaged investor in private enterprise including real estate, hospitality, and fintech while raising capital for Canadian nascent public companies through public and private networks. Dr. Dowty resides in Edmonton, Alberta and Palm Springs, California, married and active with two young daughters. 

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 international portfolio includes attended payment kiosks, cash access systems, server and web-based analytic technology, agnostic application management systems and interactive content and services.

For more information, please visit passporttechnology.com.

Contact:

Corbin Dowty, Investor Relations
Passport Technology Inc.
[email protected]

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SOURCE Passport Technology Inc.