Coinless Systems Inc. Announces Agreement With Spirit Mountain Casino

Business Wire, Sept 29, 1999

LAS VEGAS--(BUSINESS WIRE)--Sept. 29, 1999--

Coinless Systems Inc. (OTC BB:CLSY) Wednesday announced that by April 2000, customers at Spirit Mountain Casino will bid farewell to current video lottery receipts and will joyfully welcome their revolutionary replacement TickeTrak(R).

TickeTrak(R) is a bar-coded ticket printing device that attaches to video lottery machines, replacing the machines' built-in receipt printer. Spirit Mountain Casino has agreed to purchase 1,200 of these devices from Coinless Systems Inc. subject to licensing and other conditions.

In addition to outfitting every video lottery machine with TickeTrak(R), Spirit Mountain Casino will also be the initial installation for Coinless Systems Inc.'s computerized ticket accounting system. This revolutionary system utilizes Ethernet communications to a separate host computer which tallies the number of tickets cashed by casino customers.

Dennis Sorenson, president of Coinless Systems, said, "Both CLSY and Spirit Mountain Casino are excited about the implementation of this innovative step into the future. The purchase of 1,200 TickeTrak(R) devices will generate 1.3 million dollars for Coinless Systems Inc."

TickeTrak(R) was developed as a solution to the cost of using coins in gaming machines. It facilitates coinless processing through the use of bar-coded tickets. The device is designed to print a ticket upon a customer's request to cash out.

Using a patent pending process, the ticket is verified for accuracy before being presented to the player. Customers are free to cash out or use the tickets for continued play at other machines. Tickets can be customized with greetings or individual casino advertising.

In the United States, the casino industry is a $28 billion business. Globally, over $1 trillion are wagered in casinos. Currently, slot machines represent 83% of the average casino's gross revenue.

"Approximately, 90% of the world's slot machines could be retrofitted to use the TickeTrak(R) system," stated Sorenson.

Safe Harbor for Forward-Looking Statements: Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the company's actual results in the future periods to differ materially from forecasted results.