Buzztime Secures a Follow-on Contract for $3 Million to Deliver Custom Hardware and Software Solutions to Leading Correctional Facility Technology Provider
CARLSBAD, Calif., Aug. 14, 2019 /PRNewswire/ -- NTN Buzztime, Inc. (NYSE American: NTN), signed a follow-on contract for over $3 million with one of the nation's leading providers of technology, automation, and communications for correctional facilities to deliver a customized end-to-end hardware and software solution.
"This $3 million deal is a strong vote of confidence by our repeat customer, and proof that Buzztime's hardware and software solutions deliver tremendous value – enabling companies to focus on their core business. We're leveraging our manufacturing capacity and form factor flexibility to penetrate additional vertical markets and uncover new revenue-generating opportunities," said Ram Krishnan, Buzztime CEO
In 2018, the correctional facilities provider placed its initial order for over $1 million of Buzztime tablets to test their performance in the prison environment. Buzztime designed a hardware and entertainment solution that empowered our partner's software to provide inmates access to email, pay-to-play arcade games, and video visitation when using Buzztime's highly secure, durable tablets. The system delivered reliable, ongoing performance – withstanding constant use by inmates – resulting in the customer more than doubling the quantity of its first order in this latest $3 million contract.
"Buzztime is unique in the marketplace in that we fully control the form factor of our tablets and charging systems. This empowers us to custom-engineer hardware and software solutions that overcome challenges presented by any vertical market. Our proven track record combined with a robust manufacturing and support infrastructure enable us to deliver these solutions at scale – and at a competitively priced rate," concluded Krishnan.
Buzztime manufactures durable customer-facing tablets and technology systems for a wide range of vertical markets: from restaurants to senior living communities to point-of-sale. This recent partnership within the corrections and rehabilitation facilities industry underscores the growing demand for custom-built hardware and software solutions – which is a key revenue opportunity for Buzztime. In addition, the company is also licensing Buzztime games which can be played on the tablets, highlighting an additional revenue stream.
Forward-looking Statements
This release contains forward-looking statements that reflect management's current views of future events and operations, including statements regarding the value of our product to our customer, new vertical markets, new revenue opportunities, our position in the marketplace and customer demand for our product. These risks and uncertainties include the risks of unsuccessful execution or launch of products, platforms or brands, risks associated with customer retention and growth plans, the impact of alternative technologies and competitive products, brands, technologies and pricing, adverse economic conditions, the regulatory environment and changes in the law, failure of customer acceptance or demand for new or existing products, lower market acceptance or appeal of both existing and new products and services by particular demographic groups or audiences as a whole, termination of partnership and contractual relationships and technical problems or outages. Please see NTN Buzztime, Inc.'s recent filings with the Securities and Exchange Commission for information about these and other risks that may affect the Company. All forward-looking statements included in this release are based on information available to us on the date hereof. These statements speak only as of the date hereof and NTN Buzztime, Inc. does not undertake to publicly update or revise any of its forward-looking statements, even if experience or future changes show that the indicated results or events will not be realized.
About Buzztime:
Buzztime (NYSE American: NTN) delivers interactive entertainment and innovative technology that helps its customers acquire, engage and retain its patrons. Most frequently used in bars and restaurants in North America, the Buzztime tablets, mobile app and technology offer engaging solutions to establishments that have guests who experience dwell time, such as casinos, senior living, and more. Casual dining venues license Buzztime's customizable solution to differentiate themselves via competitive fun by offering guests trivia, card, sports and arcade games. Buzztime's platform creates connections among the players and venues and amplifies guests' positive experiences. Buzztime's in-venue TV network creates one of the largest digital out of home ad audiences in the US and Canada. Buzztime Hardware Solutions leverages the company's experience manufacturing customized open source Android solutions with a proprietary remote management platform to maintain a large fleet of durable tablets and charging systems. Our competitively priced approach and solutions enable successful product implementation for a diverse group of industries including corrections, point-of-sale and loyalty. Buzztime games have also been recently licensed by other businesses serving other markets. For more information, please visit http://www.buzztime.com or follow us on Facebook or Twitter@buzztime.
IR AGENCY CONTACT:
Kirsten Chapman, LHA Investor Relations, [email protected] 415-433-3777
SOURCE NTN Buzztime, Inc.
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