MEI Conlux Acquires VTI
WEST CHESTER, Pa., May 2, 2007 – – MEI Conlux, the leading global manufacturer of unattended payments systems, today announced it has acquired the assets of VTI, a provider of currency validation products based in Las Vegas, Nevada.
The acquisition adds the VTI Vector and Matrix products to the existing MEI Conlux product portfolio provided to the Retail, Transportation, Amusement, Vending and Gaming markets. These two products complement existing technologies and enable MEI Conlux to offer a broader range of solutions to both existing and new customers.
“The VTI advantage of cost effective, rapid development is now in the hands of MEI Conlux, the company that produces the best recognition and authentication technologies in its class,” said G. Peter Lee, founder and CEO of VTI who will continue as an advisory consultant to MEI.
This acquisition is the first after MEI Conlux was purchased by Bain Capital and Advantage Partners in June of 2006. Mike Hayes, president and CEO of MEI Conlux, said, “This acquisition is a logical progression in our relationship with VTI which began with a co-development project in 2005. The combination of VTI's proven hardware with MEI’s recognition technology will further our ability to provide high quality, value-added solutions to our growing customer base worldwide. ”
ValTech International, LLC (www.validationtech.com) designs and manufactures professional currency validation products and is based in Las Vegas, Nevada, USA. The VTI group of companies includes international sales, warehousing and service offices in Europe, Asia and in North America. Setting the example for advanced technology in the currency validation industry, the Matrix vertical stacking bank note validator has already won two prestigious awards. In 2003, the Matrix was awarded the “Editor’s Choice Award” at the KioskCom exhibition for new technology by introducing the Matrix USB, the industry’s first direct USB interface. Following up on this, the Matrix USB was also awarded Kiosk Magazine’s award for “Best Input Device” for 2003. VTI is dedicated to providing the industry with products that lead by technological innovation and thought.About MEI Conlux
MEI Conlux holds the world's largest installed base of unattended payment systems, handling over 2 billion transactions per week in 90 countries. The company developed the first electronic coin mechanism in the 1960s, followed by the first electronic non-contact bill validator, and more recently its credit card capability and vending management solutions software. MEI Conlux payment systems' technology is considered the most reliable choice in hundreds of real-world applications and has earned the best performance rating in the market. Through its commitment to quality and innovation, MEI Conlux continues to provide the highest reliability and state-of-the-art products for the vending, gaming, amusement, transportation, retail and kiosk markets. MEI is headquartered in West Chester, PA, USA, with sales offices and manufacturing facilities worldwide. For more information on MEI and its products, visit www.meigroup.com or call 1-800-345-8215.