GPTX Global Payment Technologies Inc (CE)

Global Payment Technologies, Inc. (BULLETIN BOARD SYMBOL:GPTX.OB)(GPT) Andre Soussa, the Chairman of the Board and CEO of Global Payment Technologies, Inc. (�GPT�) stated,� Approximately 4 months ago, I invested personal funds in GPT and became Chairman and CEO. At the same time, we appointed new board members who could bring a fresh outlook as well as needed expertise during these difficult times. GPT had been known in the industry as an innovator and a leader in currency validation, but it has stumbled in the past several years and has fallen behind in its technology and support of its customers. I invested in GPT because I believe that the company can be rejuvenated and returned to being a strong competitive company in the industry. Although it will take dedicated effort to get us there, we have begun the process with a team of people that are as dedicated at the task as I am. �We have created a five part strategic plan that addresses Finance, Products, Sales & Marketing / Service, Manufacturing, and Personnel each in short term and long term. We have conducted an analysis of our core technologies and identified those areas where we have a competitive edge in our existing Gaming and Vending markets. Once we stabilize the business, we can utilize those technologies to expand our product offerings into other cash handling markets. �In this short space of time, we have taken steps to reduce costs with a goal of becoming profitable quickly and stopping the cash drain. Among the steps we have taken we have reduced our operating expenses by $300,000 in our London and Moscow facilities and we have reduced our expenses to date in our New York office by approximately $500,000. We are scaling the organization to a point of best fit by changing the processes along the way. In fact, we should be able to produce more with less. The longer term goal is to create an efficient global organization with an infrastructure that is capable of operating competitively in all of the market regions. �Customer service and fast response is critical to our business and we have created an organization which covers the market globally on a 24/7 basis. At any hour of the day, any customer can contact one of our representatives to resolve an issue or answer a question. We have personnel in the United States, Europe and Australia ready to assist our customers. In addition to providing this level of customer service, we are restructuring our sales team to more effectively address each of the 87 countries that we have databases for. We are adding new distributors and sales agents to expand our markets. We need to get the message to our current and future customers that GPT has a very competitive and competent product solution to offer and furthermore is a company that is here to stay and grow.� �We have reviewed our product offerings and our engineering team is developing new and improved versions of our product destined for a quick release to the market. We have taken the best components of our existing product suites including the 87 databases of software and are developing the next model gaming unit which we anticipate to release in the next few months. Our high speed SA4 (gaming product) as well as the Falcon (Gaming/Vending products) continue to perform strongly in the industry and are unrivaled in acceptance speed in their respective markets. We will continue to manufacture and sell the SA4 and the Falcon. The new product (which is yet unnamed) will expand our gaming family of GPT bill acceptors. At the same time we continue to increase our base of Intellectual Property (I/P). We have already registered two new patents pending and intend to release several others in the next few months. In addition, our engineers continue to work on the development of our new breakthrough product. �The immediate plan in manufacturing is to create greater efficiencies through �Engineering for Manufacture� programs as well as creating subassemblies that can be assembled in lower cost overhead production facilities. The longer term plan will be more comprehensive and will employ international best practices to strengthen GPT�s status as a world class manufacturer. �Our dedicated employees are working hard to reclaim our position as an industry leader. The longer term plan will be to expand to a global team of employees, distributors and agents with the prerequisite experience to take GPT to a market leading position. �Through a series of regular press releases, I intend to share our progress with you, our shareholders, and customers. We have had many challenges so far but have progressed to plan and intend to continue in great strength.� Global Payment Technologies, Inc. is a United States-based designer, manufacturer and marketer of automated currency acceptance and validation systems used to receive and authenticate currencies in a variety of payment applications worldwide. GPT's proprietary and patented technologies are among the most advanced in the industry. Please visit the GPT web site for more information at http://www.gptworld.com Special Note Regarding Forward-Looking Statements: A number of statements contained in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the applicable statements.