BrainChip and Gaming Partners International Sign Licensing, Development, and Revenue Sharing Agreement
Companies to Jointly Develop and Deploy Casino Video Analytic Products
SAN FRANCISCO, Jan. 30, 2018 (GLOBE NEWSWIRE) -- BrainChip Holdings Ltd. (“BrainChip” or the “Company”) (ASX:BRN), a leading developer of software and hardware accelerated solutions for advanced artificial intelligence (AI) and machine learning applications, today announced it has entered into a global licensing, development and revenue sharing agreement with Gaming Partners International Corporation (“GPI”) (NASDAQ:GPIC), a leading supplier of casino currency and table game equipment.
The companies will jointly develop video analytic products for worldwide deployment in casino currency security, game table operations and player behaviour applications. According to a Statista report, the table gaming industry represents an opportunity at over 3,500 casinos worldwide and Casino City Press’ Gaming Almanac indicates that there are over 60,000 gaming tables worldwide that the Company estimates represents a global addressable market of over US$200 million annually for video analytic solutions.
Under the terms of the agreement BrainChip will receive a total of US$500,000 in license fees, a non-recurring engineering fee of US$100,000 for products developed under this agreement, and long-term revenue sharing for the sale of the developed technology. BrainChip’s video analytic AI technology will be integrated into GPI’s casino table communications hub, an early version of which was shown at the Global Gaming Expo in Las Vegas in October 2017.
BrainChip has over 10 years of field proven experience in creating advanced visual recognition systems, using an artificial intelligence technology called a “spiking neural network”, a type of neuromorphic computing that simulates the functionality of the human visual tract. This technology is ideally suited for the low-light, noisy environments of casinos.
BrainChip’s CEO, Louis DiNardo, commented, “The opportunity to partner with GPI, a world leader in casino currency and game products, provides BrainChip a worldwide presence for its technology in the casino gaming industry. GPI has very deep expertise in casino game operations, a broad base of existing customers, and a premier global sales and service team that will bring these products to market. Our Artificial Intelligence expertise is well suited to address the challenges of achieving high quality video analytics in the difficult casino environment. We are very excited about this development.”
Greg Gronau, GPI’s President and CEO commented, “Securing casino currency at the table and improving game protection is a primary concern of casino operators. With our new table communications hub, GPI will leverage BrainChip technologies, radio frequency identification, and other partners’ technologies to provide real-time immersive data analytics and artificial intelligence for currency security, game protection and trend analysis, accurate comping, and marketing automation. GPI is the world’s leading supplier of casino currency and is well positioned to support the growing requirement to provide table game security. BrainChip has demonstrated a superior ability to help achieve our goals. This joint development will provide GPI a stand-alone video solution, and work in concert with GPI’s existing RFID products to provide a robust and reliable solution.”
About BrainChip Holdings Ltd (ASX:BRN)
BrainChip Holdings Ltd. is a leading provider of software and hardware-accelerated solutions for Advanced Artificial Intelligence and Machine Learning applications. The Company has developed a revolutionary new spiking neural network technology that can learn autonomously, evolve and associate information just like the human brain. The technology, which is proprietary, is fast, completely digital and consumes very low power. The Company provides software and hardware solutions that address the high-performance requirements in Civil Surveillance, Gaming, Facial Recognition and Visual Inspection systems. www.brainchipinc.com.
About Gaming Partners International Corporation (NASDAQ:GPIC)
GPIC manufactures and supplies casino table game equipment to licensed casinos worldwide. Under the brand names of Paulson®, Bourgogne et Grasset®, Gemaco®, Dolphin® and Bud Jones®, GPIC provides casino currency such as chips, plaques and jetons; playing cards; table layouts; gaming furniture and table accessories; dice; and roulette wheels. GPIC pioneered the use of security features such as radio frequency identification device (RFID) technology in casino currency and provides RFID solutions including RFID readers, software and displays. Headquartered in North Las Vegas, Nevada, GPIC also has manufacturing facilities, warehouses and/or sales offices in Beaune, France; San Luis Rio Colorado, Mexico; Blue Springs, Missouri; Atlantic City, New Jersey; Gulfport, Mississippi; and Macau S.A.R., China. For additional information, please visit http://www.gpigaming.com.
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Released January 30, 2018