The company just announced a share buyback program of 1,000,000 shares,and with only a 15 million O/S and a 9 million float this one could double in the near term.
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Cash Systems Board of Directors Elects Michael D. Rumbolz Chairman..
2005/01/10 16:01:46
and Authorizes Buyback Program MINNEAPOLIS, Jan 10, 2005 (BUSINESS WIRE) -- Cash Systems, Inc. (Amex: CKN), a provider of cash access solutions for the gaming industry, today announced its Board of Directors elected Chief Executive Officer Michael D. Rumbolz to Chairman effective immediately. The Board of Directors also authorized a 1,000,000 share stock buyback program as part of the Company's overall strategy to prudently allocate resources to enhance shareholder value. This strategy includes investing in technology and new products to enhance the growth and profitability of the business, strategic acquisitions that complement the Company's growth initiatives, and selectively repurchasing shares from time to time. Michael D. Rumbolz became the Company's CEO on January 1st. Mr. Rumbolz has over 20 years of experience in the gaming industry. Mr. Rumbolz is the former Vice Chairman and board member of Casino Data Systems, prior to its acquisition by Aristocrat. He also served as the President and Chief Executive Officer of Anchor Gaming, from 1995-2000. Prior to joining Anchor, Mr. Rumbolz was Director of Corporate Development for Circus Circus Enterprises Inc., including serving as the first president of and managing director of Windsor Casino Limited, a consortium company owned by Hilton Hotel Corp., Circus Circus Enterprises Inc. and Caesars World. Mr. Rumbolz also held various executive positions with Trump Hotels & Casino Resorts. Mr. Rumbolz received his bachelor's degree in political science with honors from the University of Nevada -- Las Vegas. After earning his law degree from the University of Southern California, Gould School of Law, he was in private law practice for several years. He was appointed Chief Deputy Attorney General for Nevada in 1983. He was also the senior attorney for the Nevada gaming regulatory system. His activities included providing legal advice to all divisions of the State Gaming Control Board and Nevada Gaming Commission. In 1985, he was appointed by the Governor of Nevada to the Nevada State Gaming Control Board as a member. He then served as Chairman of the Nevada Gaming Control Board and Executive Director for the agency from June 1987 through December 1988. About Cash Systems, Inc. Cash Systems, Inc., located in Minneapolis and Las Vegas, is a provider of cash access and related services to the retail and gaming industries. Cash Systems' products include its proprietary cash advance systems, ATMs and check cashing solutions. Please visit http://www.cashsystemsinc.com for more information. This press release may contain forward-looking statements, including the Company's beliefs about its business prospects and future results of operations. These statements involve risks and uncertainties. Among the important additional factors that could cause actual results to differ materially from those forward-looking statements are risks associated with the overall economic environment, the successful execution of the Company's plan of operation, changes in the Company's anticipated earnings, continuation of current contracts, gaming and other applicable regulations, and other factors detailed in the Company's filings with the Securities and Exchange Commission, including its most recent Forms 10-KSB and 10-QSB. In addition, the factors underlying Company forecasts are dynamic and subject to change and therefore those forecasts speak only as of the date they are given. The Company does not undertake to update any forecasts that it may make available to the investing public. SOURCE: Cash Systems, Inc.
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