Lo-Q signs Global Agreement with MasterCard
5 December 2011
Lo-Q plc
("Lo-Q" or the "Company")
Lo-Q signs Global Agreement with MasterCard
- Memorandum of Understanding will see Lo-Q and MasterCard jointly develop new contactless payment solution based on MasterCard's PayPass™ technology -
- Partnership has potential to enhance Lo-Q's addressable market and strengthen Lo-Q's go-to-market credentials -
Lo-Q plc (AIM: LOQ), the AIM listed provider of virtual queuing systems for theme parks, water parks and major attractions, confirms that it has signed a global Memorandum of Understanding ("MoU") with MasterCard International Incorporated ("MasterCard"): a leader in the global payments industry.
Under the terms of the MoU, Lo-Q and MasterCard will work together to develop a new contactless payment solution that combines MasterCard's Tap & Go™ PayPass™ payments technology with Lo-Q's innovative queuing software and systems. Once developed, Lo-Q and MasterCard will work closely together to market and promote this combined solution to the operators of theme parks, water parks and other entertainment attractions which normally require consumers to queue before use.
MasterCard operates the world's fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. As such the MoU, which will run for a period of three years, has the potential to significantly enhance Lo-Q's addressable market over the long-term and strengthen the Company's already compelling product set and go-to-market credentials.
Announcing the MoU Lo-Q plc Chief Executive Officer, Tom Burnet, said:
"This really is an exciting partnership for all concerned. Lo-Q's queuing solutions are highly sophisticated and routinely trusted by some of the world's largest, most demanding attractions operators. Visitors like our products and they get much more from their days out by leaving the queues behind and focusing solely on having fun. By combining these qualities with the world-class payment technologies and reach offered by MasterCard means that we can now work together to create new and exciting growth opportunities for both our firms."
Also welcoming the announcement, Richard Burdett of MasterCard Worldwide said:
"MasterCard is committed to new product innovations that provide real benefits and new opportunities to our customers and cardholders. Working with Lo-Q we all saw the synergies in our respective products and great opportunities to provide cardholders and the Leisure and Entertainment industry combined contactless payment and virtual queue technologies in one product."
For further information, please contact:
Lo-Q plc +44 (0)118 934 7400
Tom Burnet, Chief Executive Officer
John Alder, Chief Financial Officer
FTI Consulting +44 (0)20 7831 3113
James Melville-Ross, Matt Dixon, Clare Thomas
Canaccord Genuity Limited +44 (0)20 7050 6500
Simon Bridges, Cameron Duncan, Kit Stephenson
About Lo-Q
Lo-Q is the creator of a virtual queuing system for theme parks and other leisure attractions that allows users to queue without waiting in line. Lo-Q users reserve their place in a queue electronically and are notified when their turn is up, spending less time queuing and more time enjoying their day out.
Lo-Q's system has been adopted by leading theme park and attraction operators globally, with customers including Parques Reunidos, Six Flags, Dollywood and LEGOLAND Windsor. These operators benefit not only from happier customers but also from additional revenue streams as time previously spent queuing is instead transformed in to higher spending in park restaurants, gift shops and other retail facilities. By the end of 2010, more than six million individuals had used a Lo-Q product and that number is growing.
The Company's technology is protected by extensive patents or patents pending in Europe, USA, Hong Kong and Japan. The target market for this technology is large and growing, with Lo-Q currently exploring opportunities for expansion into new theme parks and new geographies as well as opportunities to develop new product for other complementary adjacent markets.
Lo-Q is listed on the Alternative Investment Market ("AIM") under the ticker "LOQ". For further information please visit www.lo-q.com
Ends
This information is provided by RNS
Latest directors dealings
- 13 hours ago Johnson Matthey
- 14 hours ago Galliford Try
- 14 hours ago Galliford Try
- 14 hours ago Centrica
- 15 hours ago Smith & Nephew