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Las Vegas, NV (September 23, 2021) — Passport Technology ("Passport"), a global leader of casino payment technology for the gaming industry, is pleased to announce the appointment of Cleve Tzung as Chief Executive Officer. Cleve assumed the CEO role on September 21, 2021, succeeding Scott Dowty. Scott Dowty will remain as Executive Chairman and Chairman of the Board.
"Passport has experienced exponential growth in Europe, Canada, and the United States providing our valued customers industry-leading innovation, a steadfast commitment to regulatory compliance, partner collaboration and an unrivaled investment in service and support," states Scott Dowty, Chairman of Passport. "Following our recent entrance into the United States through a highly strategic and accretive transaction with Automated Systems America Inc. ("ASAI"), Passport's momentum continues and will benefit greatly from Cleve's impressive experience and accomplishments through his tenure in corporate finance, capital markets, and various executive roles with fortune 500 companies. The Passport team recognizes the immense level of organic growth and M&A opportunities available, and Cleve's strategic and structured approach to business growth is essential. I look forward to working closely with Cleve as I focus on long-term business strategy as Executive Chairman, remaining laser-focused on growth and customer initiatives."
"Scott Dowty and John Steely have built exceptional companies with world-class products and tremendous growth prospects," states Cleve Tzung. "It's a testament to Scott's foresight and commitment to success that he is taking a strategic but hands-on involvement for the future. I am honored the two largest shareholders of the combined company have chosen me to lead Passport to the next level of its evolution. I look forward to working with them and the hard-working team at Passport to build on its leadership position and make the company a true force in the industry."
"Cleve was instrumental in finalizing the merger with ASAI, as Chief Strategy Officer, which brought two world-class casino payment providers together where one plus one truly equals five," states John Steely, CIO & COO of Passport. "Cleve's disciplined and methodical approach to operations, management acumen, and fresh eyes on the industry are exactly what Passport needs as we expand our business, enhance our solutions, and better serve our customers."
Cleve brings over twenty years of M&A transactions, capital markets, and strategic planning to Passport, having served in numerous senior executive roles at Mattel, Pepsi, Verizon Wireless, Deutsche Bank, and Berenson Minella. As head of Corporate Development at Mattel, Cleve's team accounted for over $1 billion in product acquisitions and integrations. Additionally, he was a significant contributor in corporate strategy formulation as a member of PepsiCo's strategic planning group. Cleve holds an MBA from UCLA, a BS, and BSE from Wharton and resides in Los Angeles.
About Passport Technology Inc.
Passport Technology Inc. is a leading developer of technology-based solutions and services for the highly regulated payments, gaming, and financial services markets. The company's product portfolio includes redemption kiosks, quasi-cash, check warranty, ATM, digital payments, cash and cashless integrations, casino automation, regulatory compliance solutions, bank-sponsored transaction processing, merchant services, server and web-based analytics, agnostic application management systems, and interactive content and loyalty services. Passport, through its privileged and associated gaming licenses, has securely and responsibly settled over $32 billion in funds to casinos across the globe.
Passport will be providing product demonstrations at booth #3630 during the 2021 Global Gaming Expo (G2E) in Las Vegas.
Passport Technology Inc.