I looked at this thing here:
http://www.automatedaquariums.com/mw_ma957.htm
It doesn't appear to have a check valve in the picture. Maybe the picture does not represent the real unit, but nowhere have I read where they claim a check valve is in there. The sales guy will typically tell you anything to get you off the phone.
Actually, IMHO, this rig is very poorly designed. You should think twice before using it. I believe you will get the bubble counter water into the needle valve, solenoid valve, and regulator when the CO2 runs out. I could imagine water going into the needle valve every time the solenoid valve is shut off. Certainly gravity wants to pull it down. It will be right at the outlet of the valve, and I don't feel good about that.
Then there are the pressure gauges. In the picture, the outside numbers look like "bars". The inside numbers would then be "psi". This means that the outlet gauge is 10 bars, or 145 psi full scale. That's too high to be useful. Maybe it's just that picture, and the real unit has different gauges. I hope so.
Anyway, You should get these issues resolved before you put it into service.