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Non-Tech : Noram Gaming & Entertainment (OTC: NRAG)
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To: Eric Seltzer who wrote (2)9/16/1997 10:36:00 PM
From: Alan Coccio   of 13
 
And another good announcement today followed by a tripling of shares traded over yesterday.

TOLEDO, Ohio, Sept. 16 /PRNewswire/ -- NorAm Gaming and Entertainment Corporation (Nasdaq:NRAG - news)
announced today that the Company has signed a five year agreement with the Mandarin Casino, Tucacas, Venezuela for the
placement of 150 slot machines. The Mandarin Casino currently has 80 slot machines in operation.

The machines are scheduled to arrive in Venezuela and be activated within the next 60 days.

Recently, the Federal Republic of Venezuela authorized casino and bingo/slot facilities throughout the country in areas to be
approved by the Federal Gaming Commission.

The Tucacas area was among the first to win approval from the Commission.

George C. Zilba, CEO, NorAm Gaming, stated that the contract with the Mandarin provided for a revenue share split between the casino and NorAm. NorAm is to receive 60% of the net income over a five year period.

Based on current levels of slot income, net earnings from the 60% share to NorAm is expected to exceed $750,000.00/annually.

NorAm has included minimum required income levels in the contractual arrangement with the Mandarin.

Financing for the project is in the final stages and is expected to be completed this week.

SOURCE NorAm Gaming
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