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Non-Tech : NORE - High Tech Bingo Equipment - Online Bingo

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To: ArtieM who wrote (20)	12/27/1997 9:24:00 PM
From: Ed Pettee	Read Replies (1) of 7701

Artie- Thanks for your offer on the BINGO thread to aid in any questions I might have as I start to do DD on NorAm Gaming. The potential growth looks exsplosive if all the pieces fall into place. I have read some of the SEC filings, the web site, Dave Tuckers very helpful FAQ, and about 200 posts. I have e-maled James Ganger on some questions on his consultant report. As you suggested it will not be boring trying to get all the facts together. I have a number of questions that I should probably ask directly of George or Jeff but you could probably help me get up to speed by answering some of them. (1)From Jan-Sept 97 the company gave out 1,324,800 shares of stock at an average price of .65$ or $860,050. The only reference I could find in the 10-QSB was that this was for "consulting services related to expanding its product lines". Can you help me understand the specifics of this,since this was the major impact on the nine months losses ending 9/30/97. Do you know who it was paid to and what were the specific consulting services received? This is sizable paycheck for consulting services for a company this size. (2) As I understand the contract for the 150 slots for the Mandarin Casino. These are being held up and not shipped at this time waiting for " final approval of LYMCA'S gaming license to reopen the casino. "all the casinos in Venezuela have been closed". (from the FAQ page). "Approval is expected some time in Jan". Can you help me understand this a little better. Why are all casinos in Venezuela closed now? What is needed for LYMCA to get final approval of its gaming license? (3)In the recent consultant report by James Ganger he states that 90% of all machines (VLT's) are illegal in Venezuela. Is it my understanding that when the joint partners machines are set up, which I understand is going on now that the illegal machines will be replaced with these machines which also have a much higher payout? Sorry for the long post as I am just trying to asses the risk factors involved in the VGT portion based on the history of corruption and payoffs that exist in Venezuela. I see in todays news from Venezuela that they were listed as one of the eleven most corrupt nations in the world. Thanks in advance for any help you can provide.

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