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Non-Tech : Multimedia Games Inc. (MGAM)

MGAM 0.122

-0.8%

Nov 5 11:48 AM EST

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To: Michael Klein who wrote (25)	1/14/1997 9:51:00 AM
From: Craig Stevenson	of 197

The private placement was completed, and did provide the capital infusion necessary to purchase additional MegaMania play-stations. The last word I have is that 500-600 of these will be installed this quarter. (The sales guys think they can get 1000 of them installed, but the CFO is more conservative.) These playstations can supposedly bring in about $50.00 per night, without revenue sharing. The reason that we haven't seen much trading activity is that it took longer than expected to get the private placement done. The last SEC document was filed last week, and the prospectus has also been filed. Walsh, Manning Securities now controls the 2.3 million shares of the private placement, and should start taking control immediately. A new market maker also showed up on Monday. Mike Howard (CFO) has left the company. (He got a much better offer from a company called Webco.) This shouldn't be a problem for MGAM, since it was simply a better offer from somewhere else, and not something wrong with MGAM. (In fact, he used to do work for Webco when he was with an accounting firm.)

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