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Shareholder Update From NorAm Gaming & Entertainment
TOLEDO, Ohio, March 3 /PRNewswire/ -- NorAm Gaming & Entertainment Company
(OTC BULLETIN BOARD: NRAG), has prepared the following update on the Company's
activities and projects for the benefit of the current shareholders and others
who may be interested in the progress of the Company as it relates to
potential investment:
NorAm had expected to hire the services of a PR firm before the end of
1998. At present we are still evaluating the costs and benefits to determine
the advantage to our shareholders and the Company considering the dilution
that will occur with the payment of stock for services rendered.
Funding for the joint venture partnership is pending, but has yet to be
secured. When a package that will benefit the shareholders and the Company is
presented, we will move forward. At present, none of the options presented
have filled the prerequisite requirements. We are consistently reviewing new
options presented to us daily. Once this is secured it will allow the joint
venture partnership to move into mass production of the ThunderBolt Bingo
System and the immediate placement of the game in several locations.
Programming changes to the ThunderBolt System have been implemented after
receiving input from the first three months of operation at the Thunderbird
Casino in Oklahoma. Upgrades included becoming more competitive and
user-friendly plus the addition of a possible seven figure progressive
jackpot.
NorAm is currently processing documentation for the placement of the
90 Number System in one of the largest Indian gaming facilities in California,
as mentioned in a previous press release. When the documentation and approval
system is completed, the revenue generated from this placement will be a major
step toward future profitability. We foresee a smooth transition and expect
the gaming facility to have the 90 Number System operational in the near
future. We will inform our shareholders immediately upon its completion.
Sales of several other 90 Number Bingo Systems are pending and are
expected to close during the second and third quarters of 1999. When these
sales are final, the additional cash flow will further the Company's ability
to meet its financial obligations and show positive earnings. We are very
excited about the first few placements and their locations, as we feel they
could springboard NorAm into the likes of some of the more well known gaming
companies, such as IGT, BALLY & SLOT, in their early years.
The South American market continues to maintain high interest in the
products offered by NorAm. However, at this time the company feels that its
efforts are better served here in North America, where we have turned 100% of
our focus for the time being. Although we have several opportunities overseas
at the present time, the opportunities presented currently here in the United
States & Canada, are by far more lucrative and immediate, in our opinion. As
the Company grows we will once again consider our overseas options. This will
not stop us from continuing to pursue direct sales of our Vaprel systems
globally, as we have done recently to the Colesium Casino, St. Maarten,
Antilles Islands.
We will continue to update our shareholders as information concerning the
projects mentioned in this release and other projects that are currently being
pursued by the Company is made available. We can assure our shareholders that
NorAm's management continues to be relentless in their efforts to make the
Company a first rate member of the gaming community.
SOURCE NorAm Gaming & Entertainment Co.
-0- 03/03/99
/CONTACT: George C. Zilba, CEO, of NorAm Gaming & Entertainment,
734-888-1172/
(NRAG) |
