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To: Probart who wrote (8163)	4/17/1998 12:48:00 PM
From: Due Diligence	Read Replies (1) \| Respond to of 34592

NRAG: Joint Venture NEWS. Jimbo (PR NEWSWIRE) DJ: NorAm Gaming Announces Joint Venture Agreement DJ: NorAm Gaming Announces Joint Venture Agreement TOLEDO, Ohio, April 17 /PRNewswire/ -- NorAm Gaming & Entertainment Corp. (OTC BULLETIN BOARD: NRAG) announced today the signing of a Joint Venture agreement with World Touch Gaming, Inc., of Norcross, GA., for the development, marketing and installation of the electronic bingo system, known to NorAm shareholders through previous news releases, as the Auto Caller 2000 "Winner Takes All" system. World Touch, headquartered in Norcross, Georgia, is a three year old private software company, dedicated to bringing creative new games to the gambling public. World Touch has already established itself in the industry as a quality provider of innovative gaming equipment. The Joint Venture partnership intends to globally market the new system through a "revenue share" program to Casinos, Native American Gaming Facilities, Riverboats, Cruise Ships, Charity Bingo Facilities and Company Owned Operations, where legally permitted. Revenue projections, as stated below, have been developed jointly by the JV partnership and are based on the experience and observations of the JV management team, with respect to similar, non-electronic versions of the game currently being operated by some Native American Gaming facilities in the United States. Estimating the installation of a new system every 30 days, 50 terminals per installation, average head spend (using established player profiles) and conservative percentages of revenue sharing, approximately $21,000,000, in gross income is projected for the JV Partnership during the first year. Further, it is estimated that operating expenses, including re-payment for the terminals, is expected to be in the 35-45% range. The JV Partnership anticipates a net income of approximately $12.6 Million. NorAm CEO, George C. Zilba, stated today that "the development of the system is 90% complete. We will be using the software that has already been developed by World Touch, in conjunction with the automatic ball blower and recognition system distributed by NorAm. The tie-in of the software and the blower unit is all that is needed for completion. While we have other projects that we are excited about and continue to pursue, this project has all of the necessary elements to be the backbone and mainstream revenue producer for NorAm for years to come." The JV partnership expects to have an operating system in place before the end of this quarter. NorAm intends to provide periodic updates regarding project developments to the shareholders. This press release contains forward looking statements that are subject to risk and uncertainties. Actual results may differ materially from such forward looking statements as a result, and uncertainties, including those described in NorAm Gaming & Entertainment, Inc's reports filed with the SEC. /CONTACT: George C. Zilba, CEO, of NorAm Gaming, 734-888-1172/ * end of story *