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Technology Stocks : IFLY - travel sales on the web pure play -- Ignore unavailable to you. Want to Upgrade?

To: lazarre who wrote (719)	4/23/1998 1:20:00 PM
From: Kevin G	Read Replies (1) \| Respond to of 4761

International Sports Wagering Inc. Announces Nevada Gaming Control Board Recommendation For Licensing Approval LITTLE FALLS, N.J., April 1 /PRNewswire/ -- International Sports Wagering Inc. (Nasdaq: ISWI - news) announced today that the State of Nevada Gaming Control Board has recommended approval of the Company's application for a gaming license as an operator of an inter-casino linked system (''OILS License'') and has forwarded the application to the State of Nevada Gaming Commission for final approval. The Nevada Gaming Control Board is the government agency that investigates applicants for gaming licenses and the Nevada Gaming Commission is the government agency responsible for issuance of gaming licenses. It is currently expected that the Nevada Gaming Commission will consider the Company's license application at its April 23, 1998 meeting. Assuming that the Company's license application is approved by the Nevada Gaming Commission, the Company intends to re-commence operation of its SportXction(TM) sports wagering System during the month of May 1998. The Company has designed and developed the SportXction sports wagering System, an interactive, proprietary, PC-based computer system that enables users to wager during the course of a sporting event. The System accepts bets not only on the outcome of a sporting event, but also on discrete parts of the event and on specific game situations, such as will a team get a first down, will a batter get on base, or will a player make two foul shots. The System is unique in that it permits viewing a sports contest and simultaneously wagering while game situations are in progress. The Company's SportXction system was in operation from September 21, 1997 through January 13, 1998. The Company was forced to cease operation of the System when a third party, that was licensed to operate the System (pending receipt by the Company of its own license to do so), encountered severe financial problems unrelated to the System. When operations ceased, the Company had approximately 220 Player Betting Stations in eight casinos in Las Vegas, Nevada, that were interlinked to a central Hub. This press release contains ''forward-looking statements'' made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that these statements involve risks and uncertainties. Additional risks and uncertainties are detailed in the Company's filings with the Securities and Exchange Commission.