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Non-Tech : BING -- Ignore unavailable to you. Want to Upgrade?

To: MartinDane who wrote (30)	5/18/1999 11:40:00 AM
From: jeffrey rainey	Read Replies (1) \| Respond to of 49

AUSTIN, Texas--(BUSINESS WIRE)--May 18, 1999--Bingo and Gaming International Inc. (OTC BB:BING), an Austin-based distributor of prepaid phone cards and machines that distribute its prepaid phone cards, announced today record quarterly net income of $65,848 or approximately 50% of the annual net income for all of 1998. Net income for 1998 was reported at $126,646. Net sales for the first quarter 1999 were equal to 32% of Bingo & Gaming International's total annual sales for 1998. If sales and profits continue along these lines, the company anticipates a record year. The company is currently negotiating to pay off some high cost debt with bank financing and profits from the first quarter. "Our first quarter results represent a strong start for Bingo & Gaming International for 1999," remarked Reid Funderburk, CEO. "We are pleased with the operating gains that were recorded and are optimistic about a continuation of this positive trend over the remainder of the year. We see this as a good sign of what we hope will be a tremendous year for our company. Bingo & Gaming International sells, rents, operates and services it Lucky Strike machines, which resemble Las Vegas-style video gaming machines. The prepaid phone card vending machines employ a novel marketing concept which permits consumers to enter a free promotional sweepstakes offering cash prizes from $1 to $1,000 with every phone card purchase. The company's growth strategy includes selectively broadening the geographic scope of its operations by entering new markets. Pending legislation and distribution contracts may enable Bingo & Gaming International to sell its machines in several more states this year than it has done in the past. The company already has its machines placed in Texas, Oklahoma, Arizona, Connecticut, Idaho and Illinois. Most of the machines are located in charitable bingo halls and Indian bingo facilities, but some are located in bars and bowling alleys. The statements made by Bingo & Gaming International may be forward-looking in nature. Actual results may differ materially from those projected in forward-looking statements. Bingo & Gaming International believes that its primary risk factors include, but are not limited to: the need for substantial financial requirements; the need to develop effective internal processes and systems; changes in the overall economy; changes in technology; the number and size of competitors in its markets; changes in the law and regulatory policy; and the mix of product and services offered in the company's target markets. Merger Communications (Merger) is a media relations firm employed by the Company. The statements and opinions presented here represent the views of the Company, not Merger, as the release is based on the information provided by the Company. Merger and the Company believe that all information in this release has been obtained from sources considered reliable, but can not guarantee that the statements presented herein are accurate or complete. Merger's compensation for its media relations services, including preparation of press releases, consists of a monthly retainer and restricted stock. Merger may have a long position in the securities of the companies in which it distributes information to the media, and Merger may be buying or selling securities in the course of its regular business. --30--SCP/ho* CONTACT: Merger Communications, Houston David Drake, 713/267-2328 daviddrake@earthlink.net