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Non-Tech : NORE - High Tech Bingo Equipment - Online Bingo -- Ignore unavailable to you. Want to Upgrade?

To: David W. Tucker who wrote (5762)	4/16/1999 5:53:00 PM
From: george eberting	Read Replies (1) \| Respond to of 7701

My error. I forgot it was Vegas you were going to. I don't have any desire to go back there. Way too heady a place for an old fart like me. gggg

To: David W. Tucker who wrote (5762)	4/16/1999 8:56:00 PM
From: Silicon Trader	Read Replies (1) \| Respond to of 7701

NorAm Announces Sale of Florida Bingo Facility TOLEDO, Ohio, April 16 /PRNewswire/ -- NorAm Gaming and Entertainment Co. (OTC BULLETIN BOARD: NRAG - news), announced today that one of the Company's three charity bingo leasing facilities located in Florida has been sold. NorAm CEO, George C. Zilba stated, ''This sale is in keeping with our overall business plan to divest NorAm from the leasing of bingo halls to Charitable organizations, as stated in our 10-K narrative of 1997. NorAm is pointed in a totally different direction today than it was three years ago. We, like everyone else, have witnessed the steady decline of the Charitable bingo industry over the past 7 years, and we feel that our new Company goals deserve the full attention of our Management team and our financial resources. ''Considering the options available to the average gambler today, Charity Bingo does not measure up to the excitement and potential for winning that is being provided by the new wave of Native Gaming Facilities, Riverboats and Internet Sites. Charities are struggling to turn any kind of a profit while facing this new competition and even greater regulation by State and Local authorities.'' Terms of the sale have not been disclosed however, the Company did confirm that the sale was a combination of cash and debt. The cash infusion will assist the Company in the transition period prior to the establishment of a new revenue stream from the projects now under way and the debt will keep cash coming into the Company over the next 14 months. They key here is they still get income and have NOOOOOOOOO expense......... Plus the working capitol The Company's new focus is on the sale of Bingo and Keno equipment, ThunderBolt Bingo Systems and the installation of 90# bingo Systems to the Native Gaming and Class III facilities in North America. Revenue from these efforts are expected in the third quarter of this year. Additionally, the Company is involved in the final stages of planning for the introduction of its on-line site. SOURCE: NorAm Gaming & Entertainment Co.