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Microcap & Penny Stocks : ASK: "THE LAST DON" OF MOMENTUM TRADES -- Ignore unavailable to you. Want to Upgrade?

To: Daniel Miller who wrote (13653)	5/20/1999 9:50:00 AM
From: RangeRover	Read Replies (2) \| Respond to of 15987

Anybody see this on BING..... L.A. Superior Court's Decision Legalizes Lucky Strike Machines; BING Has Little Established Competition in the Wide Open Market AUSTIN, Texas--(BUSINESS WIRE)--May 20, 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 that the Los Angeles Superior Court has ruled that machines similar to those sold by the company are not gambling devices. The ruling will allow the company to sell, lease and operate its Lucky Strike machines - which resemble Las Vegas-style video gaming machines - in the state of California. Bingo & Gaming estimates that its entry into California could allow it to more than double its annual revenues. "This is a great victory for us. California is going to be, by far, the largest potential market for our machines," says Bingo & Gaming International CEO, Reid Funderburk. "Not only should our yearly numbers double just from the added sales during the 3rd and 4th quarters of 1999, but we are going into a state with no real established competition." California, where all recent pushes to legalize any new form of gambling have been summarily rejected, is expected by many in the industry to be the largest potential source of revenue in the country. Bingo & Gaming expects its Lucky Strike machines to be an immediate success in the state. Even though Lucky Strike machines look like one-armed bandits, they are really prepaid phone card vending machines that employ a novel marketing concept. For every dollar inserted in the slot, the customer actually purchases a two-minute prepaid phone card, but at the same time, enters a free promotional sweepstake which offers cash prizes from $1 to $1,000. What separates this unique form of buying prepaid phone cards from gambling is that - as with all legal sweepstakes - no purchase is necessary and the odds of winning are posted on the side of the machine. In addition to selling, renting, operating and servicing Lucky Strike machines, Bingo & Gaming International also operates as a lessor of charity bingo facilities. Bingo & Gaming is currently negotiating with distributors for the sale, lease and operation of its prepaid phone card machines in California. The Company projects that it will have distribution contracts in place by the end of June and sales for the period July through December 31, 1999, will be $3.6 million from this market. 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 its machines are located in charitable bingo halls and Indian bingo facilities, but some are located in bars and bowling alleys. For more information, contact David Drake of Merger Communications at 713/267-2328 or daviddrake@earthlink.net. 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. CONTACT: Merger Communications David Drake, 713/267-2328