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GAMMA INTERNATIONAL ESTIMATES RESULTS FOR FISCAL 1991; COMPANY COMPLETES DEBT CONVERSION AND PRIVATE PLACEMENT

 GAMMA INTERNATIONAL ESTIMATES RESULTS FOR FISCAL 1991;
 COMPANY COMPLETES DEBT CONVERSION AND PRIVATE PLACEMENT
 BILLERICA, Mass., Feb. 14 /PRNewswire/ -- Gamma International, Ltd. (NASDAQ: GAMMC) today announced estimated results for its fiscal year 1991 ended Dec. 31. Game sales were an estimated $16,200,000 compared to games sales of $14,600,776 in fiscal year 1990. The company estimated a net loss for fiscal 1991 of approximately $2,300,000 compared to a loss of $326,272 a year ago.
 Increased sales reflect increases in revenues from MegaBingo, the company's high stakes bingo game simulcast to over 50 Indian reservations and charity gaming halls in 15 states and the District of Columbia, and revenues for the first time from new games which include MegaRacing, MegaPick, and Big Red Keno.
 The increase in losses is primarily due to increased selling expenses and research and development costs, both associated with the addition of new products for the gaming market, including Video Lottery Terminals, Lightning Bingo, MegaPick, Keno and TV Bingo to Gamma's product line in 1991.
 Jack Saltiel, president, said that Gamma's gaming revenues are expected to increase in the first quarter of fiscal 1992 as these new games installed in 1991 and early in the first quarter begin in contribute significantly to cash flow.
 Saltiel said, "In addition to the estimated $16.2 million in games sales, Gamma customer, Big Red Keno, the largest keno lottery operator in Nebraska, generated approximately $4.2 million in game sales. Gamma supplies equipment, software and services to Big Red Keno and participates in Big Red Keno's revenues. During 1992, we expect further growth of Big Red Keno in the Omaha area as well as additional installations of MegaPick and Gamma's other games including Lightning Bingo and Video Lottery Terminals."
 In announcing the estimated results, Saltiel also reported that Gamma International directors and officers had converted approximately $577,573 of debt to 577,573 shares of the company's common stock during December 1991. In addition, the company completed a private placement of 575,000 shares of its common stock in January 1992.
 -0- 2/14/92
 /CONTACT: Jack Saltiel, president of Gamma, 508-670-0794; or John Swanson of Swanson Communications, 212-683-4890, for Gamma/
 (GAMMC) CO: Gamma International, Ltd. ST: Massachusetts IN: CNO SU: ERP


JT-AH -- NY066 -- 0393 02/14/92 17:13 EST
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Publication:PR Newswire
Date:Feb 14, 1992
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