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LUCIANI TO JOIN GAMMA AS PRESIDENT & CEO; MUTUAL INVESTORS FUNDING CORPORATION, INC. TO MAKE $15 MILLION EQUITY INVESTMENT IN GAMMA

 BILLERCIA, Mass., March 24 /PRNewswire/ -- Gamma International, Ltd. (NASDAQ: GAMM) announced today the election of Alfred J. Luciani as president and chief executive officer of the company, a $15 million equity investment in common and non-convertible preferred stock by Mutual Investors Funding Corporation, Inc. (MIFCO), and an expansion by the Bennett Funding Group, Inc. of its working capital and project financing line of credit.
 Mr. Luciani, the former president and chief executive officer of the Foxwoods Casino in Ledyard, Conn., will be joining Gamma as president, chief executive officer and a member of the board of directors on April 1, 1993. Mr. Luciani is a former deputy director of the New Jersey Division of Criminal Justice and was formerly president of the Golden Nugget Casino in Las Vegas and executive vice president of Merv Griffin's Resorts International Hotel & Casino in Atlantic City. Mr. Luciani will remain as a part-time consultant to the Mashantucket tribe through December 1993 to assist in supervision of the $160 million project now underway at the Foxwoods Casino.
 The company has reached as agreement in principle with Mutual Investors Funding Corporation, Inc. involving the sale of 6 million shares of common stock at $1.00 per share and a new class of Gamma non- convertible redeemable cumulative preferred stock having a redemption value of $12 million and a dividend rate of 5 percent. The preferred stock will have a redemption date of March 31, 1996 and provides a discount of up to $2 million for early redemption. MIFCO will acquire the preferred stock for $9 million. Of the total $15 million investment, $12 million will be used to retire indebtedness outstanding to The Bennett Funding Group, Inc. This private equity placement was arranged through Fidelity International Securities Corporation, New York.
 In addition, The Bennett Funding Group, Inc. has agreed to provide $2 million of additional working capital financing to the company and to expand its project financing line of credit from $50 million to $75 million.
 In making the announcement, Richard D. Kidney, chairman, stated, "I am delighted to welcome Al Luciani to the organization. He has a wealth of experience in the gaming industry which will allow us to aggressively pursue new casino management opportunities and the company's existing MegaBingo and keno system products. We also welcome the equity investment in Gamma by Mutual Investors Funding Corporation, Inc. and Bennett's additional working capital and project financing commitments as expressions of confidence in the company's future. We believe that the company is now in an excellent position to pursue a series of new opportunities within the gaming industry."
 Gamma shares, warrants and units are traded on NASDAQ under the symbols GAMM, GAMMW and GAMMU, respectively.
 -0- 3/24/93
 /CONTACT: Richard D. Kidney, president of Gamma International, 508-670-0794, or John Swanson of Swanson Communications, 212-683-4890, for Gamma International/
 (GAMM)


CO: Gamma International, Ltd. ST: Massachusetts IN: CNO SU: PER

TM -- NY074 -- 9302 03/24/93 18:40 EST
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Publication:PR Newswire
Date:Mar 24, 1993
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