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GAMING DEVICES FUNDING, INC. ANNOUNCES AGREEMENT

 CRANFORD, N.J., Nov. 23 ~PRNewswire~ -- Gaming Devices Funding, Inc. (NASDAQ: GDFI) today announced that it entered into an agreement on Nov. 19, 1992 with Great American Recreation, Inc., a publicly held company engaged in the operation of an action park and ski area in New Jersey and its wholly owned subsidiary, Great American Boxing, Inc.
 This agreement amends earlier agreements entered into between the parties and results in the cancellation of warrants to purchase 3 million shares of Great American Recreation's common stock and a certain pledge of 2,500,000 shares of Great American's common stock in exchange for a $1,500,000 unsecured promissory note due five years from the date of issuance. The $1,500,000 note will be cancelled if Great American Recreation's shareholders approve of the issuance of new warrants entitling the company to purchase 3 million shares of Great American Recreation's common stock on or before March 19, 1993. In connection with the agreement, certain other promissory notes issued by Great American Recreation were amended such that the interest payment dates on certain of the notes and the maturity date on one note have been modified. Inclusive of the new $1,500,000 obligation, Great American Recreation is currently indebted to the company in connection with the sale of the company's boxing operations in the amount of approximately $5,750,000.
 -0- 11~23~92
 ~CONTACT: Robert A. DeFilippis, chief financial officer of Gaming Devices Funding, Inc., 908-276-7174~
 (GDFI)


CO: Gaming Devices Funding, Inc. ST: New Jersey IN: CNO SU:

AH-OS -- NY040 -- 0495 11~23~92 11:52 EST
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Publication:PR Newswire
Date:Nov 23, 1992
Words:266
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