Printer Friendly

GAMMA INTERNATIONAL, LTD. FILES 1993 ANNUAL REPORT; APPLIES FOR RELISTING ON NASDAQ SMALL-CAP MARKET

 ATLANTIC CITY, N.J., April 18 /PRNewswire/ -- Gamma International, Ltd. (OTC Bulletin Board: GAMM, GAMMW, GAMMU) (the "Company") announced today that it had filed its 1993 Annual Report on Form 10-KSB with the Securities and Exchange Commission.
 The Company's 1993 Annual Report contains an unqualified opinion from the Company's Independent Accountants with respect to the Company's financial statements for the year ended December 31, 1993. The Company's Independent Accountants' opinion for the Company's financial statements for the year ended December 31, 1992 contained an explanatory paragraph raising substantial doubt as to the Company's ability to continue as a going concern. Although the Company's Independent Accountants' opinion on the 1993 financial statements was unqualified and did not contain a "going concern" explanatory paragraph, the notes to the Company's 1993 financial statements stated that the Company must continue to develop its business and sources of credit sufficient to support its cost structure in order to continue operations beyond the near term.
 Alfred J. Luciani, Chairman and Chief Executive Officer, said the unqualified opinion without the "going concern" explanatory paragraph of our Independent Accountants with respect to the Company's Financial Statements as of December 31, 1993, represents a recognition of our positive business direction. "We will continue to attempt to liquidate or restructure non-performing assets, and more importantly concentrate on development of additional new casino development and management opportunities on behalf of the Company. While there are risks attendant to any business strategy, I anticipate continued progress over the long term in fulfilling our hopes of making Gamma a meaningful player in the casino business."
 Separately, the Company announced that it had applied for relisting of its securities on the NASDAQ Small-Cap Market. However, there can be no assurance that the Company's securities will be approved for relisting by NASDAQ.
 Gamma International, Ltd. common stock, warrants and units are traded on the OTC Bulletin Board.
 -0- 4/18/94
 /CONTACT: Alfred J. Luciani, Chairman of Gamma International, 609-272-7700; or John Swanson of Swanson Communications, 212-683-4890/
 (GAMM)


CO: Gamma International, Ltd. ST: New Jersey IN: CNO SU:

TW -- NY039 -- 8737 04/18/94 10:56 EDT
COPYRIGHT 1994 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 18, 1994
Words:352
Previous Article:LESCO APPOINTS WOLF-GERATE DISTRIBUTOR FOR PRODUCTS IN WESTERN & EASTERN EUROPE
Next Article:RICOH MEETING DEMANDS OF AMERICAN MARKET THROUGH NEW RESEARCH AND DEVELOPMENT GROUP
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters