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GAMMA INTERNATIONAL HAS 50 PERCENT GROWTH IN NEBRASKA KENO LOTTERY AND REPORTS SECOND QUARTER RESULTS

 GAMMA INTERNATIONAL HAS 50 PERCENT GROWTH IN NEBRASKA KENO LOTTERY
 AND REPORTS SECOND QUARTER RESULTS
 BILLERICA, Mass., Aug. 18 /PRNewswire/ -- Gamma International, Ltd. (NASDAQ: GAMM), Chairman Robert K. Stern stated today that Big Red Keno, the Omaha based keno-type lottery that Gamma provides supplies and services to, has now expanded to 16 satellite locations beyond the two main hall locations, Peony Park and Cleopatra's, in Omaha. Revenues from the satellites are now slightly higher than revenues from either of the two main locations and represent a 50 percent increase in revenues systemwide, Stern said.
 Since inception in July 1991, Big Red Keno gaming revenues have grown from approximately $100,000 a week to approximately $452,000 a week. Pursuant to its agreement with Big Red Keno, Gamma receives 50 percent of the net revenues from Big Red Keno.
 Stern said, "We are delighted that the recent expansion to satellite locations has increased revenues at a far more rapid rate, apparently without decreasing the size of the game at the two main halls in Omaha. Big Red Keno has also submitted 12 more locations for approval to the Omaha city council and will continue to submit additional sites for approval. Most of this growth has occurred in the last month and therefore is not reflected in the second quarter results."
 The company reported revenues for the quarter, which ended on June 30, were $4,160,428 with losses of $1,247,649 or $.18 a share compared to revenues of $4,072,636 and losses of $555,036 or $.20 a share for the same period a year ago. Six-month revenues were $8,385,902 with losses of $2,297,248 or $.42 a share this year compared to revenues of $7,777,813 with losses of $793,714 or $.29 a share a year ago.
 The losses in the second quarter in part reflect increased costs due to stepped-up advertising and promotional activities and increases in staff and use of outside consulting services as the company developed and prepared its launch of new products.
 "The expansion of Big Red Keno represents one of Gamma's earliest uses of the $50 million line of credit with Bennett Funding, Syracuse, N.Y., which is to help provide funding and working capital for our long-term growth program. Gamma is in negotiations for a number of other agreements which would establish operations in many sectors of the gaming industry," Stern said.
 Gamma International, Ltd., common shares, warrants and units are traded on NASDAQ under the symbols GAMM, GAMMW and GAMMU.
 GAMMA INTERNATIONAL, LTD.
 Condensed Financial Information
 (Unaudited)
 Periods ended Three Months Six Months
 June 30 1992 1991 1992 1991
 Revenues from
 game sales $4,160,428 $4,072,636 $8,385,902 $7,777,813
 Loss $1,247,649 $ 555,036 $2,297,248 $ 793,714
 Per share $(0.18) $(0.20) $(0.42) $(0.29)
 Shares issued
 and outstanding 7,317,886 7,246,219 7,317,886 2,800,161
 -0- 8/18/92
 /CONTACT: Robert K. Stern of Gamma, 401-331-5533; or John Swanson of Swanson Communications, 212-683-4890, for Gamma/
 (GAMM) CO: Gamma International, Ltd. ST: Massachusetts, Nebraska IN: SU: ERN


GK-LR -- NY057 -- 1045 08/18/92 14:57 EDT
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Publication:PR Newswire
Date:Aug 18, 1992
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