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 PLYMOUTH, Minn., Oct. 19 /PRNewswire/ -- Innovative Gaming Corporation of America (NASDAQ: IGCA) today announced its results of operations for the fiscal year ended July 31, 1993. Innovative generated a net loss of $(858,356), or $(0.26) per share on sales of $395,670 for the period.
 Year Ended
 Sales $395,670
 Net loss $(858,356)
 Loss per share $(.26)
 D. Bradley Olah, chairman and CEO of Innovative stated, "the loss for the year ended July 31, 1993 was expected and was primarily due to the developmental state of the company." He added, "fiscal 1994 will be a critical year for the company to move out of the developmental stage and become a financially viable entity. We hope to continue our progress towards penetrating new markets and gaining broader market acceptance of our two games, Live Video Blackjack and Live Video Craps," Olah said. Revenues for the year were from the sale of nine Live Video Blackjack games to Grand Casino's, Inc., a principal shareholder in the company. Sales to Grand Casino's were at a price substantially lower than the price the company expects to charge unrelated parties. The arrangement with Grand has provided the company the opportunity to test, evaluate and market its games in the Minnesota Indian Gaming marketplace.
 In addition, Innovative announced the latest results of its marketr? the first quarter ended Oct. 31, 1993. "As of this date, nine Live Video Blackjack and two Live Video Craps games have been sold and installed. The company also has orders pending installation totaling eight Live Video Craps games and one Live Video Blackjack game," Olah said.
 He continued, "our order backlog pending licensing also continues to grow. These orders include twenty Live Video Blackjack games and eight Live Video Craps games, for casinos in Arizona, Mississippi, and South Dakota. We're delighted to report that orders have been meeting expectations and projections. We're aggressively pursuing licensing completion in all jurisdictions, as well as exploring additional distribution options in non-Indian gaming jurisdictions.
 The following table represents a summary of its first quarter fiscal 1994 orders to date:
 Sold and Orders Orders
 Installed Pending Pending
 Install Licensing
 Orders from affiliates 6 5 13
 Non-affiliated orders 5 4 15
 Total 11 9 28
 Although the company does not intend to provide order updates on a quarterly basis, it provides the above information due to the numerous requests it has received.
 The company also announced that it has filed a Registration Statement with the Securities and Exchange Commission for an aggregate of 250,000 shares of common stock, 150,000 shares of which are issuable upon the exercise of warrants issued in a private placement and 100,000 shares of which are being offered by a shareholder of the company. The company will not receive any of the proceeds from the sale of the shares offered by the selling shareholder.
 A Registration Statement relating to these securities has been filed with the Securities and Exchange but has not yet become effective. These securities may not be sold nor offers to buy be accepted prior to the time the Registration Statement becomes effective. This press releases shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Copies of a prospectus, when available, may be obtained from Jeffrey J. Sjobeck, chief financial officer, Innovative Gaming Corporation of America, Plymouth Oaks Park, 12700 Industrial Park Blvd., #60, Plymouth, Minn. 55441.
 Innovative is a development stage company organized in September, 1991 to develop, manufacture, market and distribute innovative group participation and other specialty video gaming machines to the gaming industry. Innovative completed an initial public offering in June, 1993 which generated $7,425,873 in net proceeds to the company. The offering included 1,523,570 units consisting of one share of common stock and one redeemable warrant to purchase one share of common stock, at an offering price of $5.75. Its units, common stock and redeemable warrants are traded under the symbols IGCAU, IGCA and IGCAW.
 -0- 10/19/93
 /CONTACT: D. Bradley Olah, or Jeffrey J. Sjobeck, chief financial officer of Innovative Gaming Corporation of America, 612-557-6744/

CO: Innovative Gaming Corporation of America ST: Minnesota IN: CNO SU: ERN

DB-DS -- MN002 -- 3812 10/19/93 09:39 EDT
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Publication:PR Newswire
Date:Oct 19, 1993

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