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INNOVATIVE GAMING REPORTS 99.50% OF CLASS A WARRANTS EXERCISED; APPROXIMATELY $12.8 MILLION IN PROCEEDS WILL BE USED FOR OPERATIONS EXPANSION; RECEIVES APPROVAL TO SELL LIVE VIDEO BLACKJACK AND CRAPS MACHINES IN NORTH DAKOTA

 PLYMOUTH, Minn., April 13 /PRNewswire/ -- Innovative Gaming Corporation (NASDAQ: IGCA) today announced that 99.50% of its Class A Warrants (NASDAQ: IGCAW) have been exercised, resulting in net proceeds to the company of approximately $12.8 million. Chairman and Chief Executive Officer D. Bradly Olah said the proceeds will be used to fund working capital requirements in connection with the expansion of its operations.
 "In addition, we have received technical game approval to sell our live video blackjack and craps gaming machines in the State of North Dakota," said Olah. "The sales of the video games will be made through our licensed Indian Gaming distributor. Innovative Gaming continues to seek approval from additional jurisdictions for our games and to increase sales in our existing markets. The funds from the warrant exercise will strengthen our balance sheet as the company readies itself for more aggressive development, manufacturing, marketing and distribution of our unique video gaming machines."
 Innovative Gaming announced on March 8, 1994, that it was exercising its Class A Warrants, issued in conjunction with the company's initial public offering in May 1993. Holders were entitled to exercise their warrants to purchase one share of common stock for each Class A Warrant for $8.50 per warrant. Persons who did not exercise will receive 1 cent per warrant. The company said it now has approximately 5.9 million common shares outstanding.
 For the six months ended Jan. 31, 1994, IGCA had net income of $607,628 or 13 cents per share on revenues of $3.7 million, compared to a net loss of $237,368 or a loss of 8 cents per share on revenues of $393,433. Prior to July 31, 1993, the company had been in a development stage.
 Innovative Gaming Corporation of America develops, manufactures and distributes group participation video gaming machines. The company's games have been approved for sale in five gaming jurisdictions: Minnesota, Arizona, Michigan, South Carolina and North Dakota. Innovative Gaming last month received confirmation of its first Canadian order for a casino in Winnipeg, Manitoba.
 -0- 4/13/94
 /CONTACT: Jeff Sjobeck of Innovative Gaming, 612-557-6744; or Bill Murphy or Michael Rosenbaum of Financial Relations Board, 312-266-7800, for Innovative Gaming/
 (IGCA)


CO: Innovative Gaming Corporation of America ST: Minnesota, North Dakota IN: CNO SU:

DS-AL -- MN012 -- 7136 04/13/94 09:57 EDT
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Publication:PR Newswire
Date:Apr 13, 1994
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