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SECONDARY PUBLIC OFFERING OF GAMMA INTERNATIONAL COMMON STOCK; GAMMA TO PURSUE ALABAMA GAMING OPPORTUNITIES

 BILLERICA, Mass., Aug. 27 /PRNewswire/ -- Gamma International, Ltd. (NASDAQ Small Cap Market: GAMM) announced today that its registration statement covering a secondary offering of 5,823,711 shares of its common stock entirely for the accounts of selling shareholders of the company was declared effective by order of the Securities and Exchange Commission at 2:30 p.m., Aug. 26, 1993.
 Chairman of the board Richard Kidney, stated that "The company is not issuing or selling any securities in this offering and will not be receiving any proceeds from the sale. This offering is solely for the benefit of existing shareholders."
 Those selling stock in this offering include shareholders who acquired stock in private placements in early 1992 and shareholders who were issued shares before the company's initial public offering in June 1990, including shares held by the estate of the company's former chairman and chief executive officer, Robert Stern.
 The company announced that it has reached an agreement in principle under which the company will pursue full-scale casino gaming opportunities in Alabama with a corporation which currently manages Class II gaming activities on Indian lands in Alabama. The agreement in principle involves a contingent stock exchange agreement which the company expects to be executed shortly by all the parties. Under the terms of this agreement the company will be obligated to issue 3 million shares of its common stock in exchange for all of the stock of this corporation if, within two years, the company either obtains a management contract approved in conjunction with a Class III compact permitting full-scale casino gaming on certain Indian lands within Alabama, or is issued a full-scale casino license to manage or operate a casino facility in specified Alabama counties.
 The company also announced that on Aug. 26, 1993, it acquired for $1 million a former railroad station in Mobile, Ala., which the company believes will be suitable for use as a casino facility.
 The company's common stock is traded on the NASDAQ Small Cap Market under the symbol GAMM.
 -0- 8/27/93
 /CONTACT: Al Luciani, president of Gamma International, 508-670-0794, or John Swanson of Swanson Communications, 212-683-4890/
 (GAMM)


CO: Gamma International, Ltd. ST: Massachusetts, Alabama IN: CNO SU: OFR

PS -- NY005 -- 6481 08/27/93 08:33 EDT
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Publication:PR Newswire
Date:Aug 27, 1993
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