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American Bingo Announces Stock Repurchase

12 January 2000

American Bingo & Gaming Corp. said it has repurchased 400,000 shares of its common stock in three block purchases between Dec. 27 and Jan. 10.

The company did not say what prices it paid for the stock. Shares were trading today at 68.75 cents. The stock's 52-week high was $1.81 in February 1999; the 52-week low was 40.62 cents in October.

American Bingo (Nasdaq: BNGO) is based in Austin, Tex. The company manages 11 charitable bingo parlors in Texas, three in Alabama and six in South Carolina. It says the charitable bingo industry is a $7 billion market in the United States.

Until a South Carolina Supreme Court decision that effectively outlaws video gaming effective June 30, 2000, the Company also operated 800 machines in that state. It plans to continue operating them until June 30 or until it is no longer profitable.

The company said the repurchases result in a total of 480,000 shares having been repurchased by the company in 1999 and 2000.

American Bingo has issued 10,176,890 shares of common stock. It now has 666,300 shares in its treasury.

Jeffrey L Minch, the firm's president, said in a statement: "American Bingo continues to face significant challenges, but this opportunity to repurchase a significant number of shares at an extremely attractive price is an opportunity that may not be available again in the near future.''

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