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Applied Gaming Seeks Shareholder Approval

31 August 2000

CALGARY, Alberta--(Press Release)--Aug. 31, 2000--Applied Gaming (CDNX:AGC) announces that it has sent an information circular to all registered Shareholders requesting that they approve the proposed $17.3 million financing with Trinity Capital.

The vote will take place at the Annual General and Special Meeting of Shareholders, which is scheduled to be held at the Delta Bow Valley Hotel in Calgary on September 22nd, 2000 at 11:30 a.m.

The Corporation has previously announced the terms of the financing, which include the following: Trinity Capital will subscribe for a five year convertible debenture to a maximum amount of $11.5 million US, approximately $17.3 million CDN.

The Debenture will bear an interest rate of 13 percent over a term of 5 years from the date the funds are advanced. At the end of the 5-year term the principal amount must be repaid to the lender.

The principal amount of the debenture will be convertible, at the holder's option, into units of Applied Gaming Solutions at a price of $.50 per unit, each unit consists of one common share and one common share purchase warrant.

Each share purchase warrant shall entitle the holder thereof to purchase one common share at an exercise price of $0.65 per common share. The expiry date on the exercise of the purchase warrants shall be no later than 24 months from the date of the closing of the financing.

The shareholders are also being asked to approve a consolidation of AGC shares at no more than 1 new share for every 5 common shares outstanding.

If approved, this consolidation will include the proposed Trinity debenture, all common and preferred shares, warrants and options. The full details of the offer are listed in the circular, which, has now been mailed to all registered shareholders.

``We are pleased to bring forward this proposed financing to our shareholders. This financing, if completed, will provide the Corporation with the resources necessary to aggressively implement the expansion of the online lottery and sports betting program into the Ho Chi Minh City region'', said David Aftergood, AGC President and CEO.

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