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Advanced Gaming Technology Seeks Buyers for Company

President and Chief Executive Officer Daniel H. Scott was hired to guide the company through its reorganization proceedings, strengthen the balance sheet and improve methods of operation. The goals of that transition process have now been met.

The amount of long-term debt on the balance sheet has been reduced from more than $11 million in June 1998 to less than $1 million today. The company is generating revenues for the first time since the reorganization was completed.

Scott said: ``It is time to expand the sales network and build the service and support group necessary to complement the growth in sales. There are tremendous economies of scale available to a company that already has this infrastructure in place. Additionally, the tax attributes of this company could prove beneficial to a larger-scale operation.''

The principal product of Advanced Gaming Technology is an electronic bingo system. Products include: the Max Plus, a stationary electronic unit; the Max Lite, a handheld electronic unit; and Turbo Max, a high-speed pari-mutuel game. The company also owns 22 percent of TravelSwitch LLC, a global Internet travel provider.

Management believes the greatest asset of the company may be off the balance sheet, in the form of its intellectual property. The company owns more than 12 patents and trademarks.

The final goal in transitioning the company from reorganization to full operations is to realize fair value for shareholders. Management does not believe the company's market capitalization currently reflects a fair value for the business.

The company is pursuing the sale of its business through private contacts in the gaming industry.

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