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American Bingo Announces Nasdaq Listing Qualifications Panel Decision

In a facsimile transmission received by the company at 12:01 PM, CST, Counsel to the Nasdaq Listing Qualifications Hearings Panel stated in part: " ... The Panel was of the opinion that the Company has evidenced compliance with the minimum bid price requirement as well as all other requirements for continued listing on The Nasdaq SmallCap Market, and expressed confidence in the Company's ability to sustain compliance with those requirements over the long term."

Accordingly, the Panel determined to continue the listing of the Company's securities on The Nasdaq SmallCap Market. Jeffrey L Minch, President of American Bingo, had the following comments: "American Bingo received a fair opportunity to present its plan to the Listing Qualifications Hearings Panel for coming into compliance with The Nasdaq SmallCap Market's minimum bid price requirements. Our presentation was reasoned and sound. The results speak for themselves. I know that our shareholders were concerned about the outcome of this matter and the management team has delivered under pressure. We will continue to work hard to create value for and develop credibility with our owners. Now, let's get back to work!"

American Bingo is engaged in the development and operation of charitable bingo halls. Qualified charities are able to fund their noble and worthy causes by offering consumers entertainment in the form of bingo games -- subject to strict regulatory oversight -- for which the charities pay rent to American Bingo for the use of the facility subject to long standing leases.

American Bingo has relationships with over seventy-five (75) such charities. American Bingo is the only public company attempting to strategically consolidate this $12,000,000,000 arcane, niche industry and is currently the largest public company operating charitable bingo halls in the United States. American Bingo operates twenty (20) bingo halls in Texas, Alabama and South Carolina and is currently developing two (2) new bingo halls in Alabama that will commence operations in 2000.

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