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Florida Gaming Corporation raises $5,000,000

MIAMI, Florida -- (PRESS RELEASE) -- Florida Gaming Corporation (OTCBB:FGMG), announced today that it has completed the private placement of $5,000,000 of a new series of AA Convertible Preferred Stock. The AA Preferred Stock was purchased by Pride's Capital Fund I, L.P. ("Prides") of Boston, MA. The Preferred Stock pays a 7% dividend, paid quarterly, and is convertible into FGMG common stock at $25.00 per share. Prides also received warrants to purchase 20,000 shares of common stock at $30 per share. National Securities Corporation served as financial advisor to the Company in this transaction.

The Company plans to use the proceeds for expansion of its card room operations at Ft. Pierce and Miami, and general corporate purposes.

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