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Littlefield receives South Carolina licenses

AUSTIN, Texas -- (PRESS RELEASE) -- Littlefield Corporation (OTCBB: LTFD) announces that six additional bingo promoter licenses have been issued to certain wholly owned subsidiaries of Littlefield.

Following the protest of the South Carolina Department of Revenue's initial denial of these licenses, the six licenses were issued pursuant to an order by the Administrative Law Judge presiding over the protest of the denial. Please refer to the Company's SEC Form 8K filing for a more complete discussion of this matter.

The issuance of these six licenses will allow the previously announced expansion plans for these South Carolina subsidiaries to move forward. It also will allow Littlefield subsidiaries to move forward with the planned acquisition of several bingo halls. As in any acquisition transaction, there is a necessity to conduct and conclude appropriate due diligence investigations and to provide suitable contractual documentation as a prelude to closing the contemplated transaction.

Upon satisfactory conclusion of those actions which are currently underway the acquisition transactions will close immediately.

Jeffrey L. Minch, President and Chief Executive Officer of Littlefield Corporation, offered the following comments:

"The Company is resolutely committed to its South Carolina charitable bingo interests as conducted through its appropriately formed and licensed wholly owned corporate subsidiaries. We have a long term and unshakeable commitment to South Carolina. We believe the Company's subsidiaries are operating in accordance with the provisions of the South Carolina Bingo Tax Act and they will continue to comply with all regulatory requirements in South Carolina.

Although this order does not fully resolve all regulatory issues in South Carolina, this order to issue the licenses which were previously denied by the South Carolina Department of Revenue will allow us to proceed with our planned acquisition of several bingo halls.

There is always some risk that our updated due diligence, the inability to conclude a mutually agreeable updated contract or some other factor may result in our deciding to forego this acquisition.

At the current time we are unable to estimate how long it will take to conclude and resolve the proceedings with the Department of Revenue over these licensing issues; however, it is not likely to be concluded in a short period of time.

In any event, we will vigorously defend our legitimate business interests until this matter is conclusively resolved and assist our clients with their charitable fund raising efforts for the noble causes our worthy client charities support with these funds."

Investors are always cautioned to be careful in drawing conclusions from a single press release, the Company's performance in a single quarter or the individual opinions of any member of the Company's management in making their individual investment decisions.

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