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Trans World Reports Q2 Results

3 August 2006

NEW YORK -- (PRESS RELEASE) -- Trans World Corporation ("TWC" or the "Company") (OTC:TWOC), the owner and operator of casinos in the Czech Republic, today announces a profit of $37,000 for the quarter ended June 30, 2006. This result represents an improvement of $250,000, or $0.04 per share, versus the net loss of $213,000, or ($0.04) per share, incurred for the same quarter in 2005 and reflects the continued market penetration of Route 55, the Company's newest and largest casino, near Linz, Austria.

Route 55 was also instrumental in the $1.0 million net income growth for the six months ended June 30, 2006; TWC posted net income of $303,000, or $0.04 per share, versus a loss of $681,000, or ($0.14), for the comparable period in 2005.

The Company is currently implementing an extensive capital improvement program, which consists of product upgrades, expansion of the Route 59 casino, near Vienna, Austria and the purchase of new gaming equipment. In commenting on the investment, Rami S. Ramadan, TWC's chief executive officer said: "These product enhancements include creating a mixed gaming floor, which will offer our guests a greater range of choice while providing the Company with valuable cost savings. In the case of Route 59, we are refurbishing the entire facility, updating theme elements, and expanding the casino in order to increase capacity, permit more elaborate entertainment, and accommodate additional slot machines. When combined with our aggressive marketing program and focus on customer service, we believe that these improvements will have a measurable positive impact on TWC's operating results."

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