LAS VEGAS, April 16 /PRNewswire/ -- The news release issued by Las
Vegas Gaming, Inc. on November 7, 2006 titled "LVGI and Golden Pond Enter
Into Joint Venture Agreement" was disseminated in error. The complete,
corrected release is as follows:
LVGI AND GOLDEN POND EXECUTE LETTER OF UNDERSTANDING
LAS VEGAS (November 7, 2006) - Las Vegas Gaming, Inc. and Golden Pond
57 (Pty) Ltd. have executed a letter of understanding to enter into a joint
venture agreement that would create a jointly owned gaming company. The
proposed operating company, Golden Gaming (Pty) Ltd., would be based in
South Africa for the purpose of exploring any and all gaming and lottery
opportunities on the African continent.
LVGI's Chief Marketing Officer Stephen Crystal explained the agreement.
"The strategy is to capitalize on Golden Pond's existing relationships in
the gaming and lottery industries in Africa and LVGI's experience and
technologies, in particular our new PortalVision(TM) product. PortalVision
is a LVGI product aimed at benefiting the global lottery business. Golden
Gaming already has two lottery countries queued up for introduction in the
African lottery market."
Golden Pond CEO Gladwin Marumo said, "This is a tremendously exciting
venture. Golden Pond has extensive contacts in the lottery and gaming
industries across the continent, and we are very interested in the
potential that LVGI's technologies bring to the market."
LVGI's International Sales Manager, Bill Williams, will manage LVGI
operations to include the transfer of technology and expertise to Golden
Gaming, whose executive oversight will be handled by Gladwin Marumo in
South Africa. Having launched several lottery operations on the African
continent, LVGI's Vice President of International Sales Mark Hutchinson
will act as Key Employee for the start up of the joint venture company,
Golden Gaming.
About Las Vegas Gaming, Inc.
LVGI is a game-management system operator, supplier and game designer
specializing in keno, bingo and lottery products. It is the licensed
operator of the Super Bonanza Bingo Progressive and the Million Dollar
Ticket and the highly acclaimed linked and progressive keno game Nevada
Numbers. LVGI is on file with the Securities and Exchange Commission. The
company holds numerous gaming licenses in several jurisdictions. For more
information about LVGI, visit http://www.lvgi.com.
Forward-looking Statements
All statements included in this press release, other than historical
information or statements of historical fact, are forward-looking
statements. These statements fall within the meaning of Section 27A of
Securities Act of 1933, as amended, Section 21E of the Securities Exchange
Act of 1934, as amended, and the Private Securities Litigation Reform Act
of 1995, including statements regarding any expected financial position,
business and financing plans. Some of the forward-looking statements can be
identified by the use of forward-looking terms such as "believes,"
"expects," "may," "will," "should," "could," "seek," "intends," "plans,"
"estimates," "anticipates," or other comparable terms. Forward-looking
statements involve inherent risks and uncertainties which could cause
actual results to differ materially from those in forward-looking
statements contained herein. For more information on the potential factors
that could affect the Company's financial results and business, please
refer to the Company's filings with the SEC including Annual Reports on
Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
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