T & G2 Subsidiary Shows 30% Growth in Orders Received in September; 100% Growth In Unit Placement and 500% Revenue Growth Anticipated In the 4th Quarter of 2003
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BERNARDSVILLE, N.J.--(BUSINESS WIRE)--Oct. 14, 2003--T & G2 (OTCBB: TTGG) announced today that from August to September 2003, its wholly owned subsidiary, Zingo Sales, Ltd. (ZINGO) experienced a growth rate of 30% in orders received. Zingo now has 130 gaming units with the "Ultimate Games" installed and operational.
Zingo expects a growth rate of 100% in orders and installations for the electronic bingo units during the fourth quarter of 2003. Depending on how quickly local jurisdiction approvals are obtained, Zingo may experience larger-than-anticipated growth in orders and installations. Most of the growth in orders will come from the West and Northwest regions. However, additional business could be garnered from different regions as well.
Revenue growth is expected to be 500% in the fourth quarter 2003 compared to the third quarter of 2003. Cash flow from all units installed in the third quarter is increasing weekly. The revenue ramp-up period for each electronic bingo unit is approximately 60 to 90 days. Additionally, Zingo expects to begin generating revenues from its previously announced Buffalo Bingo joint-venture (see press release of Sept 15, 2003). If this venture does begin to generate cash flow in the fourth quarter then revenues for the quarter will be even larger.
Zingo's gaming units are capable of playing regular "Session" bingo and three fast-action "Ultimate Games" -- "Doubletime," "Hotball," and "Bullet." These fast action games allow the player to play an electronic form of bingo that is more exciting than the typical session bingo. These "bonanza" style games allow gaming facilities to offer a wider variety of games to their players. These fast action games are interactive and competitive in nature, as they allow the players to compete against each other for a prize jackpot.
"We believe that the third quarter was the tip of the iceberg," stated T&G2's President & CEO, James M. Farinella. "There is tremendous demand for our electronic bingo games, and in time, we believe we will capture a significant share of the overall market. We believe the growth in revenues and game unit orders to continue at this rapid pace into and through next year."
About T&G Squared
T & G2 is an emerging, fast-paced, technology driven provider of leading edge systems and related software, specializing in two distinct, yet rapidly growing markets, Personnel Time and Attendance Management, and Electronic Class II Interactive Games and related Electronic Bingo Gaming Systems.
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made on behalf of the company. All such forward-looking statements are, by necessity, only estimates of future results and actual results achieved by T & G2 (TTGG) may differ materially from these statements due to a number of factors. TTGG assumes no obligations to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements. You should independently investigate and fully understand all risks before making investment decisions.
CONTACT: T & G2
Investor Relations:
Stephen Taylor, 973-351-3868 or 866-409-8342
www.ttgg.net
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