Online Gaming Systems - OGAM - to Speak At Bear Stearns Global Gaming Conference; Concurrently Announces Revenues of Over $1.5 Million in January 2000

Business Wire, Feb 8, 2000

Business Editors

BOCA RATON, Fla.--(BUSINESS WIRE)--Feb. 8, 2000

Online Gaming Systems Ltd. (OTCBB:OGAM) announced today that its President &CEO, Richard Iamunno, will speak at the Bear Stearn's American Gaming, Lodging, and Leisure Summit on February 9, 2000. Mr. Iamunno will speak on the Internet Gaming panel along with executives from e-Lottery (ELOT), Uwin! Corporation, and Youbet.com (UBET).

Separately, Online Gaming Systems announced that during the month of January the company signed contracts exceeding $1.5 million. These contracts covered the entire scope of Online Gaming's product portfolio and represented a diversified group of global clients. January's revenues of over $1.5 million far surpassed the total revenue Online Gaming generated in full fiscal year ended December 31, 1999.

Richard Iamunno, Online Gaming System's President &CEO stated, &uot;We are pleased to speak at the Bear Stearns Gaming, Lodging, and Leisure conference on Wednesday. We believe the event will be a great exchange of ideas as it relates to the fast-growing world of internet-based gaming and wagering. We are particularly excited to share our unique positioning with the investment community and convey the global and fast-growing nature of our current earnings streams.&uot; Iamunno added, &uot;The timing couldn't be better in that our year-to-date revenues of over $1.5 million, not only exceeded last year's quarter, but also the full year of 1999. Online Gaming System's is truly reaping the rewards of R& spending and sales-infrastructure improvement. We look forward to the remainder of 2000.&uot;

Online Gaming Systems, Ltd. (www.ogsltd.com) develops and markets Internet and private network transaction based products that it only offers to licensed gaming operators in regulated jurisdictions. These products include; Internet Casino Extension(TM) (ICE(TM)), a growing suite of casino games; webSports(TM), a sports wagering system; Lotto Magic(TM) a lottery system for private, government and fund raising purposes; and Bingo Blast(TM) a multi-player system for charity and private organization use. The company also offers wireless and portable gaming devices through its Las Vegas based Excel Design, Inc., a wholly owned subsidiary and Anchor Gaming (SLOT) its exclusive North American distributor.

This press release contains potential forward-looking statements regarding the Company. The future performance of the Company involves risks and uncertainties that could cause actual results to differ materially. Such risks include competition and pricing pressures, dependence on telecommunications carriers, management of growth, customer turnover, technological change, governmental regulation, unauthorized use of technology, system failures and a variety of stock market-related risks. For a more complete description of certain such risks and uncertainties, we refer you to the documents that the Company files from time to time with the Securities and Exchange Commission including 10K filed May 7, 1999 and form 10Q filed November 18,1999.

For Investor Relations please contact: Integrated Corporate Relations/Tom Ryan 203-222-9013