Pegasus Gaming Reports on Corporate Updates

  
    
  
  
    
      Pegasus Gaming Corp. (Pink Sheets:PGGG) (http://www.PegasusGaming.com), 
      a European Facing Turn Key I-gaming platform solution and e-commerce 
      services provider, is pleased to announce the following corporate 
      updates as on going concerns.
    
    
      The company has been engaged in several negotiations for the past few 
      months, on potential licensing contracts. The company is pleased to 
      report that these negotiations are in their final stage of closing, and 
      will provide more details to the shareholders upon available.
    
    
      The company is in the final stage of closing on an equity-financing 
      package worth US $1.5 million dollars. Upon closing on the financing, 
      the company will be able to fulfill some of its financial commitments 
      pertaining to executing its business plans.
    
    
      “The online gaming Industry has hit full 
      stride and Pegasus Gaming is now positioned to take full advantage of 
      this growing trend,” stated Pegasus Gaming 
      President & CEO, David Cheng. “With recent 
      announcements of United Kingdom and Italy’s 
      intentions to initiate plans on regulating the Internet Gaming industry 
      in their countries, this could not have come at a better time for 
      Pegasus to truly establish itself as a major player in the online gaming 
      sector in the European Continent.”
    
    
      The above statements in regard to Pegasus, which are not purely 
      historical, are forward-looking statements within the meaning of the 
      Private Securities Litigation Reform Act of 1995, including Pegasus 
      Gaming Corp.'s beliefs, expectations, hopes or intentions regarding the 
      future. All forward-looking statements are made as of the date hereof 
      and are based on information available to the parties as of such date. 
      It is important to note that the actual outcome and the actual results 
      could differ materially from those in such forward-looking statements. 
      Factors that could cause actual results to differ materially include 
      risks and uncertainties, such as technological, legislative, corporate, 
      financial and marketplace changes.
    
  
Pegasus Gaming Corp. (Pink Sheets:PGGG)
(http://www.PegasusGaming.com), a European Facing Turn Key I-gaming
platform solution and e-commerce services provider, is pleased to
announce the following corporate updates as on going concerns.

   The company has been engaged in several negotiations for the past
few months, on potential licensing contracts. The company is pleased
to report that these negotiations are in their final stage of closing,
and will provide more details to the shareholders upon available.

   The company is in the final stage of closing on an
equity-financing package worth US $1.5 million dollars. Upon closing
on the financing, the company will be able to fulfill some of its
financial commitments pertaining to executing its business plans.

   "The online gaming Industry has hit full stride and Pegasus Gaming
is now positioned to take full advantage of this growing trend,"
stated Pegasus Gaming President & CEO, David Cheng. "With recent
announcements of United Kingdom and Italy's intentions to initiate
plans on regulating the Internet Gaming industry in their countries,
this could not have come at a better time for Pegasus to truly
establish itself as a major player in the online gaming sector in the
European Continent."

   The above statements in regard to Pegasus, which are not purely
historical, are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including Pegasus
Gaming Corp.'s beliefs, expectations, hopes or intentions regarding
the future. All forward-looking statements are made as of the date
hereof and are based on information available to the parties as of
such date. It is important to note that the actual outcome and the
actual results could differ materially from those in such
forward-looking statements. Factors that could cause actual results to
differ materially include risks and uncertainties, such as
technological, legislative, corporate, financial and marketplace
changes.