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Message: Pegasus Gaming Reports on Corporate Updates

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Pegasus Gaming Reports on Corporate Updates

posted on Oct 04, 06 05:00AM

PHOENIX, Oct 04, 2006 - 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.

SOURCE: Pegasus Gaming Corp.

Pegasus Gaming Corporation

David Cheng, 1-440-445-4336

info@PegasusGaming.com

http://www.PegasusGaming.com