Progressive Gaming Completes Public Offering of 20 Million Shares of Common Stoc

After giving effect to the repayment of debt described above, the Company will have approximately $30 million of Senior Secured Notes outstanding which will incur net annual interest expense of approximately $4 million compared to annualized interest expense of approximately $8 million to $10 million in prior periods.

Reflecting the completion of the equity financing (but not including, the exercise of the underwriters’ over allotment option for up to 3 million additional shares), the Company has approximately 62 million shares outstanding.

Russel McMeekin, President and Chief Executive Officer of Progressive Gaming International Corporation, commented, “Our ability to significantly de-leverage our balance sheet marks an important milestone for Progressive. Over the last three years Progressive has transformed itself from a company focused largely on domestic displays and signage to a leading global provider of innovative systems and related technology for the gaming industry. Our products were very enthusiastically embraced by customers at the recently concluded Global Gaming Expo in Las Vegas and we anticipate growing momentum for our installed base of systems solutions for the gaming industry as our customers believe these balance sheet improvements further solidify our ability to continue providing leading technology. With the successful transition of our business and our future efforts now focused on growing our high-margin, recurring revenue systems’ business, Progressive has the lowest level of net debt in the Company’s 10-year history and we believe is solidly positioned to build shareholder value through continued execution, innovation and worldwide growth.”

Heather Rollo, Executive Vice President and Chief Financial Officer of Progressive Gaming International Corporation, commented, “With the significant reduction in our net debt position we’ve greatly improved the Company’s capital structure and now have the appropriate financial flexibility to pursue long-term growth opportunities for our high-margin recurring revenue systems business. Additionally, we believe our current net debt to equity ratio will provide the Company with more attractive opportunities to address the balance of its outstanding debt in early 2008.”

Roth Capital Partners, LLC and Sterne, Agee & Leach, Inc. were the underwriters of this offering.

About Progressive Gaming International Corporation?

Progressive Gaming is a leading supplier of integrated casino and jackpot management system solutions for the gaming industry worldwide. This technology is widely used to enhance casino operations and drive greater revenues for existing products. Progressive Gaming is unique in the industry in offering casino management and progressive systems in a modular yet integrated solution. Products include multiple forms of regulated wagering solutions in wired, wireless and mobile formats. There are Progressive Gaming products in over 1,000 casinos throughout the world. For further information, visit

Safe Harbor Statements under the Private Securities Litigation Reform Act of 1995. This release contains forward-looking statements, including statements concerning the expected use of proceeds from the completed offering, the underwriters’ exercise of their over-allotment option, including the effect of such exercise on the Company’s capitalization, anticipated reductions in the Company’s annual net interest expense, customer reaction to Company products at the Global Gaming Expo and the uses of proceeds from this offering, anticipated growing momentum for the Company’s installed base of systems solutions, the Company’s ability to build shareholder value and the financial flexibility to pursue long-term growth opportunities, and expected opportunities to address the Company’s remaining outstanding debt in early 2008. Such statements are subject to certain risks and uncertainties, and actual circumstances, events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include, but are not limited to, the risk that the Company’s net interest expense may not be reduced to anticipated levels, the risk that the Company may not refinance its remaining outstanding debt when expected, or at all, the risk that refinancing alternatives may not contain terms and conditions as favorable to Progressive Gaming as anticipated in this release, the risk that the underwriters may not exercise their over-allotment option, the risk that the anticipated benefits of the transaction may not materialize to the extent expected, or at all, risks related to delays in the approval, introduction, installation and customer acceptance of new products, the risk that Progressive Gaming may not successfully resolve any outstanding legal matters, risks related to the integration of VirtGame's and EndX's technology with Progressive Gaming's products, the status of rights licensed from content providers, risks related to the Progressive Gaming's ability to enforce and develop its intellectual property rights, including rights licensed from third parties, the risk that patents may exist of which Progressive Gaming is not aware, or that existing patents may provide benefits to third parties beyond those anticipated by Progressive Gaming, Progressive Gaming's ability to meet its capital requirements, relationships with casino operators, the overall industry environment, customer acceptance of Progressive Gaming's new products, further approvals of regulatory authorities, adverse court rulings, production and/or quality control problems, the denial, suspension or revocation of privileged operating licenses by governmental authorities, competitive pressures and general economic conditions as well as Progressive Gaming's debt service obligations. For a discussion of these and other factors which may cause actual events or results to differ from those projected, please refer to Progressive Gaming’s most recent annual report on Form 10-K and quarterly reports on Form 10-Q, as well as other subsequent filings with the Securities and Exchange Commission. Progressive Gaming cautions readers not to place undue reliance on any forward-looking statements. Progressive Gaming does not undertake, and specifically disclaims any obligation, to update or revise any forward-looking statements to reflect new circumstances or anticipated or unanticipated events or circumstances as they occur.

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