EXHIBIT 2
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AMERICAN BINGO ANNOUNCES NAME, TRADING SYMBOL CHANGES
American Bingo & Gaming Corporation announces that it will change its name and
trading symbol effective 15 June 2000. The new name of the corporation will be
Littlefield Corporation and the new trading symbol will be "LTFD".
LITTLEFIELD CORPORATION
LTFD - NASDAQ SMALL CAP MARKET
This change was discussed and a non-binding vote of shareholders was held on 31
May 2000 at the Company's Annual Meeting. The change was supported by an
affirmative vote of 2,370,067 to 42,560 against, with 41,118 abstentions.
The name and symbol change requires final administrative approval from Nasdaq
and will be the subject of a formal Securities and Exchange Commission 8K filing
at the effective date. The new corporate name and the new symbol have
previously been reserved.
The Littlefield name will be used as a brand for the Company's operations and
subsidiaries in the future. The Company's charitable bingo management business
will be referred to as: Littlefield Entertainment. Other lines of business and
subsidiaries will be branded "Littlefield" followed by an identifying
characteristic (e.g. Littlefield Real Estate, Littlefield Ventures, Littlefield
Marine).
In commenting on the name change Jeffrey Minch, the President of American Bingo
offered the following:
""LITTLEFIELD CORPORATION" REPRESENTS A NEW BEGINNING. THE COMPANY HAS
REINVENTED ITSELF IN THE LAST EIGHT MONTHS AND HAS RETURNED TO
PROFITABILITY. THE COMPANY WILL FINISH ITS RELOCATION FROM SOUTH CAROLINA
IN THE NEXT WEEK. THE COMPANY LEAVING SOUTH CAROLINA WAS AMERICAN BINGO.
THE COMPANY ARRIVING IN AUSTIN, TEXAS IS LITTLEFIELD CORPORATION. WE WILL
LEVERAGE THIS SYMBOLISM TO REDEDICATE OUR EFFORTS TO CREATE A PROFESSIONAL,
SOCIALLY RESPONSIBLE ENTERPRISE THAT WILL DELIVER VALUE TO ITS SHAREHOLDERS
AND TO CREATE A COMPANY CULTURE THAT THRIVES ON EXCELLENCE."
American Bingo (to become Littlefield Corporation) is engaged in the development
and operation of charitable bingo halls. Qualified charities are able to fund
their worthy causes by offering consumers entertainment in the form of bingo
games -- subject to strict regulatory oversight -- for which the charities pay
rent to American Bingo (to become Littlefield Entertainment) for the use of the
facility subject to long standing leases. American Bingo (Littlefield
Entertainment) has relationships with over 60 such charities.
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Charities playing in American Bingo (Littlefield Entertainment) halls received
approximately $3,200,000 in 1999 to fund their noble causes.
American Bingo (in the future doing business as Littlefield Entertainment) is
the only public company attempting to strategically consolidate this
$12,000,000,000 arcane, niche industry and is currently the largest public
company operating charitable bingo halls in the United States. American Bingo
(Littlefield Entertainment) operates twenty (20) bingo halls in Texas, Alabama
and South Carolina and is currently developing two (2) new bingo halls in
Alabama that will commence operations in 2000.
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