GREENSBORO, N.C., Nov 24, 2004 (BUSINESS WIRE) -- Galactic Gaming, Inc., (OTC:GAMX), announced today that its board of directors has approved a 1-for-20 reverse split, under Nevada law, of all the Company's Common Stock, decreasing the Company's authorized shares from one billion to 50 million shares and correspondingly decreasing the issued and outstanding shares of common stock to 22.45 million total shares post-split. In addition, the board of directors approved a 1-for-20 reverse split of the Company's Class C Preferred super voting stock thereby decreasing the authorized shares of Class C Preferred stock from 5 million to 250,000 shares.
The reverse stock split will become effective and apply to shareholders of record and all shares with voting rights, immediately prior to the open of trading on the Pink Sheets on December 9, 2004. Upon the effectiveness of the reverse stock split, 20 shares of GAMX.PK Common Stock will be converted and reclassified as one share of post-split Common Stock, and each existing stock certificate will represent one-twentieth the number of shares shown thereon. Fractional shares will be rounded up.