PGICD Progressive Gaming International (MM)

Progressive Gaming International Corporation (NASDAQ: PGICD) (�the Company�), announced today that�its Board of Directors has appointed Terrance W. Oliver, a member of the Company�s Board of Directors, as the Company�s Interim President and Chief Executive Officer, effective immediately. Mr. Oliver replaces Russel H. McMeekin, who is stepping down to pursue other opportunities. Mr.�Oliver has been a director of the Company since 1988, and served as the Company�s Chairman of the Board of Directors from 1988 to September 1993. Mr.�Oliver served in various executive capacities at nine casino properties from 1973 to 1996, when he retired as Chief Operating Officer of Fitzgeralds Gaming Corporation. He currently serves on the board of managers of Peninsula Gaming Partners, LLC, which operates the Diamond Jo Casino in Dubuque, Iowa, and the Evangeline Downs Racino in Opelousas, Louisiana. The Company also said today that it would fall short of its previously projected 2008 financial guidance for revenues, slot and table management systems installed base, adjusted earnings before interest, taxes, depreciation and amortization and gross margins. Mr. Oliver, Interim President and CEO, said, "Based on current information, and in large part due to the broader economic issues in the United States, it is clear that our financial results for fiscal year 2008 will fall short of our publicly announced guidance. The continuing turmoil in the financial markets and the impact of recent market conditions on the gaming industry in particular, including many of our customers, have resulted in a difficult operating environment for our company. In response to the market conditions, we are aggressively addressing various cost-cutting measures to improve overall financial performance. We expect to begin implementing these measures before the end of the 2008 third quarter period. Our goal is to reduce expenses by an amount sufficient to permit us to generate cash-flows in the near-term. We will continue to keep our stakeholders informed as these cost-cutting initiatives are implemented.� About Progressive Gaming International Corporation� Progressive Gaming is a trusted leader of enterprise gaming solutions and supplier of integrated casino and jackpot management systems 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 www.progressivegaming.net. �2008 Progressive Gaming International Corporation�. All rights reserved. Safe Harbor Statements under The Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, including statements regarding financial results for fiscal year 2008 and cost-cutting initiatives. 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, risks related to the Company�s ability to satisfy the financial and other covenants included in its lending agreements, delays in the approval, introduction, installation and customer acceptance of existing and new products, the risk that markets for the Company�s products are not as large as the Company anticipates or that competing products may reduce demand for the Company�s products, the risk that the on-going relationship related to the sale of the Company's Table Games Division may not provide anticipated benefits, the risk that the Company may not realize expected annual savings from certain cost reduction initiatives, the risk that regulatory approvals may not be obtained when expected, or at all, the status of rights licensed from content providers, risks related to the Company's ability to enforce and develop its intellectual property rights, including rights licensed from third parties, the risk that patents may exist of which the Company is not aware, or that existing patents may provide benefits to third parties beyond those anticipated by the Company, the Company's ability to meet its capital requirements, relationships with casino operators, the overall industry environment, customer acceptance of the Company'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 the Company'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 the Company'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. The Company cautions readers not to place undue reliance on any forward-looking statements. The Company 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.