BGII BGI Inc (GM)

BGI, Inc. (Pink Sheets: BGII) today announced that it has closed on the sale of its 24.9% interest in Bright Serve, LLC for $298,800. The Company expects to recognize a gain on the sale of approximately $178,000 in the fourth quarter. The gain is the amount the sales price exceeds the company�s basis in the investment as adjusted for the Company�s share of Bright Serve�s operating losses. The Company purchased the investment in January 2006 for $249,000. Bill Schwartz, CEO, commented, �While we didn�t intend our investment in Bright Serve to be short term, we believe it is in the Company�s best interest to accept a 20% cash on cash return now rather than wait several years to start receiving a return on our investment.� Statements that BGI may publish, including those in this announcement that are not strictly historical, are "forward-looking" statements made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently unreliable and actual results may vary. Factors which could cause actual results to differ from these forward-looking statements include but are not limited to changes in the competitive marketplace, changes in the regulatory environment and economic conditions. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. About BGI, Inc. BGI, Inc. (http://www.bgicorp.com) is a gaming company that designs, distributes and markets sweepstakes-driven gaming products. The Company�s primary product -- the Lucky Strike phone card machine � uses a sweepstakes game as an incentive to help sell phone cards. BGI, Inc. was founded in 1994 and has offices in Austin, Texas. The Company currently trades on the OTC Pink Sheets under the symbol BGII. BGI, Inc. (Pink Sheets: BGII) today announced that it has closed on the sale of its 24.9% interest in Bright Serve, LLC for $298,800. The Company expects to recognize a gain on the sale of approximately $178,000 in the fourth quarter. The gain is the amount the sales price exceeds the company's basis in the investment as adjusted for the Company's share of Bright Serve's operating losses. The Company purchased the investment in January 2006 for $249,000. Bill Schwartz, CEO, commented, "While we didn't intend our investment in Bright Serve to be short term, we believe it is in the Company's best interest to accept a 20% cash on cash return now rather than wait several years to start receiving a return on our investment." Statements that BGI may publish, including those in this announcement that are not strictly historical, are "forward-looking" statements made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently unreliable and actual results may vary. Factors which could cause actual results to differ from these forward-looking statements include but are not limited to changes in the competitive marketplace, changes in the regulatory environment and economic conditions. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. About BGI, Inc. BGI, Inc. (http://www.bgicorp.com) is a gaming company that designs, distributes and markets sweepstakes-driven gaming products. The Company's primary product -- the Lucky Strike phone card machine - uses a sweepstakes game as an incentive to help sell phone cards. BGI, Inc. was founded in 1994 and has offices in Austin, Texas. The Company currently trades on the OTC Pink Sheets under the symbol BGII.