Octavian Global Technologies Completes $4,000,000 Private Placement and Converts US $6,500,000 of Debt Into Equity



    LONDON, May 21 /CNW/ - Octavian Global Technologies, Inc. (OTC BB: OCTV)
("Octavian"), a leading provider of total gaming and lottery solutions,
serving Casino, AWP (Amusements With Prizes), Lottery and emerging gaming
market sectors worldwide, announced it entered into a private placement
providing gross proceeds of US $4 million and converted US $6,491,176 of its
outstanding debt into common equity.
    Pursuant to the private placement, the Company issued (a) US $4,395,600
principal amount of Original Issue Discount Convertible Debentures due May 14,
2012 convertible into Octavian common stock at a conversion price of US $3.10,
(b) five-year Common Stock Purchase Warrants to purchase up to 645,161 shares
of Octavian common stock with an exercise price of US $3.10 per share, (c)
seven-year Common Stock Purchase Warrants to purchase up to 645,161 shares of
Octavian common stock with an exercise price of US $4.65 per share and (d)
283,587 shares of Octavian common stock.
    Additionally, Austrian Gaming Industries GmbH ("AGI"), Octavian's
principal supplier of casino gaming machines, agreed to exchange outstanding
accounts payable held against the Company of US $6,491,176 for (a) a
Convertible Debenture with a principal amount equal to US $6,491,176, at a
conversion price equal to US $3.10 which was immediately converted into
2,093,928 shares of Octavian common stock, (b) five-year Common Stock Purchase
Warrants to purchase up to 1,046,964 shares of Octavian common stock at an
initial exercise price of US $3.10 per share, (c) seven-year Common Stock
Purchase Warrants to purchase up to 1,046,964 shares of Octavian common stock
at an exercise price of US $4.65 and (d) 418,786 shares of Octavian common
stock.
    Octavian has 10,812,700 shares of common stock issued and outstanding
immediately following the financing described above.
    The securities issued in the private placement and conversion have not
been registered under the Securities Act of 1933, as amended (the "Securities
Act"), or applicable state securities laws, and accordingly may not be offered
or sold in the United States except pursuant to an effective registration
statement or an applicable exemption from the registration requirements of the
Securities Act and such applicable state securities laws.

    
    About Octavian Global Technologies Inc
    http://www.octavianinternational.com
    

    Established in 2001, Octavian is a leading provider of total gaming and
lottery solutions, serving Casino, AWP (Amusements With Prizes), Lottery and
emerging gaming market sectors worldwide. Octavian-developed solutions, and
also leading third-party products, are marketed under four core solution areas
- OctaSystems, OctaGames, OctaSupplies and OctaLotto. The company currently
has offices and computer centres in the Argentina, Australia, Colombia,
Germany, Italy, Russia, Rwanda, UK, and Ukraine. Through this extensive
network, and also through joint ventures and partnerships across the gaming
world, Octavian systems, games and other solutions are deployed and supported
in more than 30 countries.

    SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS

    This news release contains forward-looking statements, including
statements that include the words "believes," "expects," "anticipates," or
similar expressions. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors that may cause the actual results,
performance, or achievements of the Company to differ materially from those
expressed or implied by such forward-looking statements. Factors that may
affect these forward-looking statements include, among others, our ability to
raise capital, the decisions of third parties over which we have no control,
the state of the telecommunications industry, technological changes and other
factors set forth from time to time in our public statements. This news
release speaks as of the date first set forth above and the Company assumes no
responsibility to update the information included herein for events occurring
after the date of this news release.





For further information:

For further information: Octavian, Helen Hedgeland, +44(0)1483-543-543
or mail H.Hedgeland@octavianinternational.com

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OCTAVIAN GLOBAL TECHNOLOGIES, INC

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