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Austin-based Littlefield Corp., which bills itself as the largest US operator of charitable bingo halls, has entered into a letter of intent to acquire two bingo halls, the company told GlobeSt.com.

In addition, Littlefield said, it plans to renovate its Austin bingo hall at 1919 E. Riverside Drive later this year and is developing two additional bingo halls in Alabama. Littlefield Amusements also is in the process of deploying 1,000 amusement machines to Alabama while Littlefield Real Estate will undertake a shopping center renovation West Columbia, SC. The corporation operates 19 bingo halls in AL, SC and TX.

Littlefield president Jeffrey L. Minch has declined to provide specific details of the transactions, simply saying one acquisition is located in a new market and the other is situated in a state where Littlefield already has a bingo hall. “The transaction is therefore both strategic and expansionary,” says company officials. “Initial indications are that the transaction conforms to the company’s internal financial return thresholds. The value of the transaction is approximately $5 million.”

The acquisition is subject to agreement between the seller and Littlefield on a definitive purchase and sale agreement, completion of the company’s due diligence, the attainment of third party financing and final board approval, emphasizes Minch. Partial seller financing has been offered. No further disclosures will be issued a definitive agreement is executed and due diligence is completed.

“I caution all observers that this deal is still in a very formative phase and urge extreme caution in basing any investment decisions on this information,” says Minch. Traded on the Nasdaq, Littlefield is engaged in the entertainment, amusement and real estate businesses

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