Littlefield Corporation began as American Bingo & Gaming Corporation, formed in 1994 as a Delaware corporation to pursue the development, ownership and operation of charitable bingo halls in Texas and Alabama, and the operation of gaming enterprises in Texas.

The company's early years were marked by missteps, overly aggressive expansion and poor management.

After going public in December, 1994, the company expanded into Florida in 1995, where it no longer operates, and into South Carolina in 1997.

The company's move into South Carolina was a result of the acquisition of several bingo halls and two gaming operations. These bingo halls suffered from a regulatory environment that was rapidly changing for the worse. As a result of legislative action and a mandate of the South Carolina Supreme Court, the South Carolina gaming operations ceased on June 30, 2000.

During the same time period, the company entered into a variety of expansion efforts in Texas, Alabama and South Carolina. These efforts, which were almost uniformly unsuccessful, resulted in the expenditure of substantial sums of the company's funds.

The company suffered through chaotic changes in leadership since its inception. There have been five separate presidents or CEOs as well as a continuously changing board of directors.

During 1998, the company made the first successful acquisitions it had in some time, purchasing eight bingo centers in Texas. These acquisitions were properly executed and represented the model for such acquisitions as the company's focus returned to growing its charitable bingo management business.

In 1999, Jeffrey L. Minch, who had been an investor in the company, ran out of patience with the company's inefficiency and took control. He first served as a director then was named top executive. Under Minch's guidance, the company underwent a major reorganization, involving an overhaul of the management and a change in industry focus. The objectives, goals and strategies of the company have been refined and focused since this reorganization.

Minch pared a bloated, inefficient corporate staff down to just 10 key employees. No manager or board member has left the company since the reorganization.

To reflect the totality of the change in philosophy and leadership, the name of the company was changed in June, 2000, to Littlefield Corporation.

After Minch successfully completed the turnaround, he began a strategic acquisition program, using his philosophy of Adventure-less Capital™. Within a short period of time, he bought several well-established, profitable, old-economy businesses and began operating them as units of Littlefield Corporation.

These units include:

• Littlefield Hospitality, the goal of which is to operate as a single source for corporate and personal event needs. Businesses included in this unit include Word of Mouth Custom Catering, Premiere Party Rental and Austin Tents and Events. Littlefield plans to expand the concept of this business throughout the Southwest and Southeast United States.

• Littlefield Entertainment, which operates charitable bingo halls in Texas, Alabama and South Carolina. Littlefield will continue to grow this aspect of its business.

• Littlefield Amusements, which operates gaming machine arcades in Alabama. This is not an area of the company Littlefield intends to expand.

• Littlefield Real Estate supports other units of the company through strategic real estate acquisitions. For example, Littlefield Real Estate owns two shopping centers, one in West Columbia, South Carolina, and the other in Abilene, Texas, in which two of the company's charitable bingo halls operate. This unit also owns Littlefield's Austin headquarters building and holds the mortgage on a wedding and event venue near Austin.

Littlefield Corporation's successful turnaround personifies Minch's credo that "risk is diminished and value is created when organization is made from chaos."