TransGaming Closes $1,000,000 Financing via CTI Capital

The Company issued 4,000,000 Units as a result of the Offering, which closed earlier today. Priced at $0.25, each Unit was comprised of one (1) common share of TransGaming ("Common Share") and one-half (1/2) common share purchase warrant ("Warrant"). Each full Warrant entitles its holder to purchase one Common Share at a price of $0.40 at any time on or before May 7, 2008. Pursuant to Policy 4.1 of the TSX Venture Exchange Corporate Finance Manual, the Common Shares have been legended with a hold period of four months.

In consideration for its services, CTI received a corporate finance fee of $20,000 (plus applicable taxes) and broker warrants giving it the right to acquire 400,000 Common Shares at a price of $0.25 per Common Share at any time on or before May 7, 2008. CTI also shared a cash commission of $96,075 with members of the selling group, which included Blackmont Capital Inc., Canaccord Capital Corp., CIBC World Markets, Desjardins Securities Inc., Haywood Securities Inc., MacDougall MacDougall & MacTier Inc., Raymond James Financial Inc., and RBC Dominion Securities Inc.

TransGaming expects to use the net proceeds of the Offering for working capital purposes.

About TransGaming Inc.

TransGaming is a leader in the development of software portability products that allow game developers and publishers to develop games for one system and deploy them across multiple platforms. The platforms supported range from Linux, Mac to Xbox(R), PlayStation 2, and next generation systems. TransGaming is a registered Microsoft Xbox developer and a licensed Sony PlayStation 2 and PlayStation Portable developer.

TransGaming is headquartered in Toronto, Canada and maintains a research and development center in Ottawa, Canada. More information about the company can be obtained at www.transgaming.com.

The TSX Venture Exchange does not accept the responsibility for the adequacy or accuracy of this release. Website: www.transgaming.com