GAINSCO Rights Offering Declared Effective DALLAS, June 15 /PRNewswire-FirstCall/ -- GAINSCO, INC. (OTC:GNAC) (BULLETIN BOARD: GNAC) today announced that the registration statement for its previously announced common stock rights offering was declared effective on June 15, 2005 by the Securities and Exchange Commission ("SEC"). Under the terms of the rights offering described in the prospectus contained in the registration statement, the Company is distributing non- transferable subscription rights to purchase in the aggregate up to 20,365,000 shares of its common stock at an offering price per share of $0.75 to persons who owned shares of its common stock of record on June 7, 2005. Each such holder of record will be entitled to one non-transferable subscription right for every three shares of common stock owned at the close of business on June 7, 2005. The subscription rights shall be exercisable until 5:00 p.m. ET, August 19, 2005, unless the Company extends the offering. There is no over-subscription privilege in connection with this rights offering. As soon as practicable, the Company expects to mail to holders of its common stock as of the close of business on the record date a prospectus and other items necessary for exercising the rights. The prospectus will contain a description of the rights offering and other information. Questions from shareholders regarding the rights offering or requests for additional copies of the prospectus may be directed to our information agent, Morrow & Co., Inc., at (800) 607-0088. This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. GAINSCO, INC. is a Dallas, Texas-based holding company. The Company's nonstandard personal automobile insurance products are distributed through retail agents in Arizona, California, Florida, Nevada and Texas. Its insurance company subsidiaries are General Agents Insurance Company of America, Inc. and MGA Insurance Company, Inc. Statements made in this release that are not historical facts are forward- looking statements. Investors are cautioned that important factors, representing certain known or unknown risks and uncertainties, could cause actual results to differ materially from those contained in the forward- looking statements, and they should not place undue reliance on such statements. These factors include, but are not limited to, risk factors described in the Company's registration statement filed with the SEC on May 24, 2005, and the factors identified from time to time in the Company's other filings with the SEC, press releases and other communications. A forward-looking statement is relevant only as of the date the statement is made and the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances arising after the date on which the statement was made. DATASOURCE: GAINSCO, INC. CONTACT: Scott A. Marek, Asst. Vice President-IR, +1-214-647-0427, or Richard M. Buxton, Senior Vice President, +1-214-647-0428, both of GAINSCO, INC., Web site: http://www.gainsco.com/

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