MARINA DEL REY, Calif., April 24 /PRNewswire Interactive News Release/ --
Bingo.com, Inc. (OTC Bulletin Board: BIGR) announced that they have entered
into a definitive agreement financing arrangement between the company, Redruth
Ventures (RRV) and Bingo, Inc (BI). BIGR also announces that the financing
talks with Bounceback Technologies have terminated.
The financing will see Bingo.com, Inc. issue a convertible debenture to
RRV & BI in the amount of $1,250,000.00 due 3 years from the closing date with
12% interest payable annually. Additional terms of the debenture will include
the right by RRV & BI to convert in to common shares of BIGR at the fixed
price of $0.125 per share, BIGR will issue warrants giving RRV & BI the right
to purchase an additional $3,000,000 worth of BIGR shares at a fixed price of
$0.25 per share.
Shane Murphy the current Chairman, CEO and President of BIGR is pleased to
announce the planned appointment of two new board members Mr. Mitch White and
Mr. Randy Peterson. Mr. White is currently the founder and CEO of Cyop
Systems International. Cyop is a software company developing e-commerce
platforms for pay to play sites on the Internet. Mr. Peterson comes to
Bingo.com with over 26 years experience as a police officer. Mr. Peterson is
a recognized authority in matters related to Internet gaming and pay to play
business practices.
Shane Murphy, CEO of Bingo.com, said, "We believe the financing gives us
the stability we need to execute our business plan. Our revenue streams will
continue to include advertising, data base management, software licensing and
the Company's soon to be released pay to play initiatives. Although it is our
expectation that all revenue streams will show meaningful growth over the
coming year our particular focus will be the development and launching of
several pay to play initiatives."
"This financing allows us to broaden our scope by introducing new games
and other entertainment offerings. We believe that the downturn in the market
has created extremely good value opportunities for the acquisition of content
and revenue at the right price. We believe this is an ideal strategic move to
leverage and expand our business model as the stickiest site on the Web."
It should be noted that the Company has not changed its trading symbol.
Nasdaq has added an E to our trading symbol to denote a late filing of our
10K. The Company anticipates this filing will be done within 30 days.