VANCOUVER, Canada, July 5th, 2004 / Bingo.com, Inc. (OTC BB: BIGR), operator
of the Internets pre-eminent bingo portal, announces the early election to
convert Debenture "B" and the accrued interest thereon into share capital of
the Company by the holders of Debenture "B" in accordance with the Debenture
"B" agreement.
The holders of Debenture "B" elected on July 2, 2004 to convert the Debenture
"B" of $145,000 into 966,667 shares of the company at a rate of $0.15 per
share and to convert the accrued interest of $34,895.36 on Debenture "B" into
174,477 shares of the Company at a rate of $0.20 per share.
"The conversion of this Debenture now removes our long term debt, thereby
significantly reducing our interest expense and our stockholders deficit",
remarked Tarrnie Williams, the Companys President and CEO.
Bingo, Inc., which held $50,000 of Debenture B, now holds a total of
12,696,831 shares of Bingo.com, Inc. or 52% of the Company, which it holds
for investment purposes.
"We continue to be pleased with the progress being made by Bingo.com, Inc.
and our investment therein", remarked Donald Curtis, Managing Director of
Bingo, Inc. "We look forward to future progress of the Company especially
considering its huge potential."