ANGUILLA, B.W.I., August 16, 2005 / Bingo.com, Ltd. (OTC BB: BNGOF), operator of
the Internet's pre-eminent bingo portal, today announced its financial results for the second
quarter ended June 30, 2005. All amounts are presented in United States dollars and in
accordance with United States Generally Accepted Accounting Principles.
Bingo.com highlights of the second quarter 2005 include:
- Bingo.com, Inc. completed a merger with its wholly-owned subsidiary
Bingo.com, Ltd. with Bingo.com Ltd. being the surviving corporation. - Completed a non-brokered private placement offering of 1,339,667 common shares
at $0.75 per share which raised gross proceeds of $1,004,750. - Launched its cash bingo games.
- Completed an asset purchase for the popular cash bingo websites
www.winabingo.com and www.groovybingo.com. - Revenue of $457,339, an increase of 85% over revenue of $247,752 in the second
quarter of 2004 and a 13% increase over revenue of $403,551 in the first quarter of
2005. - Second quarter profit of $1,522.00 the fourth consecutive positive quarter