Apr 24, 2001
Bingo.com Announces Financing with RedRuth Ventures INC.& Bingo INC. & Termination of Financing Plan W/Bounceback Technology
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.