Bingo, Inc. Purchases $750,000 Debenture From RedRuth Ventures Inc.

Debt Holder Increases Position

VANCOUVER, Canada, May 28, 2002 / Bingo.com, Inc. (OTCBB: BIGR), operator of the Internet’s pre-eminent bingo portal, today announced that Bingo, Inc., an unrelated company, has purchased the $750,000 debenture previously held by Redruth Ventures Inc.

Bingo, Inc. now holds 100% of the $1,250,000 convertible debenture dated April 16, 2001.

We are pleased with the progress that Bingo.com has been making, commented Donald Curtis, Managing Director of Bingo, Inc. Their cost cutting measures have proven successful, and we are excited about the future.

Continue reading

Bingo.com, Inc. Sells Skill-Bingo

CYOP CYOP Systems International Inc. Acquires Ownership of BiG’r Bingo, Bingo.com Retains Perpetual License

VANCOUVER, Canada, May 24, 2002 / Bingo.com, Inc. (OTCBB: BIGR), operator of the Internet’s pre-eminent bingo portal, today announced the sale of their skill-based bingo game, BiG’r Bingo. CYOP Systems International Inc. (CYOP) has acquired all rights to the BiG’r Bingo game including the software, the web site located at www.bigrbingo.com, the trademark “BiG’r Bingo”, and rights and responsibilities to the BiG’r Bingo customer database.

Continue reading

Bingo.com, Inc. Retires Outstanding Warrant Held by RedRuth Ventures Inc.

Company Cancels Warrant for 7,200,000 Shares Convertible at $0.25

VANCOUVER, Canada, May 14, 2002 / Bingo.com, Inc. (OTCBB: BIGR), operator of the Internet’s pre-eminent bingo portal, today announced its financial results for the three months ended March 31, 2002. All amounts are presented in United States dollars and in accordance with United States Generally Accepted Accounting Principles.

Continue reading

Bingo.com Announces First Quarter Results

Results show improvement in working capital and cash flow

VANCOUVER, Canada, May 14, 2002 / Bingo.com, Inc. (OTCBB: BIGR), operator of the Internet’s pre-eminent bingo portal, today announced its financial results for the three months ended March 31, 2002. All amounts are presented in United States dollars and in accordance with United States Generally Accepted Accounting Principles.

Bingo.com, Inc. (the “Company”) ended the first quarter of 2002 with total revenue of $237,000, a 59% decrease over revenue of $583,000 for the same period in the previous year. The majority of the Company’s revenue was earned from the sale of advertising on its Web portal, www.bingo.com, which experienced strong traffic during the quarter.

Continue reading

Bingo.com Announces Fourth Quarter and Year End Results

VANCOUVER, Canada, April 3, 2002 / Bingo.com, Inc. (OTC BB: BIGR), operator of the Internet’s pre-eminent bingo portal, today announced its financial results for the fourth quarter and year end December 31, 2001. All amounts are presented in United States dollars and in accordance with United States Generally Accepted Accounting Principles.

Bingo.com, Inc. (the “Company”) ended the 2001 year with total revenue of $1,734,000, a 55% increase over the previous year’s revenue of $1,200,000. Revenue for the fourth quarter of 2002 decreased to $343,000 from $514,000 a year earlier, a drop of 33%. The majority of the Company’s revenue was earned from the sale of advertising on its Web portal, www.bingo.com, which experienced strong traffic throughout the year.

Operating costs before interest, depreciation and amortization expenses dropped significantly in 2001 to $1,776,000, from $2,993,000 for the prior year, a decline of 41%. Operating costs before interest, depreciation and amortization expenses were $252,000 for the quarter ended December 31, 2001, a reduction of 46% compared to costs of $471,000 for the same period in the prior year. The significant decrease in operating costs compared to the prior year demonstrates the effectiveness of the Company’s efforts to reduce expenses in the latter half of fiscal 2001. Interest, depreciation and amortization totaled $745,000 and $149,00 for the year and quarter ended December 31, 2001, respectively, compared to $584,000 and $201,000 for the year and quarter ended December 31, 2000, respectively.

The Company ended the 2001 year with a net loss of $1,879,000, or $0.18 per share, a per share improvement of 45% compared to a loss of $3,335,000 or $0.33 per share for the prior fiscal year. The net loss for the quarter ended December 31, 2001 amounted to $301,000, or $0.02 per share, a 60% improvement over the per share loss of $0.05 for the same period in the prior year, a loss of $584,000.

Continue reading