August 15, 2008
ANGUILLA, B.W.I., August 15, 2008 / Bingo.com, Ltd. (OTC BB: BNGOF), operator of the popular online gaming community http://www.bingo.com, believes it important to provide it’s shareholders and the public with information of a material nature caused by important changes that have come into effect as a result of changes to regulations implemented by the British Columbia Securities Commission (“BCSC”).
On May 13, 2008, the BCSC enacted its rule 33-705: “Conditions of Registration for Investment Dealers that Trade in the U.S. Over-the-Counter Markets”. In essence, this change will require British Columbia securities dealers who wish to continue to trade in United States Over-the-Counter (“OTC”) securities to be subject to additional regulatory scrutiny and documentation. For those British Columbia securities dealers who are not willing to subject themselves to such additional regulation, the BCSC will require a written undertaking that they will not trade in OTC securities.
Additionally, it is likely that some Canada-wide banking institutions and securities dealers will, due to the cost of the extra regulatory burden, elect to stop dealing with OTC securities not just in British Columbia but across Canada.
If securities dealers either in British Columbia or across Canada, choose to provide the BCSC with the undertaking not to trade in OTC securities, they will then require their clients, irrespective of the quality of the company trading on the OTC, to cease holding or trading in these securities. Over the next several weeks many of Bingo.com’s shareholders will be required by these securities dealers to find an alternative securities dealer to hold or trade their shares. We expect that the deadline for moving these shares will vary depending upon the particular securities dealer.
While Bingo.com, Ltd. is, and has been for many years, a fully reporting and compliant issuer, it is believed by Bingo.com, Ltd. management that, if British Columbia and Canadian securities dealers opt to provide the BCSC with an undertaking not to trade in OTC shares, such a decision will cause considerable disruption in the regular trading of the Company’s shares.
For full details of the Company’s operations and financial results, please refer to the Securities and Exchange Commission website at www.sec.gov or the Bingo.com website at http://www.bingo.com.
Bingo.com, Ltd. (OTC BB: BNGOF) is the parent company of the Bingo.com group of companies which operates the popular online gaming community http://www.bingo.com. The Bingo.com group offers multiplayer bingo, slot machines, sweepstakes, and more. Players come together from around the world to chat, share, play and win at Bingo.com. With over 1,900,000 registered users http://www.bingo.com is one of the most recognized and most visited bingo entertainment destinations on the Internet.
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by the company) contains statements that are forward-looking, such as statements relating to anticipated future success of the company. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of the company. For a description of additional risks and uncertainties, please refer to the company’s filings with the Securities and Exchange Commission. Specifically, readers should read the Company’s Annual Report on Form 10-KSB, filed with the SEC on March 28, 2008, and the prospectus filed under Rule 424(b) of the Securities Act on March 9, 2005 and the SB2 filed July 17, 2007, for a more thorough discussion of the Company’s financial position and results of operations, together with a detailed discussion of the risk factors involved in an investment in Bingo.com, Ltd.
For more information contact:
- Henry Bromley
- (264) 461-2646