Bingo.com, Ltd. (OTCBB: BNGOF), operator of the World's Largest Bingo Hall, announced today that in response to the passage of the new United States legislation aiming to prohibit online gambling to United States citizens and residents that Bingo.com has sold it's United States online gambling business in its entirety. Included in the transfer is the complete database of real money players, all historical data relating to the wagering of the real money players, and the gaming servers required to operate the business. While the terms of the deal are undisclosed, Bingo.com will receive payment of $1,200,050.00 United States Dollars at a variable rate over the coming months.
As previously stated, Bingo.com will be focusing all future business expansion in the European markets such as the United Kingdom, Italy and other Internet gaming friendly jurisdictions. These countries have either passed, or are passing legislation legalizing and regulating Internet gaming.
Bingo.com has provided free bingo to it's large constituency of United States players for over six years, and has decided to continue to provide them with this service so they may continue to enjoy many hours of entertainment online at www.bingo.com.
"In light of the new legislation, Bingo.com will be exiting the United States online gambling market completely," commented Tarrnie Williams, CEO. "The sale of our United States gambling business in this manner is the best possible action for the Company as we prepare for our targeted launch in the United Kingdom and other international jurisdictions. The loss of our gaming revenue, while largely replaced by the proceeds of sale of the business, will affect our profitability in the short term," remarked Mr. Williams. "However, the Company feels that with the URL www.bingo.com, we will have success offering our games in any market where bingo is played."
About Bingo.com
Bingo.com, Ltd. operates the popular web portal www.bingo.com offering free and cash games world wide including multiplayer bingo, video poker, sweepstakes, slot machines, and more. With over 1,650,000 registered users and more than 800 new users everyday, www.bingo.com is one of the most recognized and most visited Bingo entertainment destinations on the web.
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 29, 2006, and the prospectus filed under Rule 424(b) of the Securities Act on March 9, 2005, 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.
Contacts: Bingo.com, Ltd. Henry Bromley CFO (264) 461-2646 (604) 694-0301 (FAX) Email: ir@bingo.com Website: www.bingo.com
SOURCE: Bingo.com, Ltd.
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