Bingo Nation Inc.

May 01, 2017 22:22 ET

Bingo Nation Announces Board and Management Departures

LAS VEGAS, NEVADA--(Marketwired - May 1, 2017) - Bingo Nation Inc. (OTC:BLTO) (the "Company") announces the departure of Richard G. Hill and David Matheson from the Board of Directors, including David Matheson from executive offices of President and Chief Executive Officer of the Company, who each disavow and repudiate their previously announced appointments for the following circumstances.

David Matheson commented: "We were simply not informed whatsoever by Mr. Coleridge at the time he acted as sole director and officer of the Company of certain apparent dealings involving the principals of Lexington Ridge Holdings Ltd. a British Columbia corporation (Inc. No.: BC0870105), including Curtis Lehner and Daniel Baxter ("Lexington"). It appears that from or about April 1, 2014 beginning with a purported convertible debt obligation incurred by the Company with Lexington, when it was conducting its business as 'Indie Growers Association', that a series of unexplained debt assignments have lead from Lexington to an unannounced debt conversion of the debt in the amount of $469,370 originating with Lexington into 23,468,500 shares of the Company's common stock on or about February 18 to 21, 2017. It further appears that on March 8th, 2017 an 8K disclosure was filed without notice to the Board. The debt conversion appears to have been effected by or on the behalf of five effectively anonymous off-shore companies, and appears to have facilitated those in control of such companies with opportunity to carry out potentially manipulative transactions in Bingo Nation's common stock as stated in the previously announced April 12, 2017 temporary suspension Order issued by the Securities and Exchange Commission."

As previously announced on March 31, 2017 Mr. Coleridge's resignation will take effect upon the final approval date of the Company's forthcoming March 31, 2017 yearend financial statements.

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