Bingo.com, Ltd.
OTC Bulletin Board : BNGOF

Bingo.com, Ltd.

September 02, 2010 19:59 ET

Bingo.com Announces Purchase of Domain Name Payments

ANGUILLA, BRITISH WEST INDIES--(Marketwire - Sept. 2, 2010) - Bingo.com, Ltd. (OTCBB:BNGOF), owner of the popular online gaming community http://www.bingo.com, today announced the purchase of the remaining Domain Name payments connected with the top level domain www.bingo.com as contemplated in the Asset Purchase Agreement dated January 18, 1999 (and subsequent amendments) from Bingo, Inc. Prior to this transaction, the Company was required to make ongoing payments to Bingo, Inc. at the rate of 4% of gross revenue until December 31, 2098 to complete the original purchase. The Company engaged an independent valuation company, Evans & Evans, Inc., to determine the present fair market value of the remaining Domain Name payments. In the opinion of Evans & Evans, Inc., the valuation ranged between $1.4 and $1.6 million.

The price paid to Bingo, Inc. was the sum of $900,000, payable in common shares of Bingo.com, Ltd., issued at the rate of $0.15 per share. As a result, a total of 6,000,000 shares have been issued to Bingo, Inc. With this payment, Bingo, Inc.'s shareholding will increase to 29.6% of the 63,877,703 shares issued and outstanding. (28.68% on a fully diluted basis). Upon closing, Bingo.com, Ltd. will have acquired all remaining rights to the www.bingo.com domain name from Bingo, Inc. and will have no further payments owing.

"The successful acquisition of the remaining Domain Name payments owing to Bingo, Inc., at a substantial discount to the independent valuation, is another step in simplifying the operations of Bingo.com and a further strengthening our Balance Sheet," said Tarrnie Williams, the Company's CEO.

The Company had $2,227,660 cash, no long-term liabilities, and a working capital of $2,140,933 as at June 30, 2010.

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.

About Bingo.com

Bingo.com, Ltd. (OTCBB:BNGOF) is the parent company of the Bingo.com group of companies which own the popular online gaming community http://www.bingo.com. The Bingo.com website 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 1,990,000 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-K, filed with the SEC on March 31, 2010, 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.

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