Bingo.com Ltd., owner of the popular online gaming brand bingo.com, purchased of the remaining Domain Name payments connected with the top level domain bingo.com as stated and mentioned in the Asset Purchase Agreement dated January 18, 1999 from Bingo Inc. (source: Reuters.com). The Company was required to make ongoing payments to Bingo Inc. at 4% of gross revenue until December 31st 2098 to
complete the original purchase.
Evans & Evans, Inc. was engaged to provide a fair market value of the remaining Domain Name payments. This resulted in a valuation of between $1.4 and $1.6 million.
The agreed and negotiated payment ended up at $900,000 to Bingo, Inc. payable in common shares of Bingo.com Ltd., $0.15 per share resulting in 6,000,000 shares being issued to Bingo Inc.
Following this payment, Bingo Inc.'s shareholding will increase to 29.6% of the 63,877,703 shares issued and outstanding.
"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, Bingo Ltd CEO.
This deal allowed Bingo.com Ltd. to acquire all remaining rights to the bingo.com domain name from Bingo Inc. which willnow own all rights associatd to the later.
Full details of the Company's operations and financial results, can be foound at bingo.com.