Bingo.Com Announces North American Strategy.TALLAHASSEE, Fla.--(BUSINESS WIRE)--July 21, 1999-- Bingo.com Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:BIGG), the Internet Company which is developing the world's first bingo-based entertainment/lifestyle portal and on-line bingo game, has created a definitive strategy to deal with the uncertainties of the pending Kyl Bill which has recently been passed by the Senate Judiciary Committee The U.S. Senate established the Committee on the Judiciary on December 10, 1816, as one of the original 11 standing committees. It is also one of the most powerful committees in Congress; among its wide range of jurisdictions is investigation of federal judicial nominees and oversight of . The Kyl Bill is an extension of the 1961 Wire Communications Act The establishment of the Federal Communications Commission (FCC) in 1934, the regulatory body for interstate and foreign telecommunications. Its mission is to provide high-quality services at reasonable cost to everyone in the U.S. on a nondiscriminatory basis. and would make illegal the provision of internet gaming to U.S. residents. Bingo.com's President, Shane Murphy, commented: "Management has a fiduciary responsibility to its shareholders to carefully consider and address every aspect of the legal issues surrounding Internet gaming. Bingo.com's legal counsel has strongly recommended that Bingo.com refrain from accepting wagering wa·ger n. 1. a. An agreement under which each bettor pledges a certain amount to the other depending on the outcome of an unsettled matter. b. A matter bet on; a gamble. 2. from any country where this activity may be unlawful. "The Company has both a legal and practical obligation to refrain from offering internet wagering to residents of countries where it is prohibited. To do otherwise would be both unlawful and extremely short sighted with potentially dire financial consequences, including: the seizure Forcible possession; a grasping, snatching, or putting in possession. In Criminal Law, a seizure is the forcible taking of property by a government law enforcement official from a person who is suspected of violating, or is known to have violated, the law. of the Company's assets; preventing it from obtaining listing on the Nasdaq Small Cap Marketplace; and deterring prospective advertisers." Bingo.com will go live in all permitted jurisdictions with its wagering version of Bingo by July 31, 1999, as previously announced. An on-line and off-line advertising campaign is scheduled to begin in Europe in August. It is estimated that the internet gaming market represented by these legal jurisdictions is greater than that of North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . In order to exploit the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. internet market in the face of the Kyl Bill, Bingo.com is now in the process of developing a free (non-wagering) Bingo game for the North American market which will host cash prizes and exciting giveaways including vehicles, watercrafts, vacation packages, cruises, clothing, merchandise and various other products and services. Free game sites featuring the game of Bingo are currently ranked in the top 30 of the most-visited sites on the web. Bingo.com is currently negotiating with a number of multi-national companies which have expressed interest in providing product in exchange for viewership view·er·ship n. The people who watch a television program or motion picture: a largely male viewership. . In addition, similar to television game shows, advertisers will have the opportunity to purchase the right to become, and be represented as, the exclusive supplier to the site in their category of product or service. As the holder of the "Bingo.com" domain name, management continues to believe that the Company will have a tremendous competitive advantage in the on-line Bingo market (both wagering and non-wagering) which should enable it to capture a dominant share of the internet audience. Larger audiences will increase the demand for advertising real estate on the Bingo games and on the Bingo.com site and will translate into increased corporate advertising revenue. Gaming analysts predict that the worldwide gaming business will exceed $4,500,000,000 in revenue within two years. Management believes that Bingo.com is uniquely positioned to become the premier bingo gaming and portal site Noun 1. portal site - a site that the owner positions as an entrance to other sites on the internet; "a portal typically has search engines and free email and chat rooms etc. in the world. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , particularly as related to the business plans of the Company, within the meaning of Section 27A of the Securities Act of 1933 and Sections 21E of the Securities Exchange Act of 1934, and are subject to the safe harbour created by these sections. Actual results may differ materially from the Company's expectations and estimates. On behalf of the board of Directors Shane Murphy, President and Director |
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