Bingo.com, Inc. Announces Debenture Conversion into Share Capital.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--April 19, 2004 Bingo.com, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : BIGR), operator of the Internet's pre-eminent bingo portal, announced the completion of the conversion of Debenture "A" and the accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. thereon into share capital of the Company. The Debenture "A" of $1,250,000 was converted into 10,000,000 shares of the company at a rate of $0.125 per share. In addition the accrued interest of $400,667 on Debenture "A" was converted in 2,003,334 shares of the Company at a rate of $0.20 per share. "This will significantly reduce our interest expense and reduce our stockholders deficit," remarked Tarrnie Williams, the Company's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Donald Curtis, the Managing Director of Bingo, Inc., the holder of the debenture, commented: "We are very pleased with the progress made by Bingo.com, Inc. over the past two years and are therefore converting the Debenture "A" and the accrued interest thereon, into common shares of the Company. We look forward to future progress of the Company especially considering it's significant potential should the UK pass it's Internet Gambling Bill, currently under consideration." About Bingo.com, Inc. Bingo.com, Inc. operates the popular web portal See portal. www.bingo.com offering free games This article is about Free games. For other uses, see Free games (disambiguation). Free games are video games which are free software and contain exclusively free content. Because of this they are freely distributable and often cross-platform compatible. including multiplayer bingo, video poker, sweepstakes, slot machines, and more. With over 950,000 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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 provides a "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , filed with the SEC on March 26, 2004 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, Inc. |
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