Bingo.com's Primary Creditor to Convert Debt to Common Shares; Conversion Price of $0.125 Per Share for Principal and $0.20 for Interest.Business Editors/Entertainment Editors/Gaming Writers VANCOUVER, British Columbia--(BUSINESS WIRE)--Aug. 1, 2003 Bingo.com, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BIGR), operator of the Internet's pre-eminent bingo portal, today announced that it has concluded an agreement with it's primary creditor, Bingo, Inc., to convert the entire principal and 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. from the $1,250,000 debenture issued April 16th, 2001 into common shares of the Company effective April 16, 2004. As of July 23, 2003, the Company's principal creditor, Bingo, Inc., has agreed to defer current interest due ($281,078 as at June 30, 2003) and future interest payable ($119,589) until April 16, 2004 when the total accrued interest will be paid in common stock of the Company. The Company has agreed, subject to shareholder approval, to reduce the conversion price from $0.25 per share to $0.20 and therefore issue 2,003,334 common shares. The Company agreed to reduce the equity conversion price on interest owing in exchange for a commitment by Bingo, Inc. to convert the principal of the debenture and the accrued interest on April 16, 2004 and that the common stock issued on the conversion need not be registered by the Company until a future, yet to be determined date. Bingo, Inc. has exercised its option to convert the principal amount of the $1,250,000 debenture into 10,000,000 common shares of the Company at the stipulated conversion price of $0.125 per share. The debt conversion date has been set as April 16, 2004. Previously, Bingo, Inc. had the right, but not the obligation, to convert any or all outstanding principal amount into common shares of the Company at a conversion price of $0.125 per share. The common stock that will be issued to Bingo, Inc. upon conversion will be subject to certain resale restrictions, as defined in Rule 144 promulgated prom·ul·gate tr.v. prom·ul·gat·ed, prom·ul·gat·ing, prom·ul·gates 1. To make known (a decree, for example) by public declaration; announce officially. See Synonyms at announce. 2. under the Securities Act of 1933, as amended (the "Securities Act"). The debenture is secured by all the assets of the Company. Bingo.com presently has 11,104,608 common shares issued and outstanding. 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 Video poker is a casino game based on five-card draw poker. It is played on a computerized console which is a similar size to a slot machine. History Video poker first became commercially viable when it became economical to combine a television-like monitor with a , sweepstakes, slot machines, and more. With over 900,000 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 relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc 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. |
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