July 5, 2004
Bingo.com, Inc. announces Elimination of Long Term Debt
VANCOUVER, Canada, July 5th, 2004 / Bingo.com, Inc. (OTC BB: BIGR), operator of the Internets pre-eminent bingo portal, announces the early election to convert Debenture “B” and the accrued interest thereon into share capital of the Company by the holders of Debenture “B” in accordance with the Debenture “B” agreement.
The holders of Debenture “B” elected on July 2, 2004 to convert the Debenture “B” of $145,000 into 966,667 shares of the company at a rate of $0.15 per share and to convert the accrued interest of $34,895.36 on Debenture “B” into 174,477 shares of the Company at a rate of $0.20 per share.
“The conversion of this Debenture now removes our long term debt, thereby significantly reducing our interest expense and our stockholders deficit”, remarked Tarrnie Williams, the Companys President and CEO.
Bingo, Inc., which held $50,000 of Debenture B, now holds a total of 12,696,831 shares of Bingo.com, Inc. or 52% of the Company, which it holds for investment purposes.
“We continue to be pleased with the progress being made by Bingo.com, Inc. and our investment therein”, remarked Donald Curtis, Managing Director of Bingo, Inc. “We look forward to future progress of the Company especially considering its huge potential.”
For more information contact:
- Henry Bromley
- (264) 461-2646