Bingo.com Licenses Game Technology
Monday, November 1st, 1999, Antigua, – Bingo.com (Antigua) Inc. (parent company: OTC BB:BIGR) today announced that it has reached a non-exclusive agreement to license its proprietary Bingo game technology to Paramount Trading Inc. in exchange for licensing and royalty revenue.
Paramount Trading Inc. runs a variety of entertainment-based games, including BingoHour. BingoHour offers large jackpots on the Internet, currently at $100,000 for the coverall game every Saturday, and runs six games an hour, 24 hours a day, seven days a week. BingoHour is currently in the process of launching its first foreign language site and, thereafter, intends to add a new language site every few weeks to expand international access to its games.
The CEO of BingoHour, Baron Menzel, stated “BingoHour is one of the most profitable bingo sites in the world and we recognize the growing demand for online Bingo. Our deal with Bingo.com to launch our second Bingo game will allow us to offer a greater variety of games. In addition, our users have indicated strong interest in playing a higher caliber game and our agreement with Bingo.com will provide us with this new game. This relationship should be profitable for both parties. We are currently enjoying strong, stable revenue and the Bingo.com game should increase future revenue. We are looking forward to working with Bingo.com on future projects.”
Bingo.com’s President and CEO, Shane Murphy, commented “The signing of this license agreement is a significant corporate milestone for Bingo.com, evidencing further recognition of our proprietary gaming technology. The agreement also underscores one of the key tenets of our corporate strategy: to establish revenue through the licensing of our Bingo technology. Paramount is a well-established, profitable company with a significant following among the Internet bingo players. We are confident that this agreement will be financially rewarding. The agreement should also increase our profile as the starting point for all online Bingo action, in accordance with our goal to become the most recognized and frequently visited Bingo destination in the Internet world.”