Bingo Company Closes Private Placement to Raise Funds - 05-24-08

May 24 - Bingo.com Limited, the parent company of the successful Bingo.com group of online gambling sites, has announced that it closed a private placement of two million common shares this week.

The common shares were priced at $0.30 each and essentially contributed to Bingo.com Limited raising over $600,000 in net proceeds.

Tarnie Williams, CEO of Bingo.com Limited said in a statement: "Proceeds from the offering will be used to fund our expansion beyond the United Kingdom market. In the near future, we will be launching a Spanish version of our website and allowing players to deposit in various different major currencies. These initiatives will enable Bingo.com to continue to grow and expand its market share."

http//www.bingo.com is one of the most recognized internet bingo offerings in the industry, and the company boasts over 1,800,000 registered users who regularly visit the group's sites to play their favorite bingo games, or partake in other casino entertainment such as slots, sweepstakes and others.

The shares were privately placed with non-US residents, as permitted under Regulation S exemptions.

Before the passage of the Unlawful Internet Gambling Enforcement Act, Bingo.com was a major force in the US gambling market. After the company's main market collapsed, it sought out other markets across globe, focusing on the bourgeoning United Kingdom online bingo industry.

While its strategies are proving to be good, Bingo.com is still struggling to get back on its feet after the UIGEA crush. In 2007, Bingo.com achieved revenues of $2.37 million and a net loss of $1.43 million.