Bingo.com purchases domain name payments
Bingo.com Ltd, owner of the popular online gaming com-munity www.bingo.com, has announced the purchase of the remaining domain name payments connected with the top level domain www.bingo.com according to the asset purchase agreement of January 18,...
Bingo.com Ltd, owner of the popular online gaming com-munity www.bingo.com, has announced the purchase of the remaining domain name payments connected with the top level domain www.bingo.com according to the asset purchase agreement of January 18, 1999, from Bingo, Inc.
Before this transaction, the company was required to make ongoing payments to Bingo, Inc., at the rate of four per cent of gross revenue until December 31, 2098, to complete the original purchase.
The Bingo.com group offers multiplayer bingo, slot machines, sweepstakes, and more.
With over 1.9 million registered users, www.bingo.com is one of the most recognised and most visited bingo entertainment destinations on the internet.
Bingo.com Bingo, Bingo.com Casino, and Bingo.com Poker are provided by Maria Services Ltd, a subsidiary of and fully owned by Unibet Group plc, a public company incorporated in Malta.
Bingo.com Ltd engaged an independent valuation company, Evans and Evans, Inc., to determine the present fair market value of the remaining domain name payments.
The valuation ranged between $1.4 million and $1.6 million.
The price paid to Bingo, Inc. was the sum of $900,000, payable in common shares of Bingo.com, Ltd, issued at the rate of $0.15 per share.
As a result, a total of six million shares have been issued to Bingo, Inc.
With this payment, Bingo, Inc.’s shareholding will increase to 29.6 per cent of the 63,877,703 shares issued and outstanding (28.68 per cent on a fully diluted basis).
Upon closing, Bingo.com Ltd. will have acquired all remaining rights to the www.bingo.com domain name from Bingo, Inc. and will have no further payments owing.
“The successful acquisition of the remaining Domain Name payments owing to Bingo, Inc., at a substantial discount to the independent valuation, is another step in simplifying the operations of Bingo.com and a further strengthening our balance sheet,” CEO Tarrnie Williams said.
The company had $2,227,660 cash, no long-term liabilities, and a working capital of $2,140,933 as at June 30.