|Bingo.com, Ltd., operator of the Internet's pre-eminent bingo portal, has announced its financial results for the second quarter ended June 30, 2005. All amounts are presented in United States dollars and in accordance with United States Generally Accepted Accounting Principles.|
Bingo.com highlights of the second quarter 2005 include among others a merger with its wholly-owned subsidiary Bingo.com, Ltd. with Bingo.com Ltd. being the surviving corporation, a completion of a non-brokered private placement offering of 1,339,667 common shares at $0.75 per share which raised gross proceeds of $1,004,750, and a launch of its cash bingo games.
'Bingo.com's transition from advertising to gaming revenue has begun,' remarked Tarnie Williams, the Company's CEO. 'While only accounting for a small percentage of this quarter's revenue, we anticipate strong growth from our gaming operations moving forward as we continue to phase out the advertising portion of our business.'