GAAY is not about just
Bingo - focus, big picture; GAAY and sponsors have until late Sept to work this situation out; gambling good
in other countries - Lottery is good in almost all 50 states and that is gambling -
something will give.
No problem in short run - follow Bingo.com's legal counsel not to offer any money for winnings in the US via the internet; no 10,000 in the US at this time ie no dollars - give away
POINTS to be redeemed for "stuff" provided by sponsors; our Bingo will be on television - so we could just offer it on TV in the US, internet to the remainder of the world; Bob Barker offers money and they gamble on TV every day and win money, same deal we are on TV - out of that internet Kyl Bill as it won't be relevant to GAAY; in the US we won't be WIRELESS - we are WIRED to TV, ha. Money in Mexico and Canada equivalent to point valuation and cash in US too via TV BINGO. Always a solution. :)
Remember GAAY is Communicaitons, not just Bingo; BIGG is JUST BINGO, ouch BIGG not always BETTER :)
Thanks for the HEADS UP. Will make inquiry tomorrow. Jacalyn
bingo.com chaning plans;
Business Editors
TALLAHASSEE, Fla.--(BUSINESS WIRE)--July 21, 1999--Bingo.com Inc. (OTC
BB:BIGG), the Internet Company which is developing the world's first bingo-based
entertainment/lifestyle portal and on-line bingo game, has created a definitive strategy
to
deal with the uncertainties of the pending Kyl Bill which has recently been passed by
the
Senate Judiciary Committee.
The Kyl Bill is an extension of the 1961 Wire Communications Act and would make
illegal the provision of internet gaming to U.S. residents.
Bingo.com's President, Shane Murphy, commented:
"Management has a fiduciary responsibility to its shareholders to carefully consider
and address every aspect of the legal issues surrounding Internet gaming. Bingo.com's
legal counsel has strongly recommended that Bingo.com refrain from accepting
wagering
from any country where this activity may be unlawful.
"The Company has both a legal and practical obligation to refrain from offering internet
wagering to residents of countries where it is prohibited. To do otherwise would be
both
unlawful and extremely short sighted with potentially dire financial consequences,
including: the seizure of the Company's assets; preventing it from obtaining listing on the
Nasdaq Small Cap Marketplace; and deterring prospective advertisers."
Bingo.com will go live in all permitted jurisdictions with its wagering version of Bingo
by
July 31, 1999, as previously announced. An on-line and off-line advertising campaign
is
scheduled to begin in Europe in August. It is estimated that the internet gaming market
represented by these legal jurisdictions is greater than that of North America.
In order to exploit the North American internet market in the face of the Kyl Bill,
Bingo.com is now in the process of developing a free (non-wagering) Bingo game for
the
North American market which will host cash prizes and exciting giveaways including
vehicles, watercrafts, vacation packages, cruises, clothing, merchandise and various
other products and services. Free game sites featuring the game of Bingo are currently
ranked in the top 30 of the most-visited sites on the web.
Bingo.com is currently negotiating with a number of multi-national companies which
have expressed interest in providing product in exchange for viewership. In addition,
similar to television game shows, advertisers will have the opportunity to purchase the
right to become, and be represented as, the exclusive supplier to the site in their
category
of product or service.
As the holder of the "Bingo.com" domain name, management continues to believe that
the Company will have a tremendous competitive advantage in the on-line Bingo
market
(both wagering and non-wagering) which should enable it to capture a dominant share
of
the internet audience. Larger audiences will increase the demand for advertising real
estate on the Bingo games and on the Bingo.com site and will translate into increased
corporate advertising revenue.
Gaming analysts predict that the worldwide gaming business will exceed
$4,500,000,000 in revenue within two years. Management believes that Bingo.com is
uniquely positioned to become the premier bingo gaming and portal site in the world.
This press release contains forward-looking statements, particularly as related to the
business plans of the Company, within the meaning of Section 27A of the Securities
Act
of 1933 and Sections 21E of the Securities Exchange Act of 1934, and are subject to
the
safe harbour created by these sections. Actual results may differ materially from the
Company's expectations and estimates.
On behalf of the board of Directors
Shane Murphy, President and Director
BoardMark MemberMark Ignore Poster Report TOS Violation
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