BGII files record revenues and profits:
(PR Wires) PRW: BGI, Incorporated Announces 3rd Quarter Results
PRW: BGI, Incorporated Announces 3rd Quarter Results
AUSTIN, Texas, Nov. 15 /PRNewswire/ -- BGI, Inc. (OTC Bulletin Board: BGII)
(formerly Bingo & Gaming International, Inc., OTC Bulletin Board: BING), the
Austin-based distributor of prepaid phone cards and the Lucky Strike Prepaid
Phone Card machines which vend them, announced today that it has filed the
Company's Form 10-QSB with the Securities and Exchange Commission for the
third quarter of 1999.
Record revenues of over $3.9 million were realized for the nine months ended
September 30, 1999 and represented more than a 24% increase over the same
period in 1998. Net income for the nine-month period was $189,842, which
exceeded 1998 total yearly income of $126,646 by $63,196 or 49.9%.
"The company is taking its new name, BGI, Inc., and a new ticker symbol,
BGII, into the new millennium reflecting the changing focus of our core
business. We are encouraged by the continued growth of our revenues and are
exploring strategic alliances with Voice Over IP providers to reduce the
cost of providing our long distance service. By packetizing analog voice
signals into digital packets and then transporting them over the internet
significant savings can be realized compared to traditionally switched long
distance," stated CEO Reid Funderburk. "Our internet promotional
sweepstakes site is under construction and should be ready for testing by
year's end. We believe that sales of our phone cards from this new
E-commerce venture will significantly impact the Company's growth."
BGI, Inc. sells, rents, operates and services Lucky Strike Prepaid Phone
Card vending machines. These machines employ a novel marketing concept,
which permits consumers to enter a free promotional sweepstakes offering
cash prizes from $1 to $1000 with every phone card purchase. The company
also operates as a lessor of charity bingo facilities. BGI, Inc. has been a
fully reporting company, since becoming publicly traded on December 15,
1994.
These statements made by BGI, Inc. (BGII) may be forward looking in nature,
particularly as related to the business plans of the Company within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Act of 1934, and are subject to the safe harbor created by these
sections. Actual results may differ materially from projected statements.
BGII believes that its primary risk factors include, but are not limited to
the need for substantial financial requirements; the need to develop
effective internal processes and system; changes in the overall economy;
changes in technology, the number and size of competitors and the mix of
products and services offered in its markets; and changes in the law and
regulatory policy.
For additional information contact Reid Funderburk (rfund@bgicorp.com) or
Rhonda McClellan (rmcclellan@bgicorp.com) at 888-338-0065 or visit the
company's website at www.bgicorp.com.
/CONTACT: Reid Funderburk, or email, rfund@bgicorp.com, or Rhonda
McClellan, or email, rmcclellan@bgicorp.com, both of BGI, Inc.,
888-338-0065/
07:50 EST
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