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Sunday January 31, 9:00 am Eastern Time
Company Press Release
World's First Free 'Bingo-Based' E-Mail Community and Destination Site Now in Development
TALLAHASSEE, Fla.--(BUSINESS WIRE)--Jan. 31, 1999--Bingo.com (OTC BB:BIGG - news), a high technology Internet Company that is developing the world's first free ''Bingo-based'' e-mail community, announced today that they have finalized the purchase of their domain name www.bingo.com.
The deal was finalized with $200,000 U.S. paid in cash, 500,000 common shares of the company, and an ongoing quarterly payment equal to 4% of the gross revenue of the company with a minimum guarantee of $1,100,000 U.S. dollars.
The destination site is now in development as Bingo.com announced a definitive agreement with the hiring of Stratford Internet Technologies to develop the estimated U.S. $1.3 million portal site.
Robert Craig, president of Stratford Internet Technologies stated: ''Stratford is extremely excited to be working with Bingo.com. The word 'bingo' is an internationally recognized and identifiable word. We expect we can develop a globally accepted destination site on the Internet around this identity.
''With the concept of free e-mail, the company 'Hotmail.com' was sold to Microsoft for a price of U.S. $400 million and looking at the value of domain names, 'shopping.com,' was purchased by Compaq Computers for U.S. $220 million. ''The financial markets this past year, have been dominated by Internet related stocks that have demonstrated incredible gains for investors.
''CNET Inc. (Nasd:CNET - news) has risen from $45 to $105 in the past two months, a gain of 133%; Excite, Inc. (Nasd:XCIT - news) has risen from $25 to $118 1/5, a gain of 374%; Infoseek (Nasd:SEEK - news) has risen from $20 to $78 1/4 over the past four months, a gain of 291%; America Online Inc., (Nasd:AOL - news) has risen from $30 to $175 in the last year, a gain of 483%; Lycos Inc., (Nasd:LCOS - news) has risen from $25 to $137 in four months for a gain of 448%, TheGlobe.com Inc. (Nasd:TGLO - news) has risen from $30 to $66 1/16 in the past two months, for a gain of 120%, Xoom.com Inc. (Nasd:XMCM - news) has risen from $22 to $58 in less than 12 months for a gain of 150%, At Home Corp. (Nasd:ATHM - news) has risen from $40 to $125 in the last 3 months, for a gain of 212%. On Friday, Jan. 29, 1999, Shop at home, Inc. (Nasd:SATH - news) had the number one increase of all Internet stocks, with a gain of 44%, moving up $5.25 to $18 5/8, with a trading volume of 10,959,600 shares.
''We feel that this attention and interest in Internet stocks will only help fuel the interest in Bingo.com. We are glad to be part of the international awareness campaign.''
Bingo.com plans to generate revenues from four distinct revenue streams: 1. Banner advertising revenues. 2. Licensing revenues. 3. Licensing and royalty revenues obtained from proprietary Bingo software technology. 4. Wagering revenues from Bingo games.
Wherever you want to go, Bingo! You're there. Bingo.com will provide Internet users with a destination point or portal site that will be easily recognized as an informative home page. The site will be set up as an information center with free e-mail, free web pages, free news, chat rooms, music, sports, entertainment and lifestyle information in a fun and exciting environment, surrounding the age-old game of Bingo.
Bingo.com is soon to be the home of the ''Million Dollar Jackpots'' and a destination site like no other. The site will offer extensive free downloads, free information and free ''hot links'' with a wide variety of exciting prizes and promotional partnerships, creating a communicative infrastructure of international chat, e-commerce, entertainment and excitement.
Bingo.com will combine the best features of: TheGlobe.com, Geocities.com and Microsoft's Hotmail, all surrounding the most popular game in the world: BINGO. Through an extensive array of media partnerships, once every 24 hours, a surprise jackpot Bingo will be announced with a 30-minute countdown notice.
The company is currently taking applications for registered charities. Twenty-five charities will be chosen each month and will be posted on the buy-in portion of the Bingo site.
At the buy-in station, or point of sale, players will have the opportunity to pick 1 of the 25 charities. A portion of their sale will be donated directly to the charity of their choice. Exclusive charity packages will be made accessible through outside banner placement.
The destination site, ''Bingo.com'' is expected to be operational by Apr. 30, 1999 and will be launched in conjunction with a national radio and media campaign as the world's first free ''Bingo-based'' e-mail/web page community.
Bingo.com will combine news and lifestyle information in a fun and exciting interactive environment surrounding the age-old game of Bingo. For additional company information, contact Michael Curlook toll-free at 877/322-4646.
''Safe Harbor'' Statement Under The Private Securities Litigation Reform Act Of 1995 -- This release may contain forward-looking statements within the meaning of Section 27A of Securities Act of 1933 and Section 21E of The Securities Exchange Act of 1934 including the statement regarding the expectation of continued revenue growth.
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Contact:
Bingo.com
Michael Curlook, 604/687-2000
Toll-free: 877/322-4646
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