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Bingo.com Progressive General Lumber Corp. Has now changed to Bingo.com Progressive General Lumber Corp. announces finalized agreement with Bingo, Inc. Jan. 19 Progressive General Lumber Corp. OTC Symbol: ''PGLB'' Now Changed to BIGG News Release of January 13, 1999 the Company announces that it has finalized the agreement with Bingo, Inc. whereby the Company acquired the domain name ''bingo.com'' for an aggregate purchase price of $1,100,000, with $200,000 payable in cash on or before January 27, 1999, the issuance of 500,000 common shares of the Company, and the balance of the purchase price to be paid as an ongoing quarterly payment equal to 4% of the gross revenue of the Company. The Company intends to use the domain name to carry on an internet gaming operation. The Company intends to change its name to ''Bingo.com, Inc.'' to reflect its new business direction. The Company also announces that it has arranged a private placement of an aggregate of up to 500,000 units (the ''Units'') to various investors at a price of $2.00 per Unit. Each Unit will consist of one common share in the capital stock of the Company and one non-transferable share purchase warrant (the ''Warrants''). Each Warrant will entitle the holder to purchase one additional common share for a term of one year from closing of the private placement at a price of $2.00 per share. The Company anticipates that the private placement will close within two weeks. Progressive General Lumber Corp. is a publicly traded company on the OTC-BB. Please note this stock did qualify for $5.00 and under at the time of listing. | ||||||||||||||
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