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Bingo.com reaches settlement on name
One of the most famous names in bingo, Bingo.com, has now been purchased by Bingo.com. Bingo players at the site would have been surprised to hear that the Internet bingo site didn’t actually own their name which they have been using since 1999. It was actually owned by Bingo, Inc and an Asset Purchase Agreement which dated back to 18th January 1999, though has undergone a few amendments since, meant that the online bingo company had to pay Bingo, Inc 4% of their gross revenue up until 31st December 2098.
Recently though a decision was made to sell the domain name and so an independent valuation company, Evans & Evans, Inc were brought in to decide a fair value of the remaining Domain Name payments, taking into account current market conditions. The valuation ranged between $1.4 – $1.6 million, which was considered to be quite low by many interested onlookers.
An agreement was eventually reached for $900,000, which was paid in the form of shares in Bingo.com. This led to 6 million shares being transferred, at the rate of $0.15 per share. Bingo, Inc’s shareholding in Bingo.com has also increased to 29.6% of the 63,877,703 shares issued and outstanding.
Tarrnie Williams, the CEO of Bingo.com said; “The successful acquisition of the remaining Domain Name payments owing to Bingo, Inc., at a substantial discount to the independent valuation, is another step in simplifying the operations of Bingo.com and a further strengthening our Balance Sheet.”
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