Bingo.com set to expand
22nd May, 2008
Bingo.com announced Wednesday that it has closed a private placement totalling $600,000 of 2 million common shares at $0.30 per share, placed under non U.S. residents.
The company raised the money to expand their operations by launching a new Spanish version of the Web site, which should be out soon. In addition, the expansion will include offering players with the ability to make deposits in a number of major currencies to attract bingo players from around the world.
This new step for Bingo.com is an attempt to address their recent economic shortcomings. Needing something to boost revenues, the company is trying everything in the book. The company has been struggling since the Unlawful Internet Gambling Enforcement Act passed in the U.S., which took away its primary market.
Bingo.com saw a net loss of $1.4 million in 2007, and it seems executives are desperate to make changes and maybe turn the tide a little.
“Proceeds from the offering will be used to fund our expansion beyond the United Kingdom market,” said Tarrnie Williams, CEO of Bingo.com. “In the near future we will be launching a Spanish version of our Web site and allowing players to deposit in various different major currencies. These initiatives will enable Bingo.com to continue to grow and expand its market share.”
By Michael
