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Bingo.com to Target UK
Message was posted: 10:52 Feb 27th, 2007

User: Sandcastles Rank: Casino Gold: 15120CG Contributor rating: 81520 Status: Offline

Bingo.com to Target UK 27 February 2007 Bingo.com Ltd, the Anguilla based online bingo operator yesterday announced plans to accelerate its entry into the UK bingo market in a bid to claw back lost revenues since its departure from the US. As a result of the UIGEA, Bingo.com has seen total revenue for the fourth quarter 2006 decrease to US$103,630, an 84% drop versus the period ended December 31st 2005. "The fourth quarter of 2006 presented many challenges for Bingo.com," said Tarrnie Williams, the Company's CEO. "With the passing of the United States Unlawful Internet Gambling Enforcement Act, the Company was left with no choice but to halt its gaming operations and sell its entire United States gaming business to an unrelated third party. This regulatory change significantly impacted Bingo.com's revenue and therefore its profitability in both this and the first quarter of 2007.” In response to this situation, the Company has accelerated its plans to expand its online gaming business in regulated countries throughout the world and expects to complete its preparations for the launch of its online bingo games in the United Kingdom in March 2007, and into other regulated markets later in 2007. “We are excited by the opportunity these markets present to Bingo.com and look forward to a return to profitability," said Williams. Overall, the company suffered a net loss in the forth quarter of US$336,727 compared to a net income of US$40,095 for the same period in 2005. Bingo.com’s shares (OTC BB: BNGOF) closed at $0.27 yesterday. Gaming Intelligence Group