Bingo.com has announced today that Praetorian Capital Management LLC has disposed of its 13.58 percent stake in the company. Praetorian previously held 8,675,999 shares in Bingo.com, Ltd.

"We would prefer not to be exiting this investment at this time," said Harris Kupperman, CEO of Praetorian, "However tax considerations played a significant part in our decision and its timing."

"We would like to thank Praetorian Capital Management LLC for their assistance in the development of Bingo.com over the last several years and look forward to a similarly productive relationship with the purchasers of their holdings," said Tarrnie Williams, CEO of Bingo.com.

The disposed shares have reportedly been purchased by non U.S. residents in a private transaction.

Bingo.com reported unaudited third quarter results last week which highlighted:

• Net loss of $245,507 in the third quarter of 2010 compared to net loss of $390,432 in the third quarter of the prior year.
• Acquired the remaining 4% Domain Name payments for $900,000, payable in 6,000,000 common shares of Bingo.com, Ltd., issued at the rate of $0.15 per share.
• Reduced general and administrative expenses, particularly the development of the Bingo.com website, as a result of the migration to the Unibet partner program.