Bingo.com has announced that it has reached an agreement over the domain name, Bingo.com, which it has been using since 1999. The Asset Purchase Agreement dated January 18, 1999 (and subsequent amendments) from Bingo, Inc. required the online bingo company to make ongoing payments to Bingo, Inc. at the rate of 4% of gross revenue up until December 31, 2098.

An independent valuation company, Evans & Evans, Inc., was used to determine a fair value of the remaining Domain Name payments at current market conditions. The valuation was between the range of $1.4 and $1.6 million.

Upon further discussions an agreement was reached for the sum of $900,000. This has been paid in the form of shares in Bingo.com, Ltd. A total of 6,000,000 shares at the rate of $0.15 per share were transferred. Further to this deal Bingo, Inc.'s shareholding in Bingo.com has increased to 29.6% of the 63,877,703 shares issued and outstanding.

Bingo.com CEO, Tarrnie Williams, commented: "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."