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Border completes acquisition of BingoNet, Inc.23 June 2000VANCOUVER, June 23 (Press Release) - BORDER CAPITAL CORP. (CDNX: BOP - news; ``Border'' or the ``Company'') is pleased to announce that it has completed the acquisition of 100% of the outstanding shares of BingoNet, Inc. (``BingoNet''), a Delaware corporation, for a purchase price of $US6.5 Million. BingoNet holds contractual rights, including residual royalties and reversionary interests, to certain U.S. and International patents, for playing bingo and pattern recognition games of chance over a wide geographic area. Details of these rights are disclosed in Border's Filing Statement dated July 30, 1999. Pursuant to the acquisition the Company paid to the vendor of BingoNet the sum of $US4.5 Million on June 23rd, 2000, with the remaining balance due for payment on June 12th, 2001. Financing was obtained through a previously announced private placement for CDN$2.5 million and exercise of warrants for CDN$4.9 million. The acquisition of BingoNet has received conditional approval from the Canadian Venture Exchange. |