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Bingo Nation Inc (OTCMKTS:BLTO): Seedy Individuals Want Your Cash

Bingo Nation Inc (OTCMKTS:BLTO): Seedy Individuals Want Your Cash
Written by
Alex Carlson
Published on
March 23, 2017
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Our favorite Chicago pump and dumper nicknamed “Napoleon” by those who work under him in his office, is now turning his attention to Bingo Nation Inc (OTCMKTS:BLTO) after leaving a trail a victims in Blake Insomnia Therapeutics Inc (OTCMKTS:BKIT) and Horizon Minerals Corp (OTCMKTS:HZNM). Little "Napoleon" and his Sierra Publishing Inc paid $35,000 to PTE LLC to recommend BLTO with the headline "1,344pct gains from legal gambling loophole." While this headline does sound enticing, how did the folks who bought BKIT and HZNM fare?Our little "Napoleon" is making "The Wolf of Wall Street" look like an amateur. The money paid out to PTE LLC looks to be part of an overall $300,000 budget on BLTO. According to the landing page:

The marketing vendors will be managing a total budget of three hundred thousand dollars, provided by Star Step Limited for all online advertising and marketing efforts and will retain any amounts over and above the cost of production, copywriting services, mailing and other distribution expenses, as a fee for its services. If successful, the advertisement will increase investor and market awareness, which may result in increased numbers of shareholders owning and trading the common stock of (BLTO), increase trading volumes, and possibly increased share price of the common stock of (BLTO). The publisher has not undertaken to determine if Star Step Limited Is, or intends to be, directly or indirectly, a shareholder of (BLTO).

The landing page write-up on BLTO is extremely aggressive. It says that the company is on track to generate $30 million per week. It's very deceptive advertising. In the quarter ending December 2016, BLTO reported ZERO revenues, a $13,111,000 loss, $16,000 in total assets, and $597,000 in total liabilities.Well, what's the company's plans then? Bingo Nation says that it's rolling out its technology by awarding distribution rights to strategic partners in up to 29 states where Indian gaming is conducted. The company describes itself as specializing in "tribal gaming, freemium marketing, lottery and interactive technology-based products focused on building memorable brand experiences and more attainable jackpots with better entertainment value. Our portfolio includes innovative proxy-player tribal gaming management, interactive advertising, and game sales via self-serve kiosks, smart phones, and tracking via secure cloud-based customer accounting systems." If this is confusing or lacks clarity, board member David Matheson tried to explain it this way.

“Pricing and rollout availability are both still to be determined, but we’d expect the company to target those best connected and qualified to serve participating tribal gaming operators in each marketplace. We believe in strong partnerships to assist us to achieve national expansion of our business. Industry skeptics may challenge our ability to get all tribal gaming operators to work together. The industry is no doubt fierce in terms of competition between neighboring gaming operations. It demands a lot of investment, but return on investment is driving proven economic development in Indian Country. Our objective with Bingo Nation is to work together with all participating tribes to continue to capitalize on growth of the Indian gaming industry. With the right strategic partners on board, and by working together, we believe in Bingo Nation’s potential to be an overnight sensation creating new history in tribal gaming. A single twig breaks, but the bundle of twigs is strong.”

Yes you read that correctly. Bingo Nation is a bundle of twigs, and not just any bundle of twigs, but a strong bundle. If BLTO is a bundle of twigs, well then check out the most recent 8K filed on March 8, 2017.

On February 18, 2017, Ramsay Capital Corp. sold its Loan Agreement with the Company (the “Convertible Note”) to five separate purchasers. The Company entered into debt settlements with each noteholder at more favorable conversion price of $0.02 per share of common stock compared to the original conversion price of $0.001 per share. Subsequently, each noteholder converted its portion of the Convertible Note into shares of common stock. As a result of these debt conversions, the Company eliminated $469,370 of debt and issued 23,468,500 shares of common stock to the converting noteholders. The Company relied on the exemptions afforded by Section 4(a)(2) of the Securities Act of 1933 and Regulation S in the issuance of these shares to the noteholders.

Shares of BLTO are currently trading at $1.36 a share. The 23,468,500 shares that were issued have a current value of $31,917,160. These shares that were purchased for $.02 apiece are really what this promotional campaign is all about. BLTO was just forced to defend itself by issuing a statement about promotional activity regarding its shares. OTC Markets is aware of what's going on. Will the SEC be next? We are issuing an immediate BUYER BEWARE to any investor that gets promo emails on BLTO. There are 23,468,500 shares waiting to be dumped on an unsuspecting public.Don’t become a victim! We will be updating our subscribers as soon as we know more. For the latest updates on BLTO, sign up below!Disclosure: We have no position in any of the securities mentioned and have not been compensated for this article.

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