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| [March 31, 2005] |
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Youbet.com Appoints Additional Outside Members to Its Independent Wagering Compliance Committee
WOODLAND HILLS, Calif. --(Business Wire)-- March 31, 2005 -- Appointees are experts in law enforcement, security, gaming and financial transactions
In a precedent-setting move to ensure the ongoing use of "best practices" in its internal gaming and pari-mutuel wagering controls, Youbet.com, Inc. (NASDAQ:UBET) announced today that it has appointed four new outside experts in law enforcement, security, gaming and financial transactions to its independent wagering compliance committee.
CEO Charles F. Champion said that the appointments to the previously announced committee are in keeping with Youbet's established leadership in compliance and controls.
"The composition of this independent panel restates -- for our own customers, our business partners and the pari-mutuel horseracing industry -- that we intend to set the bar high, and that we will maintain compliance standards that conform to those used by the leading public companies in the gaming industry," he said.
The compliance group will provide ongoing oversight and independent auditing of Youbet compliance procedures and policies. It will meet regularly and report its findings and recommendations on wagering systems and security to a committee of Youbet's Board of Directors comprised of Joseph F. Barletta and former Illinois Governor James Edgar.
Among the panel's first activities is a review of Youbet's pending acquisition of International Racing Group (IRG) to ensure that appropriate compliance procedures are in place. As part of the review, the committee will recommend guidelines, if needed, to make certain that Youbet's compliance standards are considered in connection with all future acquisitions.
According to Champion, Youbet is intent on retaining its leadership in advance deposit wagering compliance. He pointed to the company's innovative Players Trust(SM) program as one example of how Youbet buoyed public confidence in the integrity of advance deposit wagering. Deployed in 2002, the Trust protects the funds of Youbet's wagering customers by putting their deposits and winnings in the custody of a major U.S. financial institution.
"The integrity and security of our online and telephonic systems is a crucial aspect of our relationship with customers," Champion said. "This principle inspired the development of the new committee and the selection of its independent members."
The independent committee is chaired by Gregg P. Schatzman, the former Chief of Investigations for the Nevada Gaming Control Board. Schatzman has extensive business experience to go along with his investigative background. He has held senior level positions with Trump Casinos, Ameristar Casinos and Primadonna Resorts.
The newly appointed outside members of the committee are:
Gordon Dickie, Vice President of Compliance and Government Affairs for Shuffle Master, Inc., a leading maker of automatic card shufflers and proprietary table games. A retired San Diego police officer and former under cover agent for the Nevada Gaming Control Board, Dickie has 24 years of gaming experience. He has held manager level positions with Harrah's and Hilton Hotels, is a former General Manager of Tribal Gaming Operations in Oregon and New Mexico, and was the Executive Director of the Cabazon Gaming Commission in Palm Springs, CA.
Edward C. Hannah, a partner in the Toronto law firm Davies Ward Phillips & Vineberg and former Executive Vice President, Corporate Development and General Counsel for Magna Entertainment Corp. (MEC). Hannah practices corporate and commercial law and specializes in gaming law, private mergers and acquisitions, corporate finance and securitization. He earned a Master of Laws degree from Harvard University in 1984, law and Masters of Business Administration degrees from York University in 1981, and spent 15 years with his current firm before joining MEC in 2001.
Stephen J. Rybar, a former FBI agent and now Director of Compliance and Security at Moulin Rouge Development Corporation in Las Vegas, Nevada. Rybar is an accomplished security executive who founded American Security and Protective Services (ASPS) in 1994. ASPS offers security services to gaming businesses and law firms. During his 13 years with the FBI, Rybar was a Special Agent in Washington supervising complex bank fraud investigations and later ran the Las Vegas office.
Ronald T. Williams, a 22-year veteran of the United States Secret Service and founder of Talon Executive Services in Fountain Valley, CA. While with the Secret Service, Williams supervised the credit card and financial fraud squads. He founded Talon in 1994 and today its advanced team of former Secret Service and FBI agents specialize in threat assessment for companies in public transportation, pharmaceutical and entertainment industries. Williams personally protected Presidents Ford, Reagan, Bush and Clinton as well as Pope John Paul and Queen Elizabeth.
Youbet.com is the largest Internet provider of thoroughbred, quarter horse and harness horse racing content in the United States. Members have the ability to watch and, in most states, the ability to wager on vast majority of all major domestic horse racing content via Youbet.com's exclusive closed-loop network. Youbet.com members enjoy features that include commingled track pools, live audio/video, up-to-the-minute track information, real-time wagering information, phone wagering and value-added handicapping products.
Youbet.com is an official online wagering platform of Churchill Downs Incorporated and the Kentucky Derby. Youbet.com operates Youbet.com TotalAccess(TM), an Oregon-based hub for the acceptance and placement of wagers. More information on Youbet can be found at www.Youbet.com.
Forward Looking Statements
This press release contains certain forward-looking statements. Statements containing expressions such as "may," "will," "project," "might," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," potential," "continue" or "pursue" or the negative or other variations thereof or comparable terminology used in Youbet's press releases and in its reports filed with the Securities and Exchange Commission are intended to identify forward-looking statements. These forward-looking statements, which are included in accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause Youbet's actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release. Although Youbet believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that actual results will not differ materially from these expectations. From time to time, these risks, uncertainties and other factors are discussed in the Company's filings with the Securities and Exchange Commission. Such factors include, without limitation, the following: the timely development and market acceptance of new products and technologies" our ability to secure financing on terms acceptable to us" our ability to control operating expenses" increased competition in the advance deposit wagering business" a decline in the public acceptance of wagering" wagering ceasing to be approved in jurisdictions where Youbet currently operates" the limitation, conditioning or suspension of any of Youbet's licenses" increases in or new taxes imposed on wagering revenues" loss or retirement of key executives" and a decline in the general economy. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release. Youbet does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.
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