CDWN - Colonial Downs (1st Horse Track in VA since 1800s) Message Board

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Non-Tech : CDWN - Colonial Downs (1st Horse Track in VA since 1800s)

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To: H.J. Schellenberg who wrote ()	11/19/1998 10:57:00 AM
From: Paul Lee	of 158

Why a new President if ch11 is around the corner? Hmmmmm!! Colonial Downs Appoints Stewart as President, Launches Nationwide Search for Chief Operating Officer NEW KENT, Va. --(BUSINESS WIRE)--Nov. 19, 1998--Colonial Downs Holdings, Inc. (NASDAQ/NMS:CDWN) which through its subsidiaries holds the only licenses to own and operate a pari-mutuel horseracing course and satellite racing centers in Virginia, today appointed Ian M. Stewart as president of the Company. Chairman and Chief Executive Officer Jeffrey P. Jacobs said, "I have a great deal of confidence in the judgement, foresight and leadership Ian has demonstrated since he joined our management team. He has proven that he has the skills and acumen to move this Company in the right direction." Stewart joined the Company in June of 1997 and has served as both chief operating officer and chief financial officer during this period. As president, Stewart will focus on financial restructuring, growing more race days by creating new profit centers within and outside of the company, and exploring acquisition and development opportunities. Stewart will continue to serve as chief financial officer of the Company. The Company has launched a nationwide search for a chief operating officer experienced in live racing operations. Colonial Downs Holdings, Inc. is a Virginia corporation organized in November 1996 to pursue opportunities for pari-mutuel horse race wagering in Virginia. The Company through its subsidiaries holds the only unlimited licenses to own and operate a pari-mutuel horseracing course and satellite wagering facilities/racing centers in Virginia. Colonial Downs Holdings, Inc. became a publicly-held company in March 1997 and trades on the NASDAQ National Market System under the symbol CDWN.

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