World Gaming PLC announces suspension of CEO
Tuesday December 24, 7:29 pm ET
Press Release Source: World Gaming plc
LONDON, UK, Dec. 24 /PRNewswire-FirstCall/ - World Gaming plc (OTC BB: WGMGY), announced today that the Board of Directors of the Company suspended David Craven as the Chief Executive Officer of the company pending an investigation by the Board of Directors into various allegations. The Company's chairman, Nicholas Jackson, will serve as interim CEO during the investigation. A further statement will be made when the investigations are complete which is anticipated by the middle of January.
World Gaming Plc is a UK-based I-gaming software and e-business services company. The Company is an international developer, licensor, and provider of online gaming products, including casino, sportsbook, and pari-mutuel betting.
Starnet Systems International Inc., a subsidiary of the Company incorporated and operating out of Antigua, licenses its gaming software to third parties for an initial licensing fee and monthly royalties. Inphinity Interactive Inc., a wholly-owned subsidiary of the Company develops gaming software and web pages. The Company's Internet casino, which targets only customers outside North America, is operated by its subsidiary, World Gaming Services, Inc., also incorporated and operating out of Antigua.
Statements contained in this news release that are forward-looking statements are subject to various risks and uncertainties. Such forward- looking statements are made pursuant to the "safe-harbour" provisions of the private Securities Litigation Reform Act of 1995 and are made based on management's current expectations or beliefs as well as assumptions made by, and information currently available to, management. A variety of factors could cause actual results to differ materially from those anticipated in World Gaming's forward-looking statements. Other applicable risks, cautionary statements and factors that could cause actual results to differ from World Gaming's forward-looking statements are included in World Gaming's filings with the Securities and Exchange Commission, specifically in the "risk factors" section of World Gaming's Annual Report on Form 20F filed on August 22, 2002 and its subsequent 6-K filings on October 17, 2002 and November 15, 2002. We assume no responsibility for the accuracy and completeness of these statements and are under no duty to update any of the forward-looking statements contained herein to conform these statements to actual results. This is not an offer to sell or a solicitation of an offer to purchase any securities. |
