New Director Lawrence Lucas Adds Depth and Diversity to Youbet.com Board of Directors.
WOODLAND HILLS, Calif.--(BUSINESS WIRE)--Jan. 14, 2002
Youbet.com, Inc. (Nasdaq:UBET), the leading online live event and wagering company, announced the appointment of Lawrence R. Lucas to its Board of Directors effective January 11, 2002.
Mr. Lucas is a seasoned executive with an extensive and diverse background in the fields of gaming and security as well as political affairs and social services. Presently, he serves as president of Conor Communications Company, the nation's largest provider of emergency services support to the cellular and wireless communications industry. Mr. Lucas also counsels development stage companies in the telecommunications, Internet commerce and wireless industries on strategic planning, financing and governmental affairs issues. He is an investor in Ark Capital Management, a Chicago-based venture capital fund active in new venture and capital development primarily focused on African American enterprises.
An esteemed expert in gaming legislation, Mr. Lucas played an integral role in obtaining gaming licenses and building casinos for some of the world's most successful gaming enterprises including one of the first U.S. casino riverboats and the most profitable casino in Europe. He is also a strong proponent of interactive horse racing pari-mutuel wagering having directed organized legislative efforts to pass laws authorizing off-track betting in the State of Illinois. Additionally, Mr. Lucas played a pivotal role in Youbet's legislative efforts including the amendment to the Interstate Horseracing Act that became law in December 2000.
"Lawrence Lucas brings a wealth of first-hand expertise to Youbet.com, with invaluable industry knowledge and legislative experience," said Phillip Hermann, Co-Chief Executive Officer of Youbet.com. "His accomplished credentials bring added depth and diversity to our Board. We are fortunate to have attracted Mr. Lucas to Youbet.com and welcome his contributions and perspectives."
Lawrence Lucas commented, "I look forward to working with Youbet.com, a well-regarded horse racing industry leader and a pioneer in its field. My service to the Board illustrates my long-standing commitment to the Company that began years ago." Mr. Lucas offers political affairs advisory and issue advocacy services to private and public companies and organizations. His broad involvement in international business and affairs includes gaming initiatives in multiple jurisdictions in Europe, Asia and Africa.
In addition to enterprise business development and governmental affairs, Mr. Lucas is active in social services as a director for several community organizations in the Chicago metropolitan area.
In the United States, Youbet.com provides network members the ability to watch and, in most states, the ability to wager on a wide selection of coast-to-coast thoroughbred and harness horse races via its exclusive closed-loop network. Members have 24-hour access to the network's features, including live racing from a choice of all major racetracks in the U.S. and Canada, commingled track pools, live audio/video, up-to-the minute track information, real time wagering information and value-added handicapping products. Youbet Network subscribers enjoy live coverage from and wagering accessibility to all major racetracks in 39 states, representing virtually 100% of horse racing content.
Youbet.com maintains a strategic relationship with TVG, a wholly owned subsidiary of Gemstar-TV Guide International, Inc. (Nasdaq:GMST). TVG is the 24-hour interactive horse racing network available nationwide on cable and satellite systems with exclusive simulcast and interactive wagering rights to live racing from leading racetracks in the U.S. including Churchill Downs (owned by Churchill Downs Incorporated, Nasdaq:CHDN), Del Mar, Belmont Park, Aqueduct and Saratoga. Through the agreement, Youbet.com is licensed to utilize TVG's patented wagering technology for online and automated telephone applications and utilizes a right to video stream and accept online pari-mutuel wagers on horse racing from virtually all of TVG's exclusive partner racetracks.
Youbet.com operates Youbet.com TotalAccess(TM), an Oregon-based hub for the acceptance and placement of wagers. The Company also maintains a relationship with another state licensed wagering entity, MEC Pennsylvania Racing, part of Magna Entertainment Corp. (Nasdaq:MIEC) which owns and/or operates seven racetracks in the U.S. including Santa Anita Park, Gulfstream Park, Golden Gate Fields, Thistledown, Remington Park, Great Lakes Downs and The Meadows. For further information about Youbet.com, visit www.youbet.com.
Press releases issued by Youbet.com may contain forward-looking statements, which are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Expressions of future goals and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, successful integration of acquisitions, the ability to secure additional sources of financing, the ability to reduce operating expense and other factors described in the Company's filing with the Securities and Exchange Commission. The actual results that the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties.
The Company undertakes no obligations to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release. You Bet is a registered trademark of Youbet.com, Inc. All other brands and products referenced herein are the trademarks or registered trademarks of their respective holders.
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|Date:||Jan 14, 2002|
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