|World Gaming plc Update To Shareholders|
LONDON, UNITED KINGDOM--The Board of Directors of World Gaming plc (OTC BB:
WGMGY) wishes to provide shareholders with an update to address the many
changes within the company since its Annual General Meeting was held in June.
The Board's intention going forward is to keep shareholders fully informed and
to provide updates like this on an ongoing basis outside of the normal course
of company announcements issued by management.
First and foremost, the Board is pleased that Mr. David Craven has accepted the
position of Chief Executive Officer and we look forward to working with him.
Mr. Craven brings a wealth of Internet and gaming experience to the job along
with his previous experience as a CEO. Mr. Jim Mackay is no longer associated
with World Gaming.
There have been many rumours circulating regarding the merger of the company
with a competitor. The Board can confirm at this time that although talks have
taken place, no agreement is imminent at this stage.
World Gaming recently announced Baker Tilly as the company's auditors. Baker
Tilly is now in the process of reviewing the company's audited financial
statements to 31 December, 2001, as well as conducting an overall review in
order to assure shareholders of the completeness and accuracy of the company's
finances. Baker Tilly's work is standard practice and is not to be construed
The delay in filing the company's 20-F is a result of turnover at the senior
management level. This matter is being dealt with and the company's 20-F will
be filed shortly. Furthermore, the Board has instructed management that it is
the company's policy to report interim financial results on a quarterly basis.
As such, the company will be reporting its Q1 results in due course.
The minutes of the Annual Meeting are also being prepared, along with the count
of proxy votes. Shareholders will be advised accordingly.
Bridging finance has been arranged and a full statement will be made next week
along with important announcements about new business.
Also, prospects for the
company going forward are very good and costs have been dramatically reduced.
The company's Toronto office has been closed and its offices in Antigua
relocated at a significant saving.
In addition, our top licensees are pleased with the appointment of Mr. Craven
and have expressed their support of the company's efforts to realize its
The Board of Directors of World Gaming is committed to guard and protect the
interests of shareholders. As such, the company will establish a two-way
communication system in the near future to facilitate the influx of views,
questions and ideas, and to encourage the participation of shareholders with
FOR FURTHER INFORMATION PLEASE CONTACT :
World Gaming plc
Chairman of the Board
Phone: (322) 688-0727
INDUSTRY : ENT
SUBJECT : STK