19 October 2006
Following the announcement released by the Company on Monday 9 October relating to the suspension of trading, the Directors of World Gaming announce that they have now determined that they are unable to continue the Company’s US facing operations should the Unlawful Internet Gambling Enforcement Act (“the Act”) be signed by the U.S. President. This decision follows discussions with all key parties and after receiving appropriate legal advice. These operations contributed the overwhelming majority of the Company’s revenues for the year to date 2006.
The Board has consequently notified its secured creditor of the discontinuation of its U.S. facing operations conditional upon signing of the Act. The secured creditor has subsequently concluded that it is reasonably likely that administration will achieve a better result for the Company's creditors than would be likely if the Company were to be wound up. Accordingly, Andrew Andronikou and Peter Kubik from our London office have been appointed joint administrators by the Company’s secured creditor in respect of the Company and certain subsidiaries.
The Board further announces that at a board meeting of the Company held this morning in London, United Kingdom, Friday 13 October, Daniel Moran, David Naismith, Jonathan Moss and Michael Cumming each resigned from the board of the Company as Chief Executive Officer, Chief Financial Officer, Sales and Marketing Director and non-executive director, respectively.
The Board expects that the administrator will make further announcements in due course.
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