Shuffle Master, Inc. (NASDAQ Global Select Market:SHFL) (the "Company”)
today announced the planned retirement of Mark L. Yoseloff, Ph. D. as
the Company's Chief Executive Officer ("CEO”) on March 15th
of this year and the appointment of Timothy J. Parrott, a gaming
industry veteran, as his successor. Parrott joins Shuffle Master as CEO
– Elect today, February 2, 2009, and will work with Yoseloff to ensure a
smooth and orderly transition. Although Yoseloff does not plan to stand
for re-election to the Company’s Board of Directors at the next annual
meeting of shareholders, he will remain as a part-time employee for a
period of time after March 15th to further guarantee a seamless
succession process.
"Since I informed the Board of my intention to retire, we have spent 18
months searching for an individual with both strong leadership skills
and a deep knowledge of the gaming industry to oversee the future growth
and success of Shuffle Master. I believe that Tim Parrott is just such a
person,” said Yoseloff. "Given his proven track record of success and
deep gaming expertise, I believe Tim is the clear choice for the future
leadership needs of our Company. For the past 12 years, I have committed
all of my energies to this Company and am proud of the world-class
organization it has become. I have concluded that this is the right time
for me to devote more time to my family and charitable activities while
Tim and our management team move the Company to the next level.”
Philip C. Peckman, Chairman of the Board of Directors added, "The Board
of Directors is very pleased to welcome an individual with such proven
talents as Tim Parrott to Shuffle Master. Tim has the right combination
of experience and leadership, coupled with a keen understanding of the
gaming space, to continue to grow Shuffle Master’s position in the
marketplace and further build shareholder value.”
Parrott’s successful career has been devoted to the entertainment
industry, predominantly in gaming. In fact, Parrott has been a driving
force in the gaming industry with over 20 years of experience in
operations, creating and executing successful growth strategies,
building strong management teams, property development, acquisitions and
public offerings. Parrott served as the President and CEO, Americas of
Aristocrat Technologies, Inc. from 2006 until late 2008. From 2001 to
2006, Parrott served as the Chairman and CEO of On Stage Entertainment,
a Las Vegas-based production company. Prior to his time at On Stage
Entertainment, Parrott served as Chairman and CEO of Boomtown, Inc. from
1988 to 1998. In 1998 Boomtown merged with Pinnacle Entertainment, owner
and operator of casinos in Nevada, Louisiana, Indiana, Argentina, and
the Bahamas, and Parrott offered his services as a consultant until
2001. Parrott was a founding Board Member of the American Gaming
Association (AGA) which was created to represent the casino gaming
industry on federal legislative and regulatory issues.
On his appointment as CEO, Parrott said, "Shuffle Master is uniquely
positioned for growth due to its exceptional suite of highly innovative
and intellectual property-protected products, extraordinary technology,
and extremely talented employees. I am excited by the compelling
opportunity to lead this Company and to increase profitability for its
shareholders. I embrace the challenge of building on the strong momentum
that Mark created and continuing the tradition of applying unmatched
innovation and ingenuity across today’s global gaming markets.”
"On behalf of the entire Board, I would like to thank Mark Yoseloff for
12 years of dedication and commitment to Shuffle Master, eight of which
he served as CEO and the Company’s unwavering leader,” commented
Peckman. "Mark's uncompromised enthusiasm for Shuffle Master, his unique
perspective on innovation, and highly respected stature in the industry
made him an invaluable resource responsible for driving the phenomenal
growth of this Company and building substantial shareholder value. Under
Mark’s leadership, annual revenues grew from $27 million during his
first full year with the Company to $190 million in the most recent
fiscal year. We have tremendous respect for Mark and are deeply grateful
for his countless contributions to Shuffle Master's evolution over the
years."
About Shuffle Master, Inc.
Shuffle Master, Inc. is a gaming supply company specializing in
providing its casino customers with improved profitability, productivity
and security, as well as popular and cutting-edge gaming entertainment
content, through value-add products in four distinct categories: Utility
products which includes automatic card shuffler, roulette chip sorters
and intelligent table system modules, Proprietary Table Games which
include live table game tournaments, Electronic Table Systems which
include various e-Table game platforms, and Electronic Gaming Machines
which include traditional video slot machines for select markets and
wireless gaming solutions. The Company is included in the S&P Smallcap
600 Index. Information about the Company and its products can be found
on the Internet at www.shufflemaster.com.
Forward Looking Statements
This release contains forward-looking statements that are based on
management’s current beliefs and expectations about future events, as
well as on assumptions made by and information available to management.
The Company considers such statements to be made under the safe harbor
created by the federal securities laws to which it is subject, and
assumes no obligation to update or supplement such statements.
Forward-looking statements reflect and are subject to risks and
uncertainties that could cause actual results to differ materially from
expectations. Risk factors that could cause actual results to differ
materially from expectations include, but are not limited to, the
following: we may be unable to repurchase our contingent convertible
senior notes; our intellectual property or products may be infringed,
misappropriated, invalid, or unenforceable, or subject to claims of
infringement, invalidity or unenforceability, or insufficient to cover
competitors' products; the gaming industry is highly regulated and we
must adhere to various regulations and maintain our licenses to continue
our operations; the search for and possible transition to a new chief
executive officer, and the search for and the transition to a new chief
financial officer, could be disruptive to our business or simply
unsuccessful; our ability to implement our six-point strategic plan
successfully is subject to many factors, some of which are beyond our
control; litigation may subject us to significant legal expenses,
damages and liability; our products currently in development may not
achieve commercial success; we compete in a single industry, and our
business would suffer if our products become obsolete or demand for them
decreases; any disruption in our manufacturing processes or significant
increases in manufacturing costs could adversely affect our business;
our gaming operations, particularly our Utility, Proprietary Table
Games, Electronic Table Systems and Electronic Gaming Machines, may
experience losses due to technical difficulties or fraudulent
activities; we operate in a very competitive business environment; we
are dependent on the success of our customers and are subject to
industry fluctuations; risks that impact our customers may impact us;
certain market risks may affect our business, results of operations and
prospects; a downturn in general economic conditions or in the gaming
industry or a reduction in demand for gaming may adversely affect our
results of operations; economic, political and other risks associated
with our international sales and operations could adversely affect our
operating results; changes in gaming regulations or laws; we are exposed
to foreign currency risk; we could face considerable business and
financial risk in implementing acquisitions; if our products contain
defects, our reputation could be harmed and our results of operations
adversely affected; we may be unable to adequately comply with public
reporting requirements; our continued compliance with our financial
covenants in our revolving credit facility is subject to many factors,
some of which are beyond our control; the restrictive covenants in the
agreement governing our senior secured credit facility may limit our
ability to finance future operations or capital needs or engage in other
business activities that may be in our interest; our available cash and
access to additional capital may be limited by our leverage; and our
business is subject to quarterly fluctuation. Additional information on
these and other risk factors that could potentially affect the Company’s
financial results may be found in documents filed by the Company with
the Securities and Exchange Commission, including the Company’s current
reports on Form 8-K, quarterly reports on Form 10-Q and annual report on
Form 10-K and registration statement on Form S-1, filed on June 27,
2008, as amended.
