Shuffle Master, Inc. (NASDAQ Global Select Market: SHFL) (the "Company”)
announced today that Chris Philibbosian will step down as a director of
the Company, effective immediately, to devote more time to SAAK
Management, the Company he created in 2008 and currently presides over.
Due to the significant increase in commitments related to SAAK
Management, Philibbosian has decided to step down from the Board to
focus more of his time on growing his business while serving the
expanded needs of existing clients. As a result, Philibbosian has
determined that he can not dedicate the appropriate time to adequately
serve the needs of the Company as a director.
"I am encouraged and excited about the expanded opportunities for SAAK
Management,” Chris Philibbosian commented. "Although I know it is a
prudent decision to place the demands of my business first, I am sorry
to be stepping down from the Shuffle Master Board of Directors. This is
an exceptional company with a talented executive team and I would have
thoroughly enjoyed the opportunity to contribute to the promising next
chapters of the Shuffle Master story.”
Commenting on the resignation, Philip Peckman, Chairman of the Board,
said, "We are disappointed to lose Chris’ contributions to our Board;
however, we understand and respect his need to devote time to SAAK
Management and wish him continued success in the future.”
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.
