Shuffle Master, Inc. (NASDAQ Global Select Market: SHFL) ("Shuffle
Master” or the "Company”) today announced the appointment of Linster W.
"Lin” Fox as Executive Vice President and Chief Financial Officer
("CFO”) reporting to the Company’s Chief Executive Officer, Timothy
Parrott. Mr. Fox’s appointment is effective August 1, 2009.
"We are extremely pleased to add an individual of Lin's caliber to our
executive management team," said Parrott. "Lin brings great depth and
experience to Shuffle Master with a proven track record in global
manufacturing operations, driving company-wide cost containment
initiatives and leading finance and accounting teams in the
international high-tech public company arena. His hiring completes our
senior executive team and Shuffle Master will certainly benefit from his
expertise in a number of areas."
Mr. Fox has been CFO of both public and private technology companies for
the past 9 years. Most recently, Mr. Fox served as CFO of Cherokee
International LLC., a publicly held international custom power
electronics manufacturer in the energy sector. At Cherokee International
LLC., Mr. Fox helped establish a manufacturing facility in Shanghai,
significantly improved annual cash flow through fundamental process
changes and oversaw multiple key areas including worldwide cash
management, treasury and all SEC financial reporting. Prior to that, Mr.
Fox spent 18 years at Anacomp, Inc., a publicly held software, equipment
and services company, and the last five of those years he served as CFO.
During his tenure at Anacomp, Inc., Mr. Fox executed various strategic
and financing plans, including helping to successfully integrate over 30
acquisitions.
The Company’s Chief Accounting Officer, Coreen Sawdon, who has been the
interim CFO since March 2008, will be reporting to Mr. Fox.
Mr. Parrott added, "I want to express my appreciation to Corie for her
significant contributions to the Company as Acting CFO over the past 17
months and we look forward to her continued support in the on-going
execution of our strategic initiatives."
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: the Company’s 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 the Company must adhere to various regulations and maintain its
licenses to continue its operations; the search for and the transition
to a new chief financial officer could be disruptive to the Company’s
business or simply unsuccessful; the Company’s ability to implement its
ongoing strategic plan successfully is subject to many factors, some of
which are beyond the Company’s control; litigation may subject the
Company to significant legal expenses, damages and liability; the
Company’s products currently in development may not achieve commercial
success; the Company competes in a single industry, and its business
would suffer if its products become obsolete or demand for them
decreases; any disruption in the Company’s manufacturing processes or
significant increases in manufacturing costs could adversely affect its
business; the Company’s gaming operations, particularly its Utility,
Proprietary Table Games, Electronic Table Systems and Electronic Gaming
Machines, may experience losses due to technical difficulties or
fraudulent activities; the Company operates in a very competitive
business environment; the Company is dependent on the success of its
customers and is subject to industry fluctuations; risks that impact the
Company’s customers may impact the Company; certain market risks may
affect the Company’s business, results of operations and prospects; a
continued downturn in general worldwide economic conditions or in the
gaming industry or a reduction in demand for gaming may adversely affect
the Company’s results of operations; the Company’s domestic and global
growth and ability to access capital markets are subject to a number of
economic risks; economic, political, legal and other risks associated
with the Company’s international sales and operations could adversely
affect its operating results; changes in gaming regulations or laws; the
Company is exposed to foreign currency risk; the Company could face
considerable business and financial risk in implementing acquisitions;
if the Company’s products contain defects, its reputation could be
harmed and its results of operations adversely affected; the Company may
be unable to adequately comply with public reporting requirements; the
Company’s continued compliance with its financial covenants in its
senior secured credit facility is subject to many factors, some of which
are beyond the Company’s control; the restrictive covenants in the
agreement governing the Company’s senior secured credit facility may
limit its ability to finance future operations or capital needs or
engage in other business activities that may be in its interest; the
Company’s available cash and access to additional capital may be limited
by its leverage; and the Company’s 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 its latest annual report on Form 10-K.
