Shuffle Master, Inc. (NASDAQ Global Select Market: SHFL)
announced today the appointment of Chris Philibbosian to the Company's
Board of Directors. His appointment became effective on January 5, 2009.
Mark L. Yoseloff, Ph.D., Chief Executive Officer, welcomed Philibbosian,
saying, "In the current economic climate, the depth of the Board becomes
even more important. We are pleased that Chris has agreed to join our
Board and we look forward to benefiting from his insight and
experience." Yoseloff added, "He is a highly respected business leader
who will bring a valuable perspective to Shuffle Master and further
complement an already strong board.”
Mr. Philibbosian is President of SAAK Management, an advisory firm
focused on assisting stockholders and CEOs of privately held firms in
managing and growing their businesses. The firm's primary focus is to
advise clients in the areas of strategic planning, oversight of senior
management, capital transactions and entity level financial risk
management. Prior to forming SAAK Management, Mr. Philibbosian served as
President and Chief Operating Officer of The Greenspun Corporation,
responsible for managing the financial interests of the Greenspun family
which is focused on companies in the media, technology, communication,
travel, real estate and gaming industries.
Mr. Philibbosian has held a variety of real estate investment and
management consulting positions in Southern California, including with
Westfield Corporation and Ernst & Young/Kenneth Leventhal & Co. He holds
a Bachelor of Science degree in Business Administration and a Masters of
Accounting degree, both from the University of Southern California. He
also serves as an Independent Director of Freedom Communications, Inc.
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 include 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 five-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 revolving 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 substantial 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.
