Press Release
WPT Enterprises Selects Key Industry Players In Online Gaming And International Television Distribution To Join Management Team
Andy Goetsch and Rohin Malhotra Bring Diverse Business Experience to Expand WPT Business
LOS ANGELES (Oct. 22, 2007) – Supporting the company's strategic growth and diversification of its management team, WPT Enterprises, Inc. (NASDAQ: WPTE) announced today that it will welcome two additions to the company. Former Vice President of Poker Software Development for CryptoLogic, Andy Goetsch joins WPT as Executive Vice President of Online Gaming, while Rohin Malhotra brings a vast knowledge of television networks, production, and distribution to his role as Managing Director - International Sales & Marketing.
Bringing extensive strategic planning and poker experience in the online gaming market, Goetsch joins WPT from a leader in online gaming software, CryptoLogic, where he served as Vice President of Poker Software Development and oversaw the launch of WPT's real money gaming site, www.WorldPokerTour.com, on the CryptoLogic shared network. Goetsch is not only a senior executive with 21 years of experience in strategic planning, technology, finance and mergers and acquisitions, but also an avid poker player with gaming knowledge in both the online poker room environment and consulting for various Internet gaming sites. As the new Executive Vice President of Online Gaming at WPT, Goetsch will focus on utilizing the power of the WPT brand to develop WPT's player base, liquidity and online gaming revenue on www.WorldPokerTour.com by creating innovative marketing platforms and unique WPT offerings that will attract and retain online players.
Malhotra is making the move from Fox Sports where he was an Executive Advisor. Prior to Fox Sports, Malhotra served as the International Marketing & Head of Global Programming for PartyGaming plc, where he focused on programming strategy and global distribution initiatives. He also provided operational and business strategy as Senior Director at MTV Networks. As WPT Managing Director - International Sales & Marketing, Malhotra will leverage his knowledge and experience to maximize the WPT content library across all television and multimedia platforms. His charge is to strategically distribute and utilize WPT content in traditional and non-traditional media platforms while building the brand and translating the exposure into traffic and players for WPT's online gaming site, www.WorldPokerTour.com.
"Andy and Rohin's incredible experience inside and outside of the poker industry are major assets that will complement the diverse professional background of the WPT Management team," said Steve Lipscomb, WPT Founder, President and CEO. "We realize that a healthy and successful business works from the inside out, which is why we continually focus resources toward hiring the best in the business so that we can remain the best in the poker industry."
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About WPTE
WPT Enterprises, Inc. (Nasdaq: WPTE) is a company engaged in the creation of internationally branded entertainment and consumer products driven by the development, production, and marketing of televised programming based on gaming themes. WPTE is the creator of the World Poker Tour®, a television show based on a series of high-stakes poker tournaments that airs on the Travel Channel in the United States and is scheduled to begin broadcasting on GSN in early 2008. WPT is licensed for broadcast globally. WPTE also offers a real-money online gaming website, www.worldpokertour.com, which prohibits wagers from players in the U.S. and other restricted jurisdictions. WPTE currently licenses its brand to companies in the business of poker equipment and instruction, apparel, publishing, electronic and wireless entertainment, DVD/home entertainment, casino games, and giftware. The company is also engaged in the sale of corporate sponsorships. For show information, tools for improving poker play, and other WPT news, fans may log on to www.worldpokertour.com. WPT Enterprises, Inc. is a majority owned subsidiary of Lakes Entertainment, Inc. (Nasdaq: LACO). Photos and media information can be found online at: www.worldpokertour.com/media
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The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by WPT Enterprises, Inc.) contains statements that are forward-looking, such as statements relating to the expansion of WPTE's brand licensing, the development of new television and film projects, the development of WPTE corporate sponsors and other business development activities, as well as statements regarding other capital spending, financing sources and the effects of competition. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of WPTE. These risks and uncertainties include, but are not limited to, WPTE's significant dependence on the Travel Channel as a current source of revenue and GSN as a future source of revenue, and the risk that GSN will not exercise its options to air season of the WPT series beyond Season VI; difficulty of predicting the growth of our online gaming business, which is a relatively new industry with an increasing number of market entrants; reliance on the efforts of CryptoLogic to develop and maintain the online gaming website in compliance with WPTE's business model and applicable gaming laws; the potential that our television programming will fail to maintain a sufficient audience; the risk that competitors with greater financial resources or marketplace presence might develop television programming that would directly compete with WPTE's television programming; the risk that WPTE may not be able to protect its entertainment concepts, current and future brands and other intellectual property rights; risks associated with future expansion into new or complementary businesses; the termination or impairment of WPTE's relationships with key licensing and strategic partners; and WPTE's dependence on its senior management team. For more information, review WPTE's filings with the Securities and Exchange Commission.
Contact:
Lyndsay LaGree
WPT Enterprises
323 599 9145
llagree@worldpokertour.com
