Stephen P. Ives Elected to Serve on Multimedia Games Board of Directors
Multimedia Games Holding Company (Nasdaq: MGAM) announced today that shareholders elected Stephen P. Ives to serve on Multimedia Games' Board of Directors at the Company's 2014 Annual Meeting of Shareholders. Shareholders also re-elected the six incumbent director nominees, Stephen J. Greathouse, Neil E. Jenkins, Michael J. Maples, Sr., Justin A. Orlando, Patrick J. Ramsey and Robert D. Repass, at today's annual meeting. Multimedia Games' Board has seven members, six of whom (including Mr. Ives) satisfy the standards for director independence under NASDAQ listing rules.
Stephen P. Ives has over 10 years of gaming industry experience with Betfair Group plc. (“Betfair”), a global, publicly-traded group of affiliated, interactive gaming businesses based in London, UK. From 2005 to 2013, he served on the Board of Betfair's organization for international operations and held several senior executive roles in Betfair. Between 2011 and 2013 he was Managing Director of Betfair Malta and Key Official with the Maltese Lotteries and Gaming Authority. He also served as the co-Chief Product Officer of Betfair between 2011 and 2012, and from 2006 to 2011 was the Managing Director of Betfair Games, where he launched and managed the company's global gaming business lines. Mr. Ives joined Betfair in 2002 as Business Development Director before becoming the Director of Gaming in 2004. Prior to joining Betfair, Mr. Ives held various positions in investment banking and strategy consulting in London before moving to Indonesia where he worked with various online and print media businesses.
“Steve brings extensive knowledge of the interactive gaming industry, as well as valuable international gaming experience, to our Board,” said Stephen J. Greathouse, Chairman of the Board of Multimedia Games. “As we continue to penetrate the domestic gaming market, we believe Steve can offer new perspectives and expertise in these areas and we look forward to the benefit of his knowledge and insights in support of our ongoing efforts to grow the business.”
Shareholders also voted to approve the non-binding advisory resolution on executive compensation and ratified the appointment of BDO USA, LLP as the Company's independent registered public accounting firm for fiscal 2014.
About Multimedia Games Holding Company, Inc.
Through its wholly owned subsidiary, Multimedia Games, Inc., Multimedia Games Holding Company, Inc. (NASDAQ: MGAM) (“Multimedia Games”) develops and distributes gaming technology. The company is a creator and supplier of comprehensive systems, content and electronic gaming units for Native American and commercial casinos. Revenue is primarily derived from gaming units in operation on revenue-sharing arrangements. The company also offers and generates revenue from the sale of gaming units and systems that feature proprietary game content and game themes licensed from others. Multimedia Games also supplies the central determinant system for the video lottery terminals (“VLTs”) installed at racetracks in the State of New York. The company is focused on pursuing market expansion and new product development for commercial and tribal casinos and VLT markets. Please visit www.multimediagames.com, twitter.com/MultimediaGames or facebook.com/MultimediaGames, where Multimedia Games discloses important information about the company, its sales, and its business.
This press release contains forward-looking statements based on Multimedia Games' current expectations and projections, which are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. The words “believe”, “expect”, “continue”, “intend”, “plan”, “seek”, “estimate", “project”, “may”, “should”, or the negative or other variations thereof or comparable terminology as they relate to Multimedia Games and its products, plans, and markets are intended to identify such forward-looking statements. These forward-looking statements include, but are not limited to, expectations regarding entry into new markets and expansion in our existing markets; opportunities for future expansion and expected growth; management's plans and objectives for future operations; business prospects; and other statements that are not historical facts. All forward-looking statements are based on current expectations and projections of future events.
These forward-looking statements reflect the current views, models, and assumptions of Multimedia Games, and are subject to various risks and uncertainties that cannot be predicted or qualified and could cause actual results in Multimedia Games' performance to differ materially from those expressed or implied by such forward looking statements. These risks and uncertainties include, but are not limited to, the ability of Multimedia Games to expand and maintain its addressable markets; maintain strategic alliances; grow its revenue, gaming operations or game sales businesses; garner new market share; secure new licenses and game approvals in new and current jurisdictions; comply with regulations; or have its games met with approval by customers or players. Please refer to the Company's most recent Form 10-K and subsequent filings with the Securities and Exchange Commission for a further discussion of risks and uncertainties. All forward-looking statements made herein are qualified by these cautionary statements and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. Readers are cautioned that all forward-looking statements speak only to the facts and circumstances present as of the date of this press release. Multimedia Games expressly disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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