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Gambling News by Gambling Headquarters

Wednesday, August 02, 2006

GWIN Restructures Debt for Equity Transaction

 

GWIN announced today the company has completed the first step in a comprehensive restructuring plan to strengthen the company's balance sheet, and to retain the continued services of its key employee and founder, Wayne Allyn Root. Jeff Johnson, CFO of GWIN, stated, "Our chairman, Wayne Allyn Root, agreed to convert a six-figure liability of the company into preferred equity. He also agreed to remain for the foreseeable future in the role of chairman and CEO. Furthermore, he agreed to waive a termination clause in his current contract. We consider these concessions to be substantial contributions on Mr. Root's part for the long-term well-being of the company, and the board wishes to thank him for his continued hard work on behalf of the GWIN shareholders." Root added, "This should give a major boost of confidence to all GWIN shareholders and future investors. First of all, as someone who makes big bets for a living, I've decided to put my money where my mouth is, by agreeing to convert over $200,000 of GWIN liability into preferred equity -- which shows the faith I have in the future of GWIN. Secondly, I have agreed to this conversion at $.045 per share, a price significantly above the current price of the stock. In an age where CEOs consistently take stock and options at prices far below the current market price, I wanted to set a new example. This conversion makes me the largest individual shareholder in GWIN stock, and firmly ties my future and my fortunes to this company. It shows my faith that GWIN is on a path to fulfill our goal of becoming the global brand name in sports handicapping."

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