WPT Enterprises, Inc. (Nasdaq: WPTE) today announced, that while it has not received formal notice of a filing of suit, based on an initial review of a complaint posted on a website by seven poker players, the Company believes the asserted antitrust and other claims severely distort the facts and misrepresent the current state of competition in the poker industry.
WPTE's General Counsel, Adam Pliska, stated, "We believe the claims alleged in this suit are without merit and plan to vigorously defend our position while pursuing all available legal avenues necessary to end this unfounded attack." The Company will be represented by the Los Angeles based law firm of Gibson Dunn and Crutcher LLP.
"We are proud of our contribution to the growth of the poker industry and are happy many players have benefited from it," said Steve Lipscomb, founder and CEO. "Therefore, we find it disappointing that a handful of players, of the many thousands who play in WPT events each year, have decided to make these claims even as the sport continues to grow."
About WPT Enterprises, Inc.
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(R), a television show based on a series of high-stakes poker tournaments that airs on the Travel Channel in the United States and more than 150 markets globally. With the WPT in its fifth season, WPTE has launched a second series on the Travel Channel, the Professional Poker Tour(TM), which focuses on the play of poker's leading stars. WPT Enterprises 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. For show information, tools for improving poker play, and other WPT news, fans may log on to http://www.worldpokertour.com. The company is also engaged in the sale of corporate sponsorships. WPT Enterprises, Inc. is a majority owned subsidiary of Lakes Entertainment, Inc. (Nasdaq: LACO). Photos and media information can be found online at: http://www.worldpokertour.com/media
WPTEG
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 source of revenue; difficulty of predicting the growth of our online casino business, which is a relatively new industry with an increasing number of market entrants; the increased time, cost and expense of developing and maintaining WPTE's own online gaming software; 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 WPT 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.
Company Contact: Todd Steele, Chief Financial Officer
323-330-9900
tsteele@worldpokertour.com
Investor Relations Contact: Andrew Greenebaum / Allyson Pooley
Integrated Corporate Relations, Inc.
310-954-1100
agreenebaum@icrinc.com/
apooley@icrinc.com
(Logo: http://www.newscom.com/cgi-bin/prnh/20050809/LATU100LOGO)
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