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American Wagering and Leroy's Emerge from Bankruptcy14 March 2005
LAS VEGAS – (PRESS RELEASE) -- American Wagering, Inc. (OTC Bulletin Board: BETMQ) today announced that AWI and Leroy's Horse & Sports Place, Inc. ("Leroy's"), a wholly owned subsidiary of the Company, have consummated the Restated Amended Joint Plan of Reorganization (the "Plan") and have formally emerged from Chapter 11. AWI and Leroy's officially concluded the process after completing all required actions and satisfying all remaining conditions of the Plan, which was confirmed by the U.S. Bankruptcy Court for the District of Nevada on February 28, 2005.
AWI and Leroy's will continue operating their businesses as going concerns, all AWI common shareholders will retain their stock ownership in the Company, and the AWI common stock will continue to trade on the OTC Bulletin Board. AWI has formally requested that the "Q" designation be removed from AWI's stock symbol soon as possible (returning the symbol to its original "BETM" designation).
Victor Salerno, CEO of AWI, said, "We are pleased to emerge from the Chapter 11 proceedings. While it has been difficult, the reorganization process has allowed us to structure our litigation payables in a manner that will not create a material drain on the Company's cash flows. In addition, we have been able to retain key employees and customers while keeping shareholder value intact. We are confident in our ability to implement our strategies to grow the business and increase shareholder value in the long term. AWI has long been a leader in the race and sports industry; we expect to continue in that role with our numerous race and sports book locations in the state of Nevada and with the new technologies we continue to develop for our consumer and casino customers."
Mr. Salerno continued, "Once again, I would like to extend my gratitude to our employees for their hard work and dedication, and to our customers, vendors, lenders and advisors for their support during this process."