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Youbet.Com Closes $2 Million Financing19 February 2003WOODLAND HILLS, California -- (Press Release) -- Youbet.com, Inc. (Nasdaq: UBET), the leading online live event and wagering company, today announced it has closed on a $2 million private placement financing led by Rice-Voelker LLP of New Orleans. The terms of financing include a two-year balloon note carrying a 10% coupon, and an obligation to assign to the investors a warrant to purchase .667 shares per dollar invested. The funds will be used to provide additional flexibility as the company leverages the rapid growth it has recently experienced in handle and account activity. The securities were not registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Youbet.com is the largest Internet provider of thoroughbred, quarter horse and harness horse racing content in the United States. Members have the ability to watch and, in most states, the ability to wager on virtually 100% of all major domestic horse racing content via its exclusive closed-loop network. Youbet.com members enjoy features that include commingled track pools, live audio/video, up-to-the-minute track information, real-time wagering information, phone wagering and value-added handicapping products. |