AUSTIN, Texas--(BUSINESS WIRE)--Multimedia Games, Inc. (Nasdaq: MGAM) (“Multimedia Games” or the “Company”) announced today that its Board of Directors has appointed Stephen J. Greathouse, 60, to the position of Non-Executive Chairman of the Board. Mr. Greathouse has served as a Director since April 2009 and as Vice Chairman of the Board since March 2010. He assumes the responsibilities of Chairman from Michael J. Maples, Sr., who served in this role since April 2006 following his appointment to the Company’s Board in August 2004. Mr. Maples will continue to serve as a Director. The Board believes that alternating its leadership is consistent with corporate governance best practices.
Patrick Ramsey, President and CEO of Multimedia Games, commented, “In the nearly two years Steve has served on the Board, he has brought invaluable leadership and counsel to the ongoing execution of Multimedia Games’ strategic plan. As Chairman, Steve’s vision, industry knowledge and operational experience will benefit the Company and our shareholders as we look to continue improving our competitive position, diversify our business model and further strengthen our financial foundation. On behalf of the Board of Directors and the management team, I am pleased that Mike will continue to serve as a Director and I want to personally thank him for his tremendous contributions to the Board, particularly during the nearly six years he served as Chairman.”
Mr. Greathouse has been a Director since April 2009 and was appointed Vice Chairman in March 2010. He has over 30 years of experience in the Las Vegas hotel and gaming industry, most recently as Senior Vice President of Operations for the Mandalay Resort Group from 1997 to 2005. He also served as President of Boardwalk Hotel & Casino in 1997 and Chairman and Chief Executive Officer of Alliance Gaming Corporation (renamed “Bally Technologies, Inc.” in 2006) from 1994 to 1997. Earlier in his career, he spent 16 years in various roles at Harrah’s (renamed “Caesars Entertainment Corporation” in 2010), including President of its Casino-Hotel Division.
In addition, Multimedia Games announced that at the Company’s Annual Meeting of Shareholders, held March 22, 2011, shareholders approved all matters brought before the meeting.
About Multimedia Games
Gaming technology developer and distributor, Multimedia Games, is a creator and supplier of comprehensive systems, content and electronic gaming units for Class III and Class II Native American gaming markets, as well as for commercial casinos and charity and international bingo markets. Multimedia Games’ revenue is primarily derived from gaming units in operation domestically and internationally installed on revenue-sharing arrangements. Multimedia Games also supplies the central determinant system for the video lottery terminals (“VLTs”) installed at racetracks in the State of New York. Multimedia Games is focused on pursuing market expansion and new product development for Class II, Class III and VLT markets. Additional information may be found at www.multimediagames.com.
Cautionary Language
This press release contains forward-looking statements based on Multimedia Games' current expectations, which are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. The words or phrases “will”, “look to continue”, “anticipate”, or the negative or other variations thereof or comparable terminology as they relate to Multimedia Games and its business models, strategic plans, amendments to its organizational documents, and new leadership are intended to identify such forward-looking statements. 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 failure of Multimedia Games to successfully model and execute any strategic plan, including any plan aimed at improving Multimedia Games’ competitive position or diversifying Multimedia Games’ business model, any plan to amend the Company’s organizational documents on any definitive date, or any plan for certain persons serve in leadership capacities for the Company. Other important risks and uncertainties that may affect the Company's business are detailed from time to time in the “Risk Factors” sections of Multimedia Games’ Annual Report on Form 10-K and elsewhere in Multimedia Games’ filings with the Securities and Exchange Commission. 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.