SHENZHEN, China, November 7, 2014 /PRNewswire/ — 500.com Limited (NYSE: WBAI) (“500.com” or the “Company”), a leading online sports lottery service provider in China, announced today it has been brought to the Company’s attention that there were claims on the internet that Mr. Qi Li, one of the Company’s directors, sold the Company’s shares using ‘pseudonyms,’ namely, Lionel Rim and John Richard.
500.com is aware and had pre-approved of the sale by Mr. Li of the Company’s shares held through Lionel Rim and John Richard, which are both limited liability companies incorporated by Mr. Li under the laws of the Cayman Islands on August 11, 2011. The Company was informed by Mr. Li that the referenced sales would be executed by an independent brokerage firm pursuant to a Rule 10b5-1 plan implemented by Mr. Li in September 2014. Pursuant to the relevant Form 144 filings, the aggregate number of ADSs Lionel Rim and John Richard registered to sell was approximately 1.0 million, instead of 1.3 million as claimed. Mr. Li continues to be a shareholder.
The Company is committed to providing full and accurate disclosures to investors and to vigorously rebutting any allegations or speculation that attempt to negatively impact the Company’s public image and valuation.
About 500.com Limited
500.com Limited (NYSE:WBAI) is a leading online sports lottery service provider in China. The Company offers a comprehensive and integrated suite of online lottery services, information, user tools and virtual community venues to its users. 500.com was among the first companies to provide online lottery services in China, and is one of two entities that have been approved by the Ministry of Finance to provide online lottery sales services on behalf of the China Sports Lottery Administration Center, which is the government authority that is in charge of the issuance and sale of sports lottery products in China. According to iResearch, the Company had the largest market share among online lottery service providers for the first six months of 2013, in terms of the total purchase amount of sports lottery products.
Safe Harbor Statements
This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “going forward,” “outlook” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
For more information, please contact:
Mr. Christian Arnell
Ms. Linda Bergkamp