YouBet.com
stock
repurchasing
agreement
in
the
news
April
13,
2007
Just
released
into
online
gambling
news
circuits,
Youbet.com,
a
well
known
gaming
technology
developer
and
online
gambling
race
wager
site
to
that
on
Tuesday
an
agreement
was
reached
with
Wells
Fargo
Foothill,
Inc.,
the
managerial
agent
of
the
gaming
company’s
credit
accord.
Under
the
terms
of
the
new
pact,
Youbet.com
may,
on
occasion,
repurchase
up
to
$10
million
of
its
common
stock
from
the
date
of
the
agreement
through
March
31,
2009.
The
cumulative
repurchase,
however,
may
not
exceed
2,000,000
shares
of
the
common
stock
in
the
company.
According
to
the
new
agreement,
Youbet.com
will
be
forbidden
from
repurchasing
shares
if
the
company
is
in
default
under
the
terms
of
its
credit
accord
and
certain
liquidity
thresholds
have
not
been
met.
Chuck
Champion,
Youbet.com's
Chairman,
President
and
CEO,
stated
that
the
company’s
share
repurchase
approval
reflects
the
board's
self-assurance
in
the
company’s
tactical
growth,
and
is
also
confident
in
the
belief
that
its
shares
are
selling
at
prices
that
do
not
reflect
the
long
term
value
of
this
venture.
(179)