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SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported)
October 12, 1999
YOUBET.COM, INC.
(Exact Name of Registrant as specified in Charter)
Delaware 33-13789LA 95-4627253
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification Number)
1950 Sawtelle Boulevard, Suite 180, Los Angeles, California 90025
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(Address of principal executive offices) (Zip Code)
(310) 444-3300
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(Registrant's telephone number, including area code)
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
A. A copy of a press release issued by Youbet.com, Inc. on October 1, 1999
is attached hereto as EXHIBIT 99.1 and incorporated herein by reference.
B. A copy of a press release issued by Youbet.com, Inc. on October 4, 1999
is attached hereto as EXHIBIT 99.2 and incorporated herein by reference.
ITEM 7. EXHIBITS
Exhibit Number Description of Document
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99.1 Press release dated October 1, 1999
99.2 Press release dated October 4, 1999
2
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: October 12, 1999 YOUBET.COM, INC.,
(Registrant)
By: /s/ Phillip C. Hermann
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Phillip C. Hermann
Chief Financial Officer
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Exhibit 99.1
COMPANY PRESS RELEASE
YOUBET.COM PROVIDES GUIDANCE FOR THIRD QUARTER
LOS ANGELES--(BUSINESS WIRE)--Oct. 1, 1999--Youbet.com, Inc.
(NASDAQ:UBET-NEWS), the only online live-event wagering company focusing on
horse racing, today announced that it expects to report subscriber count of
approximately 12,000 for its third quarter ended September 30, 1999, roughly
double the count of 5,700 at the end of its second quarter.
"We are pleased with the progress of the business for the quarter, including
continued sustained growth in the subscriber count, which reflects only a few
weeks of the advertising campaign that launched in August," said Robert Fell,
CEO of Youbet.
"Our TV spots are now scheduled to air this month in four major markets after
a delay due to lengthy approval cycles at target stations and networks. The
analysts' original estimate of reaching 16,000 subscribers was based upon an
earlier advertising campaign start date. We also have seen a somewhat
lower-than-projected response rate to our direct mail programs, but we already
are working with our data provider to fine-tune our mailing lists and improve
response rates. Given these trends, our revised objective is to achieve
subscriber enrollment of 20,000-25,000 by the end of the year and
75,000-100,000 by the end of 2000."
Fell continued, "Youbet is breaking new ground in the live event wagering
industry, using the power and functionality of the Internet to deliver the
fun and excitement of live event wagering to current enthusiasts as well as
new generations of customers worldwide. We have the technology, capital and
management talent to execute this vision, as well as a substantial
technological and logistical head-start over potential competition. We
believe that within three to four years the Youbet Network will boast
subscribers around the world wagering millions of dollars daily over our
system. We are forging new ground and learning more about this new business
everyday."
The Company plans to announce final third quarter results in early November.
In 1998, Youbet.com announced the public release of the You Bet Network, the
only legal interactive online live horse racing network in the U.S.
Youbet.com provides members the ability to watch and wager on a wide
selection of coast-to-coast thoroughbred and harness horse racing, via its
exclusive private closed-loop network. Members have 24-hour access to the
network's features, including live racing from a choice of more than 30
racetracks across the country, commingled track pools, live audio/video,
up-to-the-minute track information, real-time wagering information, and
value-added handicapping products.
In December 1998, Youbet.com accepted the 1998 Innovator of the Year Honors
by Internet Gaming International. For further information, visit
www.youbet.com. To subscribe to the You Bet Network call 1-888-YOUBET-8 or
visit the Web site at youbet.com.
Forward-Looking Statements: This release may contain forward-looking
statements, which are made pursuant to the safe-harbor provisions of the
Private Securities Litigation Reform Act of 1995. Expressions of future goals
and similar expressions reflecting something other than historical fact are
intended to identify forward-looking statements, but are not the exclusive
means of identifying such statements. These forward-looking statements
involve a number of risks and uncertainties, including the timely development
and market acceptance of products and technologies, successful integration of
acquisitions, the ability to secure additional sources of financing, the
ability to reduce operating expense and other factors described in the
Company's filing with the Securities and Exchange Commission. The actual
results that the Company achieves may differ materially from any
forward-looking statements due to such risks and uncertainties. The Company
undertakes no obligations to revise or update any forward-looking statements
in order to reflect events or circumstances that may arise after the date of
this release. You Bet is a registered trademark of Youbet.com., Inc. All
other brands and products referenced herein are the trademarks or registered
trademarks of their respective holders.
______________________________
CONTACT:
Youbet.com, Inc.
Phillip Herman, 310/444-3300 (Executive VP and CFO)
or
Morgen-Walke Associates, Inc.
<PAGE>
Exhibit 99.2
MONDAY OCTOBER 4, 6:30 AM EASTERN TIME
COMPANY PRESS RELEASE
YOUBET.COM ANNOUNCES APPOINTMENT OF NEW BOARD MEMBER
CHARLES PEEBLER AND NEW ROLE FOR CO-FOUNDER DAVID MARSHALL
LOS ANGELES, Calif.--(BUSINESS WIRE)--Oct. 4, 1999--Youbet.com, Inc.
(Nasdaq:UBET-NEWS), the online live-event wagering company focusing on horse
racing, today announced that it has elected Charles Peebler, Jr. to its
Board of Directors.
Peebler replaces Jess Rifkind on the seven-member board. The Company also
announced that Vice Chairman and co-founder, David Marshall, 36, plans to
resign as an officer and director as of the end of the year, but will
continue as a consultant to the company in the international and regulatory
areas. The Company plans to appoint a replacement for Marshall on the board
effective next year.
Peebler, 63, has served as chairman emeritus of True North Communications,
Inc., the worlds sixth largest advertising agency holding company and
chairman of the board and chief executive officer of True North's Diversified
Companies Group, since April 1999.
From December 1997 to April 1999, Peebler was president of True North
Communications, Inc. Prior to December 1997, Peebler was chief executive
officer of Bozell, Jacobs, Kenyon & Eckhardt or its predecessor companies.
Peebler currently serves as chairman of the board for mPulse and as a
director of American Tool Companies, Inc., Corporate Fulfillment Inc.,
Valmont Industries and Presspoint.
"We are excited about the addition of Charles Peebler to the board and look
forward to continuing to work with David Marshall in his new role as a
consultant to the Company," said Robert Fell, chief executive officer. As one
of the co-founders of Youbet, David has been instrumental in bringing the
Company to its current leadership position in online live event wagering."
"I have every confidence in the management team we have assembled here at
Youbet and their continued ability to execute our strategies for becoming the
leading global brand in the industry," said David Marshall. "I look forward
to continuing to contribute towards this vision."
In 1998, Youbet.com announced the public release of the You Bet Network, the
only legal interactive online live horse racing network in the U.S. Youbet.com
provides members the ability to watch and wager on a wide selection of
coast-to-coast thoroughbred and harness horse racing, via its exclusive
private closed-loop network.
Members have 24-hour access to the network's features, including live racing
from a choice of more than 30 racetracks across the country, commingled track
pools, live audio/video, up-to-the-minute track information, real-time
wagering information, and value-added handicapping products.
In December 1998, Youbet.com accepted the 1998 Innovator of the Year Honors
by Internet Gaming International. For further information, visit
www.youbet.com. To subscribe to the You Bet Network call 1-888-YOUBET-8 or
visit the Web site at youbet.com.
Forward-Looking Statements: This release may contain forward-looking
statements, which are made pursuant to the safe-harbor provisions of the
Private Securities Litigation Reform Act of 1995. Expressions of future goals
and similar expressions reflecting something other than historical fact are
intended to identify forward-looking statements, but are not the exclusive
means of identifying such statements. These forward-looking statements
involve a number of risks and uncertainties, including the timely development
and market acceptance of products and technologies, successful integration of
acquisitions, the ability to secure additional sources of financing, the
ability to reduce operating expense and other factors described in the
Company's filing with the Securities and Exchange Commission. The actual
results that the Company achieves may differ materially from any
forward-looking statements due to such risks and uncertainties. The Company
undertakes no obligations to revise or update any forward-looking statements
in order to reflect events or circumstances that may arise after the date of
this release. You Bet is a registered trademark of Youbet.com., Inc. All
other brands and products referenced herein are the trademarks or registered
trademarks of their respective holders. ______________________________
CONTACT:
Morgen-Walke Associates, Inc.
Erica Mannion. 415/296-7383 (Investor Relations)
John Swanson, 415/396-7383 (Investor Relations)
