SHENZHEN, China, Jan. 22, 2017 /PRNewswire/ -- 500.com Limited
(NYSE: WBAI) ("500.com" or the "Company"), a leading online sports
lottery service provider in China,
today announced that effective January 20,
2017, Mr. Man San Law,
Chairman of the Board of Directors of 500.com and Mr. Weiguo Zhao, the chairman of Tsinghua Unigroup
Co., Ltd. ("Tsinghua Unigroup"), have stepped down from the Board.
Mr. Lian Qi has been appointed as a
director and Chairman of the Board of Directors of the Company (the
"Board") and Mr. Bo Yu has been
appointed as a director of the Board, both effective January 20, 2017. Mr. Qi will join the
Compensation Committee and join and chair the Strategy Committee of
the Board, and Mr. Yu will join and chair the Compensation
Committee and the Nominating and Corporate Governance Committee of
the Board.
Effective January 20, 2017, Mr.
Qian Sun has resigned from the
Nominating and Corporate Governance Committee and will join the
Strategy Committee, and Mr. Yu Wei
has resigned from the Strategy Committee and will join the
Nominating and Corporate Governance Committee.
Mr. Qi is the Co-President and a director of Tsinghua Unigroup
and the Chairman of Unisplendour Technology (Holdings) Limited
(365.HK). In addition, Mr. Qi served various positions within the
Tsinghua Unigroup since 1992 and has accumulated substantial
experiences in management, investment and strategic planning. Mr.
Qi received a master's degree in business administration from the
Chinese University of Hong Kong in
2002, a master of science degree in engineering and a bachelor of
science degree in engineering from Tsinghua University in 1992 and
1990, respectively.
Mr. Yu was the Company's general counsel. Mr. Yu received a
master's degree in law from the University of
Iowa, and a master's degree in law and a bachelor's degree
in science from the University of Wuhan. Mr. Yu is admitted to the Bar of the
State of Michigan.
"I would like to thank Man San
and Weiguo for his invaluable service and contribution to the
Company," commented by Mr. Lian Qi,
Chairman of the Board of Directors of 500.com. "We warmly welcome
Bo to the Board. His extensive experience in legal affairs and
compliance will certainly benefit the Company going forward."
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.
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:
500.com Limited
ir@500wan.com
Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com
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SOURCE 500.com Limited