SHENZHEN, China, Aug. 1, 2018 /PRNewswire/ -- 500.com Limited
(NYSE: WBAI) ("500.com" or the "Company"), a leading online sports
lottery service provider in China,
today announced that effective August 1,
2018, Mr. Yonghong Zhang, a director and Chairman of
the Board of Directors of 500.com (the "Board") and Vice President
of Tsinghua Unigroup Co., Ltd. ("Tsinghua Unigroup"), has stepped
down from the Board. Mr. Huixuan Wang has been appointed as a
director and Chairman of the Board, effective August 1, 2018. Mr. Wang will join the
Compensation Committee and join and chair the Strategy Committee of
the Board.
Mr. Wang has been the director and Co-President of Tsinghua
Unigroup since July 2016. Prior to
joining Tsinghua Unigroup, Mr. Wang was the director of the
management committee of Midong New Zone in Xinjiang, the Vice
President of Xinjiang Branch of China Life Insurance Company Ltd.,
Person Chiefly in Charge of Guangdong Branch, General Manager of
Shandong Branch and Executive
Director and Vice President of head office of Chinese People's Life
Insurance Company Ltd., and Chairman of Board of Directors,
Director and Principal Member of the Investment Decision-Making
Committee of Life Insurance Capital Investment Management Company
Ltd.
"On behalf of the Board of Directors, I would like to express
our sincerest gratitude to Mr. Yonghong
Zhang, for his outstanding contributions to the Company over
the past year," commented Mr. Huixuan Wang, Chairman of the Board
of Directors of 500.com. "We wish him success in his future
endeavors."
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