Each one in plain English, with the numbers worked through for a shareholder.
22 Oct 2008listing compliance notice● Neutral
After Nasdaq suspended its $1.00 minimum bid rule through January 19, 2009, Nasdaq on October 22, 2008 gave the company until May 18, 2009 to regain compliance. This extends the deadline from the August 2008 notice; the share price problem is not resolved.
17 Oct 2008material agreement termination▼ BadMajor
On October 15, 2008 the company gave notice terminating its software license and support agreement with CryptoLogic, and will stop operating its WPT-branded online gaming site on that network after November 14, 2008. This ends the Cryptologic arrangement that was signed in 2007 and extended in March 2008; the filing gives no reason and does not say what replaces it. The filing is signed by Thomas Flahie as Interim Chief Financial Officer.
On August 14, 2008 Nasdaq notified the company that its stock closed below $1.00 for 30 consecutive business days, breaching the minimum bid rule. The company has 180 days to regain compliance by staying above $1.00 for at least 10 consecutive business days; the listing is not affected for now.
GSN did not exercise its option to broadcast WPT season seven by the extended June 7, 2008 deadline. The company said it is in talks with several major networks, and GSN said it is still talking about possibly airing parts of Season VII; season seven starts July 11 and runs to April 2009. This resolves the extension in the prior filing against the company, leaving season seven without a confirmed U.S. broadcaster.
On May 23, 2008 the company and Game Show Network agreed to move GSN's deadline to pick up the seventh World Poker Tour season from May 24 to June 7, 2008. The filing does not say whether GSN will take the option.
On March 5, 2008 the company expanded its Cryptologic arrangement: it took the Full Casino option, which cut the annual minimum guarantee from $2.5M to $750,000, and paid $100,000 for Spanish and German poker rooms. A separate amendment extended the term one year to June 30, 2011 and changed the revenue split to the company keeping 100% of the first $37,500 a month, 79% up to $500,000 and 80% above that. This continues the April 2007 Cryptologic deal, now with a bigger share for the company.
Raj Rajaratnam, Galleon Management, L.P reported a Emerald Oil, Inc. shareholding of 1,029,413 shares (5.02% of votes) in a periodic institutional filing.
On August 6, 2007 the company signed a five-year Cooperation Agreement with the China Leisure Sports Administrative Center, giving it rights to brand and exploit the China National Traktor Poker Tour. It pays an annual fee starting at $505,000 and rising 10% a year, and the Chinese body must organise at least 15 events a year and place the finals on a major Chinese TV station. This is a new business line outside the U.S.