GWIN announced today the company has completed the first step in a
comprehensive restructuring plan to strengthen the company’s balance sheet,
and to retain the continued services of its key employee and founder, Wayne
Allyn Root. Jeff Johnson, CFO of GWIN, stated, “Our chairman, Wayne Allyn
Root, agreed to convert a six-figure liability of the company into preferred
equity. He also agreed to remain for the foreseeable future in the role of
chairman and CEO. Furthermore, he agreed to waive a termination clause in
his current contract. We consider these concessions to be substantial
contributions on Mr. Root’s part for the long-term well-being of the
company, and the board wishes to thank him for his continued hard work on
behalf of the GWIN shareholders.” Root added, “This should give a major
boost of confidence to all GWIN shareholders and future investors. First of
all, as someone who makes big bets for a living, I’ve decided to put my
money where my mouth is, by agreeing to convert over $200,000 of GWIN
liability into preferred equity — which shows the faith I have in the
future of GWIN. Secondly, I have agreed to this conversion at $.045 per
share, a price significantly above the current price of the stock. In an age
where CEOs consistently take stock and options at prices far below the
current market price, I wanted to set a new example. This conversion makes
me the largest individual shareholder in GWIN stock, and firmly ties my
future and my fortunes to this company. It shows my faith that GWIN is on a
path to fulfill our goal of becoming the global brand name in sports
handicapping.”