500.com Announces Appointment of New Independent Director

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Dec 29, 2014, 06:15 ET

SHENZHEN, China, Dec. 29, 2014 /PRNewswire/ -- 500.com Limited (NYSE: WBAI) ("500.com" or the "Company"), a leading online sports lottery service provider in China, today announced that Mr. Jeffrey R. Williams has been appointed as a new independent director, effective November 22, 2014. Mr. Williams will also serve as a member of the Audit committee of the Board of Directors.

Mr. Williams is an independent director at China Universal Asset Management, a Shanghai-based mutual fund company, and a director of Shanghai F-Road Commercial Services Co., a provider of mobile banking solutions to smaller banks across China. Mr. Williams is also a trustee of the China Medical Board. Mr. Williams was formerly president of Shenzhen Development Bank — the first person of a non-PRC nationality to lead a Chinese bank since the founding of the PRC. Mr. Williams had previously worked in Taiwan, Hong Kong and Shenzhen for Citibank and as the Taiwan general manager for American Express Company and Standard Chartered Bank. Mr. Williams formerly served as the chairman of the American Chamber of Commerce in Taipei and the chairman of Taipei American School. Mr. Williams graduated magna cum laude in East Asian Languages and Civilizations from Harvard College in 1978 and received his MBA from Harvard Business School in 1982.

In addition, current directors Mr. Jiepin Fu, Mr. Min Fan and Mr. Jinping Ma have stepped down from the Board of Directors of the Company effective November 22, 2014 following the expiration of their one-year terms.

In a separate development, Mr. Yu Wei has appointed as a member of the Strategy Committee and Mr. Honghui Deng as a member of the Nominating and Corporate Governance Committee of the Board of Directors of the Company.

"On behalf of the Board of Directors, I would like to express our sincerest gratitude to Mr. Fu, Mr. Fan and Mr. Ma for their outstanding contributions to the Company over the past year," commented Mr. Man San Law, Chairman and Chief Executive Officer of the Company. "We wish them success in their future endeavors. I would also like to extend my warmest welcome to Mr. Williams whose extensive experience and expertise in corporate matters will surely benefit the Company over the long-term."

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. According to iResearch, the Company had the largest market share among online lottery service providers for the first six months of 2013, in terms of the total purchase amount of sports lottery products.

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
[email protected]

Christensen

In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: [email protected]

In US

Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: [email protected]

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SOURCE 500.com Limited