News

Absolute Poker reaches agreement with DoJ

11?May?2011


ST. JOHN'S, Antigua -- (PRESS RELEASE) -- Absolute Poker, including the UB.com (formerly Ultimate Bet) brand, hereafter “Absolute Poker,” issued the following new version of its earlier statement today that corrects certain language in relation to civil matters filed in federal court in Manhattan and made public on April 15, 2011:

Absolute Poker has reached an agreement with the United States Attorney’s office for the Southern District of New York (“SDNY”). Under the agreement, the US Attorney’s Office has agreed to provide all necessary assurances that third parties may work with Absolute Poker to facilitate the return of funds to players located in the US. This provision is an important first step to returning US player funds.

The Company has also notified the SDNY that it has closed its US-facing operations, and it has agreed to the cessation of real money poker play in the US. As such, Absolute Poker has not requested the return of its worldwide domain names, www.AbsolutePoker.com, www.UltimateBet.com and www.UB.com, and today’s agreement does not provide for their return. The agreement also provides for the appointment of Monitor, approved by the US Attorney’s Office, to assess the Company’s compliance with the terms of the agreement.

Absolute Poker’s top priority has always been, and remains, the refund of account balances to its US players. Unfortunately, the Company still faces several legal issues which must be navigated before funds can be paid out to US players. The Company’s US attorneys, Blank Rome LLP, continue to work diligently to resolve these issues, which is a necessary further step to facilitate the return of funds to players. Player funds, therefore, will not become immediately available for withdrawal as a result of today’s agreement with the DOJ.

A Company spokesperson said: “Today’s signing of the agreement with the DOJ is an important step towards the safe and efficient return of funds to our US players. We can now move as expeditiously as possible to establish proper mechanisms for the return of funds to our US players. As previously announced, we have already taken specific actions to exit the US market by closing our US-facing operations. Blank Rome LLP will continue to engage in discussions with the SDNY in order to complete the necessary arrangements for the final transfer of balances to our US players. This remains our highest priority. We will continue to update our players and the poker community, as we move forward to resolve outstanding issues.”