Full House Resorts Says Dissident Group's Proposals "inappropriate & Disruptive"

(RTTNews) - Full House Resorts Inc.'s (FLL) board made comments on the public announcement on October 9, 2014 made by dissident minority stockholders regarding their request to call a special meeting to appoint certain individuals to the Company's board of directors and make changes to the Company's bylaws.

The company noted that it believes that the proposals by the dissident group are inappropriate and disruptive at this time and encourages stockholders to not take any action with respect to the proposals. The Company also noted that many of the statements made by the dissident group are inaccurate or misleading.

The company said it also believes that the dissident group are the wrong people, with the wrong agenda at the wrong time. Craig Thomas and Bradley Tirpak do not have a record of creating value for stockholders as evidenced by their failed attempt to take over the board of USA Technologies, Inc. and the decline in Direct Insite Corp's stock price and operations during the period of Craig Thomas' service as a board member following a similar board takeover.

In addition, Dan Lee recently had a less than eight month tenure at the Palms Casino Resort, had a disruptive departure from Pinnacle Entertainment and was unsuccessful in his efforts to develop a casino in Louisiana.

The company noted that it has been evaluating strategic alternatives for several months. The Company intends to continue exploring strategic alternatives to maximize value for all stockholders, including the potential merger or sale of the Company, and has retained Macquarie Capital as its financial advisor and Latham & Watkins LLP as its legal advisor. The Company will inform its stockholders of the result of its review of strategic alternatives at the appropriate time.

The company said it will pursue the strategy that is in the best interest of all stockholders, and encourages its stockholders not to support actions that enable the dissident group to take control of the Company without providing a fully formed strategic plan to create value for stockholders of the Company.

On October 9, Three Concerned Stockholders of Full House Resorts sent a letter to their fellow stockholders in the Company. The Concerned Stockholders own about 1.16 million shares of common stock in the aggregate, which represents about 6.2% of the shares outstanding. In the letter, the Concerned Stockholders announced their intentions to call a Special Meeting to add five individuals to the Board of Directors.