Interactive Systems Worldwide
Chairman Barry Mindes resigned from the West Paterson, N.J., sports betting company.
Interactive Systems said early Friday that Mindes, its 74-year-old founder, cited "family health matters and personal issues" in his letter to the board.
Later Friday, Mindes made a separate statement elaborating on his decision:
I believe that ISWI's technology, systems, operations, facilities and patents, most of which is mature and unique, has great value in a strategic sense and will provide the additional opportunity to exploit them through strategic relationships or investments. I do not believe that this is being properly reflected in the stock's current price and I have no plans for selling any of my stock in the public market.
I consider ISWI an excellent candidate for mergers or acquisitions in its marketplace, with its technical savvy and staff being an ideal complement to other entities, public or private, with greater resources and scope, or better sales and marketing skills. These include a wide range of gambling companies, domestic or foreign, computer game companies, media companies, etc. I could consider divesting some of my stock to attract a strategic partner.
I continue to be a great supporter and fan of ISWI and obviously have an enormous emotional attachment to the company, being its founder and the originator of most of its concepts, systems and initiatives. My resignation was the result of purely personal considerations and I have every faith in the skill and competence of the new management in protecting and increasing the value of my equity position.
On Friday, shares of Interactive Systems fell 3 cents to $2.