Stanley Leisure’s Lord Steinberg Passes Away

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Published on:
Nov/05/2009

Electronic Game Card, Inc. (OTC Bulletin Board: EGMI) ("EGC"), announced today with great sadness that the Company's Executive Chairman, Leonard Steinberg, Baron Steinberg of Belfast, died suddenly of a heart attack November 2, 2009 on his 73rd birthday in London, England.

Lord Steinberg was one of Britain's most successful businessmen and one of the most well known personalities in the gaming industry. He founded Stanley Leisure in Belfast in 1958 with one licensed betting shop. Stanley Leisure plc became the largest casino operator and fourth largest retail bookmaker with 600 shops in the United Kingdom.

In 2005 Stanley Leisure's retail bookmaking operations were sold for pounds Sterling 504 million (approximately $1 billion) and returned pounds 327 million (approximately $650 million) to shareholders. In 2006, Stanley Leisure then sold the 45 casinos to Genting International for approximately $1.3 billion.

In addition to his highly successful business career, Lord Steinberg was made a Conservative Life Peer in 2004 and was an active member of the House of Lords in the United Kingdom. He was a well known philanthropist as Founder and Chairman of the Steinberg Family Charitable Trust.

"Leonard's passing gives me much pain and sadness and a tremendous sense of loss for his family, many friends and colleagues. All who knew Leonard greatly admired his wisdom, support and personal approach to relationships. Words cannot describe how much we all respected Leonard and appreciated the opportunity to work closely with him," commented Kevin Donovan, interim Joint Chairman and CEO of Electronic Game Card, Inc. "While we are all deeply saddened with his passing, management, the Board and company consultants will continue to work hard to take this company to the next level, and are accelerating our commitment to growth to honor this great man and the faith he had in us and the future of the company." Interim Joint Chairman Eugene Christiansen said, "This news has come as a shock to all of us. We are deeply saddened. The Steinberg family is in the midst of their mourning period. The company is convening its Board of Directors to take appropriate actions in light of this unfortunate and untimely development." 

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