Youbet.com / International Racing Group

Youbet.com, Inc. announced today that it has completed the acquisition of the stock of International Racing Group (IRG), a privately-held, pari-mutuel wagering company based in Curacao, Netherlands Antilles, and an affiliated company, It's All Good Buddy, Inc., a Nevada corporation. Youbet expects that it will operate these companies as separate legal entities.

The acquisition of IRG is expected to be accretive to Youbet's operating results. The total consideration for IRG paid at closing was $3.0 million, comprised of $2.0 million in cash and an aggregate of 166,668 shares of Youbet treasury stock. In addition, based on IRG's future performance, the sellers may be entitled to receive installment and other payments of up to $9.7 million plus annual earn-out payments, payable over the next three years. Youbet today filed a current report on Form 8-K with the Securities and Exchange Commission that includes the requisite pro forma financial information and the executed Stock Purchase Agreement.

(BUSINESS WIRE)