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Monarch Casino Stockholders Re-Elect Directors; Board Appoints Bob Farahi Interim Secretary and Treasurer and Approves Change of Corporate Address
RENO, Nev. - 5/26/2006
Monarch Casino & Resort, Inc. (Nasdaq: MCRI) (the "Company") today announced the results of the matters voted on at its 2006 Annual Meeting of Stockholders (the "Annual Meeting"), which was held on Tuesday, May 23, 2006, at Atlantis Casino Resort Spa in Reno, Nevada, and certain matters approved by the Board of Directors during their meeting, also held on Tuesday, May 23, 2006.
At the Annual Meeting, the Company's stockholders re-elected three directors, John Farahi, Craig F. Sullivan and Charles W. Scharer, each to serve a term of two years. John Farahi is also a Co-Chairman of the Board, Chief Executive Officer and Chief Operating Officer of the Company. Mr. Sullivan and Mr. Scharer are independent members of the Board.
"We appreciate the interest and support we received from our stockholders who attended the annual meeting and look forward to achieving continued value for all of our stockholders," said John Farahi.
At the meeting of the Board of Directors, Bob Farahi, Co-Chairman of the Board and President of the Company, was elected as interim Secretary and Treasurer. The Company's Secretary and Treasurer positions were vacated as a result of Ben Farahi's May 23, 2006 resignation. In order to maintain compliance with Nasdaq Marketplace rules requiring the Company to have a majority of independent directors by December 2006, the Board voted not to fill Ben Farahi's board seat. Prior to December 14, 2005, the Company was considered a "Controlled Company" under Nasdaq Marketplace rules because more than fifty percent (50%) of the Company's voting power was held by the Farahi family, including John Farahi, Bob Farahi, Ben Farahi and the Jila Farahi Trust. As a result of the sale of shares on December 14, 2005, the Farahi family's ownership fell below 50%. By not filling the vacancy created by the resignation of Ben Farahi, the Company currently has a majority of independent directors.
Bob Farahi, Monarch's President and Co-Chairman stated: "The Board's acts were an efficient and cost-effective way to comply with the Nasdaq requirements six months earlier than required."
The Board also approved the move of the Company's principal executive offices to the Atlantis. Effective June 1, 2006, Monarch's corporate address will be 3800 South Virginia Street, Reno, Nevada 89502. Monarch's telephone and facsimile numbers will also change. Effective June 1, 2006, the new main telephone number will be (775) 335-4600 and the new facsimile number will be (775) 332-9171.
John Farahi stated: "By centralizing Monarch's executive management team into one location, we can both increase efficiency and minimize costs."
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