Sands Regent Board Fails Shareholders, According to Las Colinas Capital Management

IRVING, Texas, May 30  /PRNewswire/ -- The following was released today by Las Colinas Capital Management:

Las Colinas Capital Management believes The Sands Regent (NASDAQ:SNDS) (SNDS) recent decision to go private at $15.00 per share is in complete conflict with management's previous strategy of growth via acquisition.  The company's press release dated May 17th stated that the board of directors voted unanimously for the going private deal.  The board has voted, yet the shareholders are completely devoid of timely financial reporting for the second consecutive quarter.  An adverse effect on shareholders occurs each day the stock trades without timely financials.

The board of directors has grossly breached their fiduciary responsibility by presiding over these unwarranted delays in reporting to shareholders; regulators permit up to 45 days to report unaudited quarterly results.  The most recent acquisition by SNDS was the Dayton Nevada Casino, announced September 1st, 2005.  Since then, nine months have past while shareholders, because of delays, have been unable to review a complete quarter of financial results and its consequent impact on the free trading stock.  The board of directors best serves all Sands Regent shareholders when they begin seeking competitive bids by a limitless number of qualified buyers for the company. Only then do they begin to achieve a minimum standard of fiduciary responsibility to its shareholders.

Las Colinas Capital Management and related clients own 238,432 shares or 3.36% of the company. 

DATASOURCE: Las Colinas Capital Management



CONTACT:  Las Colinas Capital Management, [phone]

Copyright