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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001144204-09-055475.txt : 20091030
<SEC-HEADER>0001144204-09-055475.hdr.sgml : 20091030
<ACCEPTANCE-DATETIME>20091030061418
ACCESSION NUMBER:		0001144204-09-055475
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20091028
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20091030
DATE AS OF CHANGE:		20091030

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Mandalay Media, Inc.
		CENTRAL INDEX KEY:			0000317788
		STANDARD INDUSTRIAL CLASSIFICATION:	PATENT OWNERS & LESSORS [6794]
		IRS NUMBER:				222267658
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-10039
		FILM NUMBER:		091145992

	BUSINESS ADDRESS:	
		STREET 1:		2121 AVENUE OF THE STARS
		STREET 2:		SUITE 2550
		CITY:			LOS ANGELES,
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		(310) 601-2500

	MAIL ADDRESS:	
		STREET 1:		2121 AVENUE OF THE STARS
		STREET 2:		SUITE 2550
		CITY:			LOS ANGELES,
		STATE:			CA
		ZIP:			90067

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Mediavest, Inc.
		DATE OF NAME CHANGE:	20050809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EB2B COMMERCE INC /NY/
		DATE OF NAME CHANGE:	20010323

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DYNAMICWEB ENTERPRISES INC
		DATE OF NAME CHANGE:	19960624
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v164241_8-k.htm
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    <div>&#160;</div>
    <div>
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STATES</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECURITIES
AND EXCHANGE COMMISSION</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington,
D.C. 20549</font></div>
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8-K</font></div>
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REPORT</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to Section 13 or 15(d)</font></div>
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the Securities Exchange Act of 1934</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
of Report (Date of earliest event reported): October 28, 2009</font></div>
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MEDIA, INC.</font></div>
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name of registrant as specified in its charter)</font></div>
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      or other jurisdiction</font></div>
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      No.)</font></div>
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Avenue of the Stars, Suite 2550</font></div>
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Angeles, CA 90067</font></div>
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of principal executive offices and zip code)</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registrant&#8217;s
telephone number, including area code: (310) 601-2500</font></div>
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appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (<font style="DISPLAY: inline; FONT-STYLE: italic">see </font>General
Instruction A.2. below):</font></div>
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425 under the Securities Act (17 CFR 230.425)</font></font></div>
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14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Wingdings">&#168;</font> <font style="DISPLAY: inline; FONT-SIZE: 10pt">Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</font></font></div>
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pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</font></font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ITEM
8.01. OTHER EVENTS.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
October 29, 2009, Mandalay Media, Inc. (the &#8220;Company&#8221;) issued a press release
announcing a proposal to acquire the outstanding shares of WPT Enterprises, Inc.
(&#8220;WPT&#8221;).&#160;&#160;The proposal was communicated by a letter dated October 28,
2009 to WPT&#8217;s Board of Directors.</font></div>
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release announcing the proposal, including the full text of the letter to WPT&#8217;s
Board of Directors, is attached as Exhibit 99.1 to this Current Report on Form
8-K and is incorporated herein by reference.</font></div>
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9.01. FINANCIAL STATEMENTS AND EXHIBITS.</font></div>
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      <div>
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              <td nowrap valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid">
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      No.</font></div>
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              <td valign="bottom" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
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              <td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Description</font></div>
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              <td valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
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      Release dated October 29, 2009.</font></div>
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        <div id="FTR">
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        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
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          </div>
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        <div id="HDR">
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      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURES</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr bgcolor="#ffffff">
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
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              <td align="left" colspan="2" valign="top" width="27%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">MANDALAY
      MEDIA, INC.</font></div>
              </td>
              <td valign="top" width="15%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr bgcolor="#ffffff">
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="32%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="15%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr bgcolor="#ffffff">
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="32%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="15%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr bgcolor="#ffffff">
              <td align="left" valign="top" width="50%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Dated:
      October 29, 2009</font></div>
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              <td align="left" valign="top" width="3%" style="PADDING-BOTTOM: 2px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">By:</font></div>
              </td>
              <td align="left" valign="top" width="32%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/
      James Lefkowitz</font></div>
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              <td valign="top" width="15%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr bgcolor="#ffffff">
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" valign="top" width="32%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">James
      Lefkowitz</font></div>
              </td>
              <td valign="top" width="15%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr bgcolor="#ffffff">
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                  <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chief
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v164241_ex99-1.htm
<TEXT>
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  <head>
    <title>Unassociated Document</title>
    <!--Licensed to: Vintage Filings-->
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    <div>&#160;</div>
    <div style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
99.1</font></div>
    <div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mandalay
Media Announces Proposal to Acquire World Poker Tour for $35 million in Cash and
Stock; $1.69 Per Share</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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                <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Press
      Release</font></font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 18pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Source:
      Mandalay Media, Inc.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 18pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      12:30 P.M. Pacific Time, Thursday, October 29,
  2009</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">LOS
ANGELES&#8212;Mandalay Media, Inc. (OTC Bulletin Board: MNDL) today announced that it
has submitted a proposal to the Board of Directors of WPT Enterprises, Inc.
(NASDAQ:WPTE) to acquire WPT for $35 million in cash and
stock.&#160;&#160;Shareholders would receive cash and stock of $1.69 per share,
based on WPT&#8217;s recent outstanding shares and disregarding
options.&#160;&#160;The proposal represents a premium of approximately 54% over
the closing price of WPT&#8217;s common stock on October 26, 2009 and a premium of
approximately 23% over the implied value at closing of WPT&#8217;s pending asset sale
with Peerless Media Ltd.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In a
letter to WPT&#8217;s Board of Directors, Mandalay&#8217;s Co-Chairman Robert Ellin stated
that Mandalay proposal is a &#8220;Superior Proposal&#8221; as that term is defined under
the asset purchase agreement with Peerless.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mandalay
stated that the proposed asset sale with Peerless provides no payment or
distribution of any kind to WPT&#8217;s shareholders.&#160;&#160;In contrast, the
Mandalay proposal would provide significant cash and stock directly into the
hands of WPT shareholders.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
addition, Mandalay stated that in order to enable the WPT board of directors to
comply with its fiduciary duties to give serious consideration of the Mandalay
proposal, Mandalay urged the board of WPT to postpone the Special Meeting of
Shareholders currently scheduled for October 30, 2009.&#160;&#160;Mandalay has
asked to meet with the WPT board as soon as possible.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The full
text of the letter, dated October 28, 2009, follows:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">[Letterhead
of Mandalay Media, Inc.]</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">The
Board of Directors</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">WPT
Enterprises, Inc.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">5700
Wilshire Blvd. Suite 350</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Los
Angeles, California 90036</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Re: <font style="DISPLAY: inline; TEXT-DECORATION: underline">Cash and Stock Proposal at
$1.69 per share</font></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Dear
Members of the Board:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Since
the announcement of your proposed asset sale with Peerless Media (Peerless),
Mandalay Media, Inc. (OTC&#8212;BB: MNDL) (Mandalay) has given serious consideration
to a combination of Mandalay and WPT Enterprises, Inc. (WPTE).&#160;&#160;We
believe a strategic combination of Mandalay and WPTE would deliver significant
value to our respective shareholders, and position the combined company for
substantial future growth.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">By
this letter, we are proposing a transaction that provides WPTE&#8217;s shareholders a
significant premium over both WPTE&#8217;s current market price and the current value
of the Peerless transaction.&#160;&#160;There is no doubt that our offer is a
&#8220;Superior Proposal&#8221; as that term is defined under your asset purchase agreement
with Peerless.&#160;&#160;Accordingly, we would like to meet with you as soon as
possible to discuss the terms of our offer in greater detail.&#160;&#160;In
addition, in order to enable the WPTE board of directors to comply with its
fiduciary duties to give serious consideration of our proposal, we urge the
board to postpone the Special Meeting of Shareholders currently scheduled for
October 30, 2009.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
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      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">As
you know, the proposed asset sale with Peerless provides no payment or
distribution of any kind to WPTE&#8217;s shareholders.&#160;&#160;In addition, as
WPTE&#8217;s proxy materials make clear, WPTE has no present intention or plan to
conduct any stock repurchases or otherwise distribute either the proceeds of the
Peerless sale or WPTE&#8217;s excess cash to shareholders, even though WPTE would no
longer have any material operating assets.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">In
contrast, our proposal would provide significant, immediate cash and stock
directly into the hands of your shareholders, and values WPTE significantly
higher.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Under
our proposal, which has no financing contingency, Mandalay and WPTE would
combine and WPTE shareholders would receive, in the aggregate, approximately $35
million in stock and cash, consisting of: (i) $10 million in Mandalay common
stock, <font style="DISPLAY: inline; TEXT-DECORATION: underline">plus</font>
(ii) $25 million of cash.&#160;&#160;On a per share basis, had we closed on
October 22, 2009 (when our stock closed at $.50 per share), and using your
August 12, 2009 outstanding shares of 20,603,333, each share of common stock of
WPTE would be converted into the right to receive approximately $1.69 per share
as follows: (1) $1.21 in cash <font style="DISPLAY: inline; TEXT-DECORATION: underline">plus</font> (2) .97 shares
of Mandalay common stock, having an implied value of $.485 per WPTE
share.&#160;&#160;The actual number of shares of Mandalay to be issued will be
determined as of prior to closing, but the total value of the stock component
will be fixed at $10 million.&#160;&#160;Our proposal assumes no material change
in WPTE&#8217;s assets and liabilities.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Based
on October 26, 2009 closing prices, our offer represents a 23% premium over the
value at closing of your proposed asset sale with Peerless and a 54% premium
over WPTE&#8217;s closing price.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">We
expended substantial effort in developing this value on the basis of
publicly-available information.&#160;&#160;Once we have the opportunity to
conduct due diligence of non-public information and to negotiate with
representatives of WPTE we can confirm the value we ascribe to WPTE. To that
end, we would be prepared to enter into an appropriate confidentiality
agreement.&#160;&#160;We expect to conclude all due diligence within 10 days
after receiving a short list of requested materials.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">We
believe that your shareholders would find this proposal compelling, and to that
end, though this is not a binding offer, we are prepared to move quickly toward
the negotiation and entry into a mutually acceptable transaction agreement with
you.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Mandalay
Media is a global publisher and distributor of branded entertainment for 3G
mobile networks, including images, video, TV programming, and
games.&#160;&#160;With distribution in 40 countries through 120 major mobile
operators, it offers over 400 branded WAP sites, chat services, and customized
video clips.&#160;&#160;Additionally, Mandalay Media distributes more than 150
mobile game titles from content partners such as Sony, Taito, THQ, Digital
Chocolate, THQ, and others.&#160;&#160;Its patented Play For Prizes platform is
available on Verizon, AT&amp;T, Sprint, and Virgin Mobile, and includes
titles&#160;&#160;such as Wheel of Fortune, Jeopardy, Frogger, and Jewel
Quest.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">We
believe the strategic rationale for combining Mandalay Media and WPTE is
compelling for a number of reasons:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 18pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Mandalay Media has the
      management team, seasoned veterans and strategic relationships necessary
      to lead the company in its multiple service offerings and distribution
      channels.</font></font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 18pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Mandalay Media will cultivate
      and expand long-term global contracts for its television
      content.</font></font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 18pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Mandalay Media can leverage
      its mobile platform and&#160;&#160;operator relationships throughout the
      world to provide a full mobile social media and sports / poker playing
      experience.</font></font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 18pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Mandalay Media will tap into
      Facebook and additional social media websites to develop and publish a
      more compelling and branded next generation poker experience that
      currently offered.</font></font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
        </div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 18pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">Mandalay Media through its
      existing platform technologies can provide a &#8220;connected&#8221; game experience
      for the internet as well as third screens (mobile
      phones).&#160;&#160;Players can always be part of the WPT community
      wherever they are.</font></font></div>
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      </font></div>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
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                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font><font style="DISPLAY: inline; FONT-STYLE: italic">Mandalay</font><font style="DISPLAY: inline; FONT-STYLE: italic"> Media through its Play for
      Prizes platform is uniquely positioned to deliver mobile and
      internet&#160;&#160;skill with prizes game play.&#160;&#160;As gambling
      becomes legal, we will already be positioned to immediately offer that
      functionality to the WPT
community.</font></font></div>
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      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Although
the majority of our proposal consists of cash, we wish to call your attention to
some of the reasons we believe Mandalay&#8217;s common stock is
attractive.&#160;&#160;Mandalay recognizes annualized revenue of $40
million.&#160;&#160;With the expected synergies and cost savings from the
combination of the two public companies, we expect annual revenues and EBITDA of
the combined company to exceed $60 million and $8 million, respectively,
starting from the closing.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">We
expect that the combined company will be listed on Nasdaq&#8217;s capital market, with
a larger market capitalization, greater following and enhanced liquidity for
shareholders.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Our
interest in this transaction is a reflection of our firm belief that a
combination of our companies would be highly beneficial financially to both of
our shareholder groups and accretive to Mandalay&#8217;s earnings per
share.&#160;&#160;In sum, we believe our proposal is superior to your proposed
transaction with Peerless based on its higher current value, and the opportunity
for WPTE shareholders to share in the enhanced prospect of growth of a stronger
combined franchise.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">The
Board of Directors of Mandalay has unanimously approved this proposal and has
authorized our management team to proceed.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">We
would like to meet with you before the scheduled shareholders meeting to discuss
our proposal in greater detail.&#160;&#160;In any event, whether or not a
meeting can be arranged before Friday, we urge you to postpone your shareholders
meeting to allow full and serious consideration of our
proposal.&#160;&#160;Please feel free to contact Robert Ellin at Mandalay Media,
Inc. at 310 601 2500 or to have your financial or legal advisors contact Mr.
Ellin regarding the matters set forth herein. We look forward to meeting with
you soon.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">
        <div>
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Sincerely,</font></div>
                </td>
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              <tr>
                <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
                <td valign="top" width="60%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
              </tr>
              <tr>
                <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
                <td align="left" valign="top" width="60%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Mandalay
      Media, Inc.</font></div>
                </td>
              </tr>
              <tr>
                <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
                <td valign="top" width="60%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
              </tr>
              <tr>
                <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
                <td align="left" valign="top" width="60%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">By:/s/
      Robert Ellin</font></div>
                </td>
              </tr>
              <tr>
                <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
                <td valign="top" width="60%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
              </tr>
              <tr>
                <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></td>
                <td align="left" valign="top" width="60%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Co-Chairman</font></div>
                </td>
              </tr>
          </table>
        </div>
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      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">About
Mandalay Media, Inc.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Managed
by leading media and technology industry executives, MNDL&#8217;s mission is to build
a unique combination of new media distribution and content companies through
acquisitions with domestic and foreign businesses with strong management teams
and historical financial performance. Through its wholly-owned subsidiary
Twistbox Entertainment, Inc. (&#8220;Twistbox&#8221;), MNDL is a leading global producer and
publisher of mobile entertainment. Twistbox has exclusive licenses with
industry-leading brands, direct distribution with more than 120 wireless
operators in over 45 countries and provides an extensive portfolio of
award-winning games, WAP sites and mobile TV channels. Its wholly-owned
subsidiary AMV Holding Limited is a European leader in direct-to-consumer mobile
Internet content and services.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For more
information, please visit <font style="DISPLAY: inline; TEXT-DECORATION: underline">www.mandalaymediainc.com</font>
or <font style="DISPLAY: inline; TEXT-DECORATION: underline">www.twistbox.com</font>.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Statement
on Cautionary Factors</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
announcement is neither an offer to purchase nor a solicitation of an offer to
sell securities of WPT Enterprises, Inc. Subject to future developments,
additional documents regarding a transaction with WPT Enterprises, Inc. may be
filed with the Securities and Exchange Commission (the "Commission") and, if and
when available, would be accessible for free at the Commission's website at
<font style="DISPLAY: inline; TEXT-DECORATION: underline">www.sec.gov</font>.
Investors and security holders are urged to read such disclosure documents, if
and when they become available, because they will contain important information.
The disclosure documents may also be obtained for free from Mandalay Media,
Inc., if and when available, by directing a request to Mandalay Media, Inc.,
2121 Avenue of the Stars, Suite 2550, Los Angeles, CA 90067, Attention: Investor
Relations.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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        </div>
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      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No
assurance can be given that the proposed transaction described in this press
release will be successfully completed, or completed on the terms proposed or
any particular schedule, that the proposed transaction will not incur delays in
obtaining any approvals required for a transaction or that we will realize the
anticipated benefits of any proposed transaction.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
press release contains forward-looking statements about MNDL within the meaning
of the Private Securities Litigation Reform Act of 1995, including statements
about the proposed acquisition of WPT Enterprises, Inc. Statements including
words such as "estimate", "expect", "anticipate" or "believe" and statements in
the future tense are forward-looking statements. These forward-looking
statements are subject to risks and uncertainties that could cause actual events
or actual future results to differ materially from the expectations set forth in
the forward-looking statements. Some of the factors which could cause t MNDL&#8217;s
results to differ materially from the expectations include the following:
consumer demand for the MNDL&#8217;s products; consumer spending trends; fluctuations
in the currencies of the countries in which MNDL operates against the US dollar;
timely development and release of MNDL&#8217;s products; competition in the industry;
the MNDL&#8217;s ability to manage expenses; MNDL&#8217;s ability to manage and sufficiently
integrate acquisitions of other companies; adverse changes in the securities
markets; and other factors described in our filings with the Securities and
Exchange Commission, including our Annual Report on Form 10-K for the fiscal
year ended March 31, 2009. MNDL does not undertake, and specifically disclaim
any obligation, to release publicly the results of any revisions that may be
made to any forward-looking statements to reflect the occurrence of anticipated
or unanticipated events or circumstances after the date of such
statements.</font></div>
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