Casino table games developer and distributor Galaxy Gaming has entered into a settlement agreement with its former chairman and CEO, Robert Saucier and Triangulum Partners.
Conditioned upon Galaxy paying Triangulum and Saucier $39.1m plus interest accrued at two per cent per annum from May 6, 2021, through the date of actual payment, the Settlement Agreement also sees the company retain Macquarie Capital Inc to assist it in raising funds for the settlement.
“The execution of this Settlement Agreement is a significant development for Galaxy,” stated Mark Lipparelli, chairman of Galaxy’s board of directors. “We are active in our efforts to raise the funding necessary to complete our obligations under the Agreement and will provide updates, if any, as those plans develop.
“Our board believes this is an appropriate settlement of the litigation between us and Mr. Saucier and his entity.
The Settlement Agreement allows the company until December 31, 2021, to complete its fundraising and pay the settlement amounts to Triangulum and Saucier.
Moreover, it provides broad mutual releases to the company, its officers and directors, Triangulum and Saucier related to all claims against each other. Additionally, the parties agree to stay in litigation pending payment of the settlement funds.
Furthermore, among other terms, Saucier and Triangulum have agreed not to compete with the company for a period of five years from the date of payment of funds.
“We are pleased to see steady progress in the company’s results as our casino and online gaming partners emerge from the shutdowns associated with the COVID pandemic,” Lipparelli concluded. “We are hopeful calendar year 2022 will bring continued pandemic improvements coupled with the reduction of costly litigation expenses.”
