Galaxy Gaming, a developer and distributor of casino table games and enhanced systems for land-based casinos and iGaming, has entered into Settlement Agreement with its former Chairman and Chief Executive Officer, Robert Saucier, and Triangulum Partners on October 7 2021.
The Settlement Agreement is conditioned upon the company 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 company has retained Macquarie Capital (USA) Inc. to assist it in raising funds for the settlement. The Settlement Agreement allows the Company until 31 December 2021, to complete its fundraising and pay the settlement amounts to Triangulum and Saucier.
The Settlement Agreement provides broad mutual releases to the company, the Company’s officers and directors, Triangulum and Saucier related to all claims against each other. The parties agree to stay the litigation pending payment of the settlement funds. In addition, 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.
“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. Further, 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. We are hopeful calendar year 2022 will bring continued pandemic improvements coupled with the reduction of costly litigation expenses.”
Caption: Mark Lipparelli