Galaxy Gaming to execute Settlement Agreement with former chairman
Agreement is also with Triangulum Partners.
Galaxy Gaming, a Las Vegas-based developer of iGaming systems and casino table games for land-based properties, has confirmed the signing of a Settlement Agreement with the company’s former CEO and chairman, Robert Saucier. Said agreement also applies to Triangulum partners, a consortium consisting of 22 partners from six countries.
Mark Lipparelli, chairman of Galaxy’s Board of Directors, stated: “The execution of this Settlement Agreement is a significant development for Galaxy. 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.”
Per the terms of the Settlement, Galaxy Gaming must pay Saucier and Triangulum $39.1m as well as a further 2% per year from May 6, 2021, to the payment date. A requirement of the Agreement sees that Galaxy Gaming must complete the payment by December 31, 2021.
“Our Board believes this is an appropriate settlement of the litigation between us and Mr Saucier and his entity,” continued Lipparelli.
“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-19 pandemic. We are hopeful calendar year 2022 will bring continued pandemic improvements coupled with the reduction of costly litigation expenses.”
The conversation regarding the legal dispute began in 2019 when Galaxy redeemed the shares of its common stock held by Saucier for an amount of $39.1m. On the same date, May 6, the gaming developer had filed a suit against the consortium, which promptly responded with a countersuit.
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