Developer and distributor of casino table games and iGaming systems for land-based casinos, Galaxy Gaming, has announced its entrance into Settlement Agreement with its former Chairman and CEO, Robert Saucier, and Triangulum Partners

Developer and electrical distributor of casino tabularise games and iGaming systems for land-based casinos, Galaxy Gaming, has proclaimed its entryway into Settlement Agreement with its former Chairman and CEO, Robert Saucier, and Triangle Partners.

The Settlement requires Galaxy Gaming to pay Triangulum and Saucier $39.1m plus interestingness accrued at 2% per annum from 6 May 2021 through the particular date of real payment. The Settlement Agreement allows the companion until 31 Dec 2021 to ended the closure amounts; Galaxy Gaming has retained Macquire Capital (USA) to assist it inward raising the necessary funds.

Mark Lipparelli, Chairman of Galaxy’s Board of Directors, stated: “The writ of execution of this Settlement Agreement is a substantial development for Galaxy. We are active inwards our efforts to conjure the funding necessary to ended our obligations below the Agreement and will bring home the bacon updates if any, as those plans develop.

"Our Board believes this is an appropriate settlement of the litigation 'tween us and Mr Saucier and his entity. Further, we are proud of(p) to control steady come along inwards the company’s results as our cassino and online gaming partners emerge from the shutdowns associated with the Covid-19 pandemic. We are hopeful calendar twelvemonth 2022 testament play continued pandemic improvements joined with the reduction of pricey judicial proceeding expenses.”

On 6 May 2019, the troupe had redeemed the shares of its plebeian inventory held past Triangle (controlled past Saucier) by a mention inwards the amount of $39.1m. Prior to the redemption, Triangulum held 58% of the company’s prominent vernacular stock. Also on 6 May 2019, the company had filed a suit against Triangle and Saucier which was countersued shortly after.