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.
The Settlement requires Galaxy Gaming to pay Triangulum and Saucier $39.1m plus interest accrued at 2% per annum from 6 May 2021 through the date of actual payment. The Settlement Agreement allows the company until 31 December 2021 to complete the settlement amounts; Galaxy Gaming has retained Macquire Capital (USA) to assist it in raising the necessary funds.
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.
"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-19 pandemic. We are hopeful calendar year 2022 will bring continued pandemic improvements coupled with the reduction of costly litigation expenses.”
On 6 May 2019, the company had redeemed the shares of its common stock held by Triangulum (controlled by Saucier) by a note in the amount of $39.1m. Prior to the redemption, Triangulum held 58% of the company’s outstanding common stock. Also on 6 May 2019, the company had filed a lawsuit against Triangulum and Saucier which was countersued shortly after.