Galaxy Gaming Successfully Resolves Lawsuit With Bank of America
April 23 2014 - 3:00PM
Galaxy Gaming, Inc. (OTC:GLXZ), the world's largest independent
producer of casino table games, announced today it received from
the Clark County District Court a Notice of Entry of Order
dismissing the lawsuit between the Company and Bank of America
(NYSE:BAC). This is the conclusion of a settlement agreement
reached between Galaxy Gaming, Bank of America ("BofA") and other
parties involved in the proceedings.
Litigation commenced in October 2012 when BofA complained that
Galaxy received assets for little or no consideration, a
transaction it referred to as a fraud. The Company
categorically denied any and all wrongdoing and counter-sued BofA
for making false representations, abuse of the legal process and
other unethical behaviors.
In a separate action, BofA attempted to acquire the building
occupied by Galaxy Gaming through foreclosure proceedings. The
building's owner, (the Saucier Business Trust) was current on all
payments and legally challenged the foreclosure attempt. BofA
undertook other legal maneuvers to acquire the property, all of
which were rejected by the courts. BofA then agreed to meet
the demands of the Company, the Saucier Business Trust, and other
associated parties, as represented in a confidential settlement
agreement entered into on February 21, 2014. The Company and
the other parties associated with this action previously
demonstrated they had met or exceeded their respective obligations
contained within the financing agreements.
Robert Saucier, Galaxy's CEO, explained, "When BofA first filed
their lawsuit against us, we believed it was not only ill-conceived
and inappropriate, but malicious. That is why we counter-sued
the bank. With all the short sales and foreclosures occurring
in the Las Vegas area, it was incomprehensible why they would file
a lawsuit pertaining to a fully performing loan." "Once the
litigation commenced, our management and legal teams were convinced
we would prevail, particularly because of the considerable
corroborating evidence available to us in this case."
"Although we were prepared to fight for what is right, we are
pleased that BofA responded favorably and agreed to our
requirements for settlement. One of the terms they insisted on
was that the terms of our mutual settlement agreement be kept
confidential. Honoring that provision of the agreement, we can only
report that we are completely satisfied with the settlement terms,
are pleased to have this matter successfully concluded and
delighted that the Company is litigation-free."
About Galaxy Gaming
Headquartered in Las Vegas, Galaxy Gaming (www.galaxygaming.com)
develops, manufactures and distributes innovative proprietary table
games, state-of-the-art electronic wagering platforms and enhanced
bonusing systems to land-based, riverboat, cruise ships and online
casinos worldwide. Through its iGaming partner Games Marketing
Ltd., Galaxy Gaming licenses its proprietary table games to the
online gaming industry. The Company is also expanding its
global presence through its partnership with WPT Enterprises, Inc.,
owner of the World Poker Tour.
CONTACT: Jonathan Wilcox
(702) 939-3254
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