PRESS RELEASE
Statement re Litigation
1 November 2006
The Board of Gaming VC note the recent lawsuit filed against the Group on 24 October 2006. The Group was served with a lawsuit filed by Fort Knox Consulting LLC (“Fort Knox”) in the United States District Court for the District of Massachusetts. The suit alleges that Gaming VC has wrongfully failed to acknowledge an alleged agreement between the Group and Fort Knox whereunder Fort Knox would receive a commission of 500 basis points (5%) of the aggregate consideration for any joint venture, merger, acquisition, or stock or asset purchase or sale transaction with any of thirteen identified counterparties.
The complainant seeks a declaratory judgment as well unspecified
damages for alleged breach of the implied covenant of good faith and
fair dealing and alleged violation of the Massachusetts unfair trade
practices statute, Mass. Gen. Laws c. 93, ss. 1-11. The suit also
names Gaming VC’s CEO, Steve Barlow, and former director Scott
Miller as individual defendants based on alleged tortious interference
with the alleged agreement. Gaming VC has engaged counsel to vigorously
defend the suit.
For further information:
Gaming VC Holdings S.A. |
|
Adrian Smith, Non-Executive Chairman |
Tel: +44 (0) 20 7398 7700 |
| investors@gamingvc.com | |
Media enquiries: |
|
Abchurch |
|
Chris Lane / Franziska Boehnke |
Tel: +44 (0) 20 7398 7700 |
Notes to editors
Gaming VC is a key operator in the European online gaming sector, specializing in casino.
Gaming VC has no online operations in the US and does not transact any wagering activity on behalf of players in the United States.