Galaxy Gaming executes settlement agreement with former Chairman and CEO Triangulum Partners

7 October 2021

(PRESS RELEASE) -- Galaxy Gaming, Inc., a developer and distributor of casino table games and enhanced systems for land-based casinos and iGaming, announced today that it entered into Settlement Agreement with its former Chairman and Chief Executive Officer, Robert Saucier, and Triangulum Partners LLC on 7 October 2021.

The Settlement Agreement is conditioned upon the Company paying Triangulum and Saucier $39.1 million plus interest accrued at 2% per annum from May 6, 2021, through the date of actual payment. The Company has retained Macquarie Capital (USA) Inc. to assist it in raising funds for the settlement. The Settlement Agreement allows the Company until 31 December 2021, to complete its fundraising and pay the settlement amounts to Triangulum and Saucier.

The Settlement Agreement provides broad mutual releases to the Company, the Company’s officers and directors, Triangulum and Saucier related to all claims against each other. The parties agree to stay the litigation pending payment of the settlement funds. In addition, among other terms, Saucier and Triangulum have agreed not to compete with the Company for a period of five years from the date of payment of funds.

“The execution of this Settlement Agreement is a significant development for Galaxy,” stated Mark Lipparelli, Chairman of Galaxy’s Board of Directors. “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 pandemic. We are hopeful calendar year 2022 will bring continued pandemic improvements coupled with the reduction of costly litigation expenses.”

Related Links
Galaxy Gaming Gaming Vendor Information

Featured Vendors
Talisman Group Creators of EZ Baccarat
Casino City Press
Talisman Group Creators of EZ Baccarat
With over 800 tables in 150+ casinos, EZ Baccarat is the number one brand in baccarat.
Casino City Press
A leading publisher and distributor of casino and gaming business data and market research reports.
Casino Network
TribalHub
Casino Network
20+ years experience selling refurbished slot machines, parts & glass for all major brands
TribalHub
24th Annual TribalNet Conference Sept 18-21, 2023 Town & Country Resort, San Diego, CA
AmericanChecked
TOP ONE TECH LIMITED
AmericanChecked
Background checks for the gaming industry with key & non-key packages & fingerprinting solutions
TOP ONE TECH LIMITED
GLOBAL TOUCH SOLUTION PARTNER OF CHOICE,10+ years OEM manufacturing,100+ thousand units application
Betson Imperial Parts & Service
Sunkist Graphics, Inc.
Betson Imperial Parts & Service
Your one stop shop for all your gaming and OEM needs!
Sunkist Graphics, Inc.
Specializing in the creation of best-of-breed gaming graphics - slot glass, sign faces, and more
Oklahoma Indian Gaming Association (OIGA) Conference
Casino Schedule Ease
Oklahoma Indian Gaming Association (OIGA) Conference
The biggest little show in Indian gaming! Save the date: Aug 14-16, 2023 in Tulsa!
Casino Schedule Ease
Full Featured & customizable for the complex scheduling needs of table games & other casino depts
Acres Manufacturing
Patriot Gaming & Electronics, Inc.
Acres Manufacturing
Cashless Loyalty & Bonusing in a Single Mobile App
Patriot Gaming & Electronics, Inc.
Patriot Gaming…Parts is what we do. Visit us: www.patriotgaming.com
New Level Radio
Goldfinger Monitors
New Level Radio
Your Casino. Your Music. Your Message.
Goldfinger Monitors
Innovative touch-screen solutions - vibrant lighting, high-def imagery, bright, bold colors
Casino Trac - Table Trac, Inc.
Slot Machines Unlimited
Casino Trac - Table Trac, Inc.
CasinoTrac™ is a full CMS platform, operating in 225 locations, across 13 countries, since 1995.
Slot Machines Unlimited
Exporter of IGT, Williams, AVP, Trimline, Aristocrat, Konami, Bally, & parts over 20 yrs experience


Your Guide to 15,264 Gaming Industry Suppliers