Galaxy Gaming, Inc. (OTCMKTS:GLXZ) Files An 8-K Regulation FD Disclosure
Item 7.01
Galaxy Gaming, Inc. (OTCMKTS:GLXZ) Files An 8-K Regulation FD Disclosure
On May 6, 2019, Galaxy Gaming, Inc. (the “Company”), in accordance with the Company’s Articles of Incorporation, and based on the Board of Directors\’ findings and resolutions, redeemed and cancelled all of the shares of the Company’s common stock held by Triangulum Partners, LLC (23,271,667 shares) (the “Triangulum Shares”) in exchange for a promissory note in the face amount of $39,094,041.
Also on May 6, 2019, the Company filed a lawsuit seeking (i) a declaratory judgment that the Galaxy acted lawfully and in full compliance with its Articles of Incorporation when it redeemed the Triangulum Shares and (ii) certain remedies for breach of fiduciary duty and breach of contract by Triangulum Partners, LLC and its Managing Member, Robert B. Saucier. The suit alleges that the redemption and the other relief sought by the Company are appropriate because of, among other things, the failure of Mr. Saucier to cooperate with the Company’s gaming regulatory efforts in Nevada, California and certain other jurisdictions. Galaxy Gaming, Inc. v. Triangulum Partners, LLC, Robert B. Saucier, et al, Clark County, Nevada district court (Case No. A-19-794293-B).
The information furnished on this Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.
About Galaxy Gaming, Inc. (OTCMKTS:GLXZ)
Galaxy Gaming, Inc. is engaged in the business of designing, developing, manufacturing and/or acquiring casino table games and associated technology, platforms and systems for the global gaming industry. The Company markets its products to land-based, riverboat and cruise ship gaming establishments and to Internet gaming companies. It groups its products into four product categories: Proprietary Table Games, Enhanced Table Systems, e-Tables and Ancillary Equipment. The Company has an installed base of its products on over 5,000 gaming tables located in over 600 casinos. The Company owns over 20 different table games, including 21+3, Two-way Hold’em and Three Card Poker, which are played in over 250 casinos. The Company’s Proprietary Table Games are grouped into two product types: Side Bets and Premium Games. Enhanced Table Systems are electronic enhancements used on casino table games to add to player appeal and to enhance game security.