LAS VEGAS, Nov. 1, 2011 (GLOBE NEWSWIRE) -- Galaxy Gaming, Inc. (OTCBB:GLXZ), announced today that it has reached a settlement with Sherron Associates, Inc. and its principal, C. Edward Springman. The confidential settlement agreement calls for the immediate termination of all claims and outstanding litigation between the parties, which has been ongoing since 2005.
Robert Saucier, Galaxy Gaming's President and CEO commented, "Although we felt confident in our ability to prevail in these civil actions, we deemed the offer from Sherron acceptable given the time, effort, expense and uncertainty associated with continuing the path of litigation. We believe the settlement allows us to squarely focus on our core business objectives and should add value to our shareholders."
About Galaxy Gaming
Headquartered in Las Vegas, Galaxy Gaming (www.galaxygaming.com) is the world's second largest developer, manufacturer and distributor of over 60 casino table games including Lucky Ladies, 21+3, Three Card Poker, Texas Shootout, Emperor's Challenge, Deuces Wild and Triple Attack Blackjack. In addition, it develops innovative and enhanced electronic wagering platforms and systems such as its Bonus Jackpot System, its Inter-Casino Jackpot System, its MEGA-Share system and the TableMAX e-Table Gaming System. Galaxy Gaming distributes its products to casinos worldwide.
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Safe Harbor
This release may contain certain "forward-looking statements" relating to the Company's business which may be subject to various factors that may cause actual results to be materially different from those described herein as anticipated, estimated, or expected. The Company disclaims any obligation to update or alter its forward-looking statements.