Litigation action that totaled $9,430,764 in claims has been settled for $84,787 in cash
THOMASVILLE, GEORGIA, Oct. 20, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- GGTOOR, Inc., (OTCMKTS:GTOR) ("GGTOOR, Inc.", "GTOR", or the "Company"), an emerging leader in the eSports markets, announces the Company has reached a successful settlement agreement with SGI Group LLC.
On July 12, 2020, SGI Group LLC., filed a Motion for Summary Judgment in Lieu of Complaint in New York against the Company claiming various Convertible Notes executed in 2013 were in default and they asked the court to grant them a judgement in the amount of $9,430,764.76 plus (a) accruing interest at the default interest rate of 22% per annum to the date of entry of judgment (b) for SGI Group LLC's reasonable costs and attorney's fees (c) granting SGI Group LLC, such other and further relief as this court may deem just and proper.
On Thursday June 11, 2021, the judge ruled in favor of the Company and SGI Group LLC., motion for summary judgement in lieu of a complaint was denied. On July 28, 2021, SGI Group LLC., filed a formal Complaint against the Company in New York which basically followed the same requests of the courts as did their Motion for Summary Judgment in Lieu of Complaint filed in July 2020. The Company and SGI Group LLC., agreed to court monitored mediation however a date was never set for that mediation to take place.
Talks between the Company's legal counsel and the Plaintiff's counsel have been ongoing and a settlement agreement was reached on October 19, 2021, in the amount of $84,787.19 an amount of which the Company offered to SGI Group LLC., weeks earlier. The Company wire transferred the entire settlement amount today, October 20, 2021, and this matter is officially closed. The Company has a fully executed settlement agreement in place and no future action can arise.
John V Whitman Jr., the Company Chairman/President/CEO, had this to say, "We want to thank SGI Group LLC., and their legal counsel for working with the Company on reaching a fair and equitable settlement in this matter. It became apparent legal costs for ongoing litigation was simply not worth it if a reasonable settlement could be reached whereby the Company could without admission of wrongdoing or any liability whatsoever on the part of any party be a part of the Settlement. With this legal action behind us management will have considerably more time to devote to the development of our business. We are very pleased this matter is behind us!"
Want to participate? Find the plan that best suits you! You can choose between the Bronze Plan, Gold Plan, and Diamond Plan: https://GGToor.com/join.php . If you want to bring your team or friends to GGToor.com, or be a Tournament Organizer, we can support you and help you grow; you can reach a worldwide audience of similar-minded individuals that like to compete and have fun! You can be sure that GGToor.com is here to grow with you. Just follow the link to sign up as an organizer https://GGToor.com/organizerlogin.php. If you have any questions about our events visit our socials; Discord https://discord.gg/GUhyZxFH8Q, twitter https://twitter.com/GGToor/ , twitch https://www.twitch.tv/GGToor, and Facebook https://www.facebook.com/eShadowGaming
If your organization would like to be part of this growth and work with Shadow Gaming, contact us at firstname.lastname@example.org
GGTOOR, Inc., is a developmental stage company engaged in the business of eSports. The company, through its wholly owned subsidiary, Shadow Gaming, Inc., has aggressively entered the eSports market. Shadow Gaming's portal GGToor.com is continually being customized and upgraded, with the goal of becoming one of the most comprehensive gaming portals in the world. The Company is now accepting subscriptions from players, gamers, and tournament organizers. To register logon to https://GGToor.com/home.php . In addition, the company plans to operate a few subsidiary companies from high tech data management businesses to product and support businesses. Finally, the Company is actively looking for locations to build indoor eSports arenas that will host major international gaming tournaments.
Forward-Looking Statements. This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts and by the use of forward-looking words such as "expect," "expectation," "believe," "anticipate," "may," "could," "intend," "belief," "plan," "estimate," "target," "predict," "likely," "seek," "project," "model," "ongoing," "will," "should," "forecast," "outlook" or similar terminology. These statements are based on and reflect our current expectations, estimates, assumptions and/ or projections as well as our perception of historical trends and current conditions, as well as other factors that we believe are appropriate and reasonable under the circumstances. Forward-looking statements are neither predictions nor guarantees of future events, circumstances or performance and are inherently subject to known and unknown risks, uncertainties and assumptions that could cause our actual results to differ materially from those indicated by those statements. There can be no assurance that our expectations, estimates, assumptions and/or projections, including with respect to the future earnings and performance or capital structure of GGTOOR, Inc.
For Additional Information Contact: John V Whitman Jr., John@GGToorcorp.com https://GGToorcorp.com/