Court Approves $15 Million Settlement in UltimateBet Matter
Tokwiro Claimed Damages As A Result of UltimateBet Cheating Scandal Refunds To Affected Players Completed
MONTREAL - Tokwiro Enterprises, ENRG ("Tokwiro"), the owner of Absolute Poker and Ultimate Bet, today confirmed the settlement of its claims against Excapsa Software (PINK:ECSWF), the previous owner of UltimateBet. The Honorable Madame Justice Sarah E. Pepall of the Ontario Superior Court of Justice endorsed the settlement on November 3, 2008. Under the terms of the agreement, Excapsa will pay US$15 million to Blast-Off Ltd., the Tokwiro-controlled company that originally acquired UltimateBet. This payment will be used immediately to refund players who were affected by the cheating scandal that Tokwiro inherited when it purchased the business from Excapsa.
Paul Leggett, Tokwiro's Chief Operating Officer, said: "We are pleased that we have finally agreed to a settlement with the previous owners of UltimateBet.com, and we are happy to announce the completion of the final refunds to players. Together with our regulatory body, the Kahnawake Gaming Commission, we have fought long and hard to hold those responsible accountable for the fraud, to refund players, and to ensure this can never happen again. Now that the main perpetrator has been named, the settlement with the previous owners is behind us, and players have received refunds, it should now be apparent that Tokwiro had no involvement in this cheating and that we have fought to correct it with every tool at our disposal.
"We continue to reserve the right to pursue further legal action against any individual or individuals involved in stealing from us or our customers. With this settlement, however, our claims against Excapsa are satisfied, and all player refunds will be completed. This brings us significantly forward in our search for justice in the aftermath of the cheating scandal," concluded Mr. Leggett.
