Tweet
Starnet Communications Settles Class Action
St. John's, Antigua - June 22, 2001
Starnet Communications International, a subsidiary of World
Gaming plc (NASDAQ OTC: WGMGY), a global pioneer in I-gaming
technologies, has signed a Memorandum of Understanding to fully
settle in all respects all class action lawsuits consolidated in
the United States District Court for the District of Delaware
that have been pending since late 1999.
"Today's settlement is a major accomplishment that will have a
positive impact on the company going forward. I am glad to have
it behind us," said Michael Aymong, CEO of World Gaming. "This
settlement is not an admission of guilt or wrongdoing. It's about
continuing our efforts to significantly grow the business and
dramatically increase shareholder value."
Aymong joined World Gaming in April of this year and since that
time, the company has taken a number of steps to improve
productivity, enhance product development and sales capabilities,
as well as augment the company's management structure.
The Memorandum of Understanding was reached with Co-Lead Counsel
for the plaintiffs and Class members. The settlement will see the
issuance of 1,050,000 World Gaming shares, with a guaranteed
minimum value of $1,050,000, together with payment of costs, not
exceeding $50,000, and payment of administrative expenses, not
exceeding $50,000. The settlement reflected in the Memorandum of
Understanding is subject to formal notification to the class of
shareholders and Court approval.
"We believe that our ability to reach a share-based settlement is
a strong vote of confidence in World Gaming and its current
business direction," said Aymong. "We continue to strengthen our
leadership position in the industry everyday and the elimination
of this issue is one more powerful step forward."
About World Gaming plc
World Gaming plc is a pioneer and leader in I-gaming software and
e-commerce technologies. World Gaming is an international
developer, licensor and provider of the industry's most
comprehensive offering of online gaming products, including
casino, sports book and pari-mutuel betting.
- 30 -
St. John's, Antigua - June 22, 2001
Starnet Communications International, a subsidiary of World
Gaming plc (NASDAQ OTC: WGMGY), a global pioneer in I-gaming
technologies, has signed a Memorandum of Understanding to fully
settle in all respects all class action lawsuits consolidated in
the United States District Court for the District of Delaware
that have been pending since late 1999.
"Today's settlement is a major accomplishment that will have a
positive impact on the company going forward. I am glad to have
it behind us," said Michael Aymong, CEO of World Gaming. "This
settlement is not an admission of guilt or wrongdoing. It's about
continuing our efforts to significantly grow the business and
dramatically increase shareholder value."
Aymong joined World Gaming in April of this year and since that
time, the company has taken a number of steps to improve
productivity, enhance product development and sales capabilities,
as well as augment the company's management structure.
The Memorandum of Understanding was reached with Co-Lead Counsel
for the plaintiffs and Class members. The settlement will see the
issuance of 1,050,000 World Gaming shares, with a guaranteed
minimum value of $1,050,000, together with payment of costs, not
exceeding $50,000, and payment of administrative expenses, not
exceeding $50,000. The settlement reflected in the Memorandum of
Understanding is subject to formal notification to the class of
shareholders and Court approval.
"We believe that our ability to reach a share-based settlement is
a strong vote of confidence in World Gaming and its current
business direction," said Aymong. "We continue to strengthen our
leadership position in the industry everyday and the elimination
of this issue is one more powerful step forward."
About World Gaming plc
World Gaming plc is a pioneer and leader in I-gaming software and
e-commerce technologies. World Gaming is an international
developer, licensor and provider of the industry's most
comprehensive offering of online gaming products, including
casino, sports book and pari-mutuel betting.
- 30 -
Comment