Litigation action that
totaled $9,430,764 in claims has been settled for $84,787 in cash
Thomasville, Georgia - 
(NewMediaWire) - October 20, 2021 - 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 luis@shadowgamingtv.com
About GTOR
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/
