GGTOOR, Inc., (OTCMKTS

GTOR) Announces Lengthy Litigation Action Has Been Settled

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!”