Evergreen Gaming terminates talks with potential buyer Evergreen Gaming terminates talks with potential buyer
2021-03-05 18:23 MT - News Release
An anonymous director reports
COMPANY PROVIDES CORPORATE UPDATE
Evergreen Gaming Corp. has provided the following update.
On January 9, 2019, the company issued a news release announcing that it had entered discussions with a third party that had expressed an interest in buying the company. As announced on May 1, 2020, those negotiations were terminated. After the termination of those negotiations, some contact was maintained between the company and the interested party. In the latter part of 2020, those communications escalated and the interested party again expressed an interest in acquiring the company. Negotiations proceeded in earnest in late 2020 and in January and February, 2021, directly and through professional advisers, toward a goal of reaching agreement upon and executing definitive agreements by Feb. 15, 2021. However, those negotiations have failed to result in an agreement to date, and meaningful communications between the parties have dissipated. Accordingly, the company has given notice to the interested party that negotiations have terminated.
The company also announces that it has now settled the wrongful dismissal lawsuit with a former senior officer, previously referred to in the company's management's discussion and analysis.
As a result of matters referred to in the foregoing, the company has incurred significant legal and other expenses that would not typically form part of general administrative expense. Some of these expenses have been reflected in prior financial statements, and will be reflected for the full 2020 financial year in the company's audited consolidated financial statements for the year ended Dec. 31, 2020, and the accompanying management's discussion and analysis, which will be filed in April, 2021.