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DEQ and Talisman Group in litigation

By admin on Monday, January 26, 2015
Filled Under: slot machines

DEQ and Talisman Group in litigation
DEQ and Talisman Group in litigation LEVIS, QC, Jan. 23, 2015 /PRNewswire/ – DEQ Systems Corp (TSX-V: DEQ) (“DEQ”) announced today that The Talisman Group (“Talisman”) is moving forward with a Federal Court litigation against DEQ with respect to an alleged breach of the parties’ strategic alliance agreement relating to EZ Baccarat.The parties have been engaged in non-binding arbitration since 2014 as a result of a complaint filed by Talisman. Talisman claimed that a change of management occurred and triggered DEQ’s obligation to offer the Panda 8 patent to Talisman for fair market value.The non-binding arbitration panel’s ruling denied Talisman’s claim. Despite this setback, on January 21, 2015, Talisman filed a motion to schedule a conference to proceed to trial in U.S. Federal Court.DEQ will file a countersuit against Talisman for breach of their obligation of good faith and fair dealing under the Agreement. DEQ will seek any and all damages allowable.DEQ believes that the lawsuit and related claims were and still are frivolous, immaterial and without merit. Regardless of the outcome, DEQ does not anticipate any consequential effect or disruption of its existing recurring revenue stream, infrastructure, support and customer base associated with the EZ Baccarat product.DEQ | OverviewDEQ Systems Corp. (TSXV: DEQ) is a customer-centric Company delivering solutions to the global gaming industry with best-of-breed table-game technology related products which add value and increase client revenue. DEQ provides table game bonusing technology, table games, baccarat results tracking, and progressive jackpot connectivity solutions to more than 300 casinos in 30 countries around the world. DEQ also has an extensive patent portfolio of more than 20 patents recognized in 50 countries.  For further information, please visit www.deq.com 

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