Another Cryptologic Licensee Is Suing The Crooks! Here Is A Summary Of The New Lawsuit Against Cryptologic - For US $4.875 Million Plus US $44.4 Million.
Cryptologic sued by their own partners and licensee for US $ 4.875 million plus US $ 44.4 million, plus punitive and exemplary damages.
Cryptologic Inc. Canada, and Cryptologic Caribbean Limited from Antigua are sued together with Wagerlogic. Cryptologic Caribbean Limited is a wholly owned subsidiary of Cryptologic, probably just another scam company set up by Cryptologic to avoid liabilities and defraud third parties.
According to Cryptologic’s figures, they spend millions of dollars for software development, but in this lawsuit they only gave $ 200,000 to a Vancouver company to get the rights to use their poker room because Cryptologic doesn’t have one. Makes you wonder who got all these millions of dollars they show in their books, but they still don’t have their own poker room? The Cryptologic crooks entered into a license agreement and formed a joint venture to offer the poker room to all their licensees.
Under this joint venture license agreement, the game developer of the poker room would receive 55% and Wagerlogic 45%. There are separate figures for the licensees.
The game developer in Vancouver claims that Cryptologic stole all their confidential information, and trade secrets, and technical information. They also sent their own technicians to work and assist Cryptologic in Toronto, and all this work and secrets were stolen by Cryptologic.
They are suing Cryptologic for non performance of the license agreement, unlawful repudiation of the joint venture, fundamental breach of contract, conspiracy and intentional interference with economics interests and relations and unjust enrichment.
They also claim that Cryptologic set up an unlawful scheme to injure them by signing the joint venture license agreement with them while at the same time setting up its own poker room with a competitor. Typical of Cryptologic to defraud their own partners and licensees, these crooks will cheat their own mothers.
Here is the press release
VANCOUVER, March 13 /PRNewswire-FirstCall/ - Las Vegas From Home.com Entertainment Inc. (``Las Vegas'') (CDNX: LVH, OTCBB: LVFHF, Berlin Stock Exchange: LVH) files an Action in the Supreme Court of British Columbia on March 12, 2002 (the ``Action'') against CRYPTOLOGIC INC. (TSE: CRY - news; NASDAQ: CRYT - news) of Toronto and its subsidiaries, CRYPTOLOGIC CARIBBEAN LIMITED, and WAGERLOGIC LIMITED (the ``Cryptologic Group'').
In the Action Las Vegas is claiming general damages against the Cryptologic Group for one or more of breach of contract, conspiracy, unlawful interference with economic relations and interests and unjust enrichment. Furthermore, the Statement of Claim includes a prayer for injunctive relief to prohibit and restrain the Cryptologic Group and their agents from using the confidential information of Las Vegas and, in that case, an accounting of all monies, profits and benefits made and received by the Cryptologic Group from the use of the confidential information of Las Vegas.
President & CEO Jacob H. Kalpakian states: ``We at Las Vegas are disappointed that inasmuch as Las Vegas tried at all times to deal in good faith with Cryptologic, Crytologic's conduct has forced us to commence legal action against them. We will fight vigorously to defend the rights and interests of Las Vegas and we will pursue every legal option available to us''.
Las Vegas's on-line multi player poker software is operating under the URL :www.gutspoker.com where it is enjoying steady incremental traffic. In addition, through its indirectly wholly owned Antiguan subsidiaries it is actively exploring several licensing opportunities for its software to existing gaming operators.
FOR MORE INFORMATION ON THE COMPANY, PLEASE CONTACT US AT TELEPHONE NUMBER (604) 681-0204, OR VISIT OUT WEBSITE AT WWW.LASVEGASFROMHOME.COM
On behalf of the Board of
Las Vegas From Home.com Entertainment Inc.
"Jacob H. Kalpakian"
_____________________________
Jacob H. Kalpakian,
President
