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MONTREAL, Canada, November 11 /PRNewswire/ -- XMT Liquidations Inc. ("XMT"), the court-appointed liquidator of 6356095
Canada Inc. (formerly known as Excapsa Software Inc., "Excapsa"), today
announced that Excapsa had completed a settlement with Blast Off Limited
("Blast Off"), the owner of the Ultimatebet online gaming sites. Pursuant to
the settlement, which was approved by the holders of more than two-thirds of
Excapsa's outstanding shares and by the Ontario courts, Excapsa paid US $15
million to Blast Off in return for a full and final release of all claims
relating to the allegations of cheating on the Ultimatebet websites. In
addition, Excapsa acquired an ownership interest in all gaming software owned
by Blast Off and its subsidiaries.
Mr. Sheldon Krakower, the President of XMT, said: "Our primary goal
throughout these negotiations was to restart payments under Blast Off's
promissory note and avoid lengthy and costly litigation. The settlement
accomplished this objective. Excapsa is a company in liquidation, so our
focus is on maximizing recoveries for its shareholders. We are hopeful that
the gaming software will provide opportunities to generate further value for
Excapsa's shareholders."
Mr. Krakower went on to say: "Our investigations have confirmed that the
tool which enabled the cheating on the Ultimatebet sites was inserted before
Excapsa purchased the software code from a third party in 2005. We do not
believe that the directors or officers of Excapsa had any knowledge of the
tool and, importantly, there was absolutely no admission of liability or
wrongdoing pursuant to the settlement. We are currently evaluating options
for recovery of the costs and damages incurred by Excapsa in connection with
the settlement including, possibly, pursuing legal action against the
perpetrators of the cheating and prior owners of the software code."
Information relating to the settlement is available at
http://www.wsbg.com/en/liquidation.html.
For further information: Sheldon Krakower, XMT Liquidations Inc. c/o
WSBG L.L.P., 1155, boul. René-Lévesque ouest, bureau 2010, Montréal, Québec,
H3B 2J8, +1-514-315-3674, skrakower@wsbg.com
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