NTGL purchased the gaming assets from NTEK origin
Post# of 96891
(Total Views: 429)
Posted On: 02/07/2018 3:54:16 PM
NTGL purchased the
gaming assets from NTEK originally valued at $1.9M.
The agreement was to
compensate NTEK with NTGL shares. NTEK never received those shares, and has
been unable to collect them.
NTEK has carried that transaction on the books and
the value has decreased year over year as the pledged NTGL stock price has
eroded and the shares never delivered.
With the new management team focused on cleaning up the company, and
putting together an achievable go forward strategy it was determined that the
best course of action was to cancel out the purchase agreement originally
executed with NTGL. That settlement includes the return of the gaming assets
originally distributed to NTGL (including remaining inventory and IP rights) and a
cash payment for the difference in value. This was determined to be of the most value to
NTEK as we will have real assets back in our control and compensation
for the items not returned.
gaming assets from NTEK originally valued at $1.9M.
The agreement was to
compensate NTEK with NTGL shares. NTEK never received those shares, and has
been unable to collect them.
NTEK has carried that transaction on the books and
the value has decreased year over year as the pledged NTGL stock price has
eroded and the shares never delivered.
With the new management team focused on cleaning up the company, and
putting together an achievable go forward strategy it was determined that the
best course of action was to cancel out the purchase agreement originally
executed with NTGL. That settlement includes the return of the gaming assets
originally distributed to NTGL (including remaining inventory and IP rights) and a
cash payment for the difference in value. This was determined to be of the most value to
NTEK as we will have real assets back in our control and compensation
for the items not returned.
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