Tropika International executives are probably questioning why they ever went south. After the company's subsidiary, Playwave On-Line, purchased Venezuela-based Arlequin in 1998, it attempted to develop a land-based lottery initiative deal that never got off the ground.
Two Arlequin executives, unhappy with the deal, filed suit against Tropika, Playwave On-Line and two Tropika execs. The lawsuit commenced in September 1999, and a settlement was reached last week.
Material terms of the settlement are to include the issue of the fixed number of 1,500,000 Tropika common shares to the plaintiffs and dismissal of the lawsuit against all of the defendants without admission of liability. The settlement is subject to the execution of formal documentation and regulatory
approval.
Tropika President Ken Nason confirmed that a settlement had been reached, but declined comment on details of the suit and downplayed its significance and importance.
Tropika International Limited identifies and develops breakthrough Internet business opportunities that have the potential to be best-of-class in the e-commerce environment. The company applies its resources in IT, finance, and marketing in order to create and build value.