Provides Share Repurchase Update
Full House Resorts (NYSE Alternext US: FLL) announced that it has settled pending litigation filed by RAM Entertainment, LLC and Robert A. Mathewson related to the distribution of an award previously obtained by Gaming Entertainment (California) LLC, a consolidated investee of the Company.
Pursuant to the Investor Agreement entered into by RAM and the Company, the parties entered into a mediation process. As a result of that mediation process, the parties have agreed to settle and resolve all of the claims. Under the terms of the settlement agreement, RAM and Mr. Mathewson agreed to dismiss their claims against Full House and certain of its officers with prejudice in exchange for Full House's agreement to pay RAM $225,000 on or before December 19, 2008 and a second payment of $275,000 on or before December 15, 2009. The settlement agreement does not contain any admission of fault or wrongdoing on the part of Full House or the individual defendants and allows both parties to avoid the expense and burden of further litigation.
As of December 29, 2008, Full House has purchased a total of 1,207,014 shares of its common stock at a cost of $1,464,305, or an average price per share of $1.21. Full House has $535,695 remaining for additional purchases under its $2 million common stock repurchase program.
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