Signature Devices announced today that SNK Playmore has agreed to settle a lawsuit which was filed after the company breached a contract with Signature Devices. The lawsuit was initiated in 2006.
Kenneth Hurley, chief executive officer of Signature Devices, Inc., said, “We are pleased with the outcome of this legal proceeding, all of which demonstrates Signature Devices commitment to defending its rights for compensation under development agreements, thereby protecting the investment of its shareholders, employees and sub-contractors. This settlement shows our commitment to fair and equitable development agreements as both a publisher and developer. It is also a great feeling to be free from pending litigation and to get back to the fundamentals of our business.”
The General Counsel for Signature Devices stated, “In the end we received tens of thousands of dollars from SNK to settle the lawsuit. We could have taken this further, but were willing to settle early and have a clean slate with no more pending litigation. If SNK Playmore would have paid as agreed, we could have avoided litigation and saved both companies unnecessary expenditures.”
Wall Street News Alert is placing aggressive investors on alert and recommends them to monitor the progress of Signature Devices. Signature Devices is focused on creating, developing and manufacturing advanced information technology, which includes computer systems, software and electronics products. Through its wholly owned subsidiary, it is also a full service developer and publisher of games for advanced entertainment consoles.
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