EQTX related news ."KING OF PRUSSIA, Pa., March 15 /PRNewswire-FirstCall/-- iGames Entertainment, Inc. (OTC Bulletin Board: IGME - News) today announced that on March 12, 2004 it terminated the November 3, 2003 stock purchase agreement with Equitex, Inc. As stated in the notice of termination, iGames terminated the stock purchase agreement as the result of material adverse changes in Chex Services' business, including the loss of significant revenues and cash flow due to the termination of contracts at casinos operated by the Seminole Tribe, breaches by Equitex of representations and warranties in the stock purchase agreement, the failure by Equitex and Chex to perform under the stock purchase agreement and the decision by Equitex's management that Equitex could not consummate the transaction as originally structured due to adverse federal tax consequences. In addition, Chex failed to provide iGames with required evidence of its ability to meet financial commitments made by Chex to iGames in a January 2004 promissory note from iGames to Chex, forcing iGames to obtain replacement financing.As a result of this termination, iGames is entitled to receive from Equitex a termination amount of $1,000,000, plus reimbursement of its expenses associated with the transactions contemplated by the stock purchase agreement. iGames intends to seek immediate payment of these amounts." ...
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