Paradox Interactive commenced arbitration and filed a lawsuit against SouthPeak in the Commonwealth of Virginia last month. By entering into a settlement agreement with Paradox Interactive and performing its obligations to date under such settlement agreement, SouthPeak has demonstrated its financial stability and both parties are delighted to have established a mutually agreeable resolution to the dispute. As a result, the arbitration and lawsuit will be dismissed.
“We are pleased to have reached an amicable conclusion,” said Fredrik Wester, CEO of Paradox Interactive. “SouthPeak’s ability to settle this matter swiftly is a tribute to their professionalism and their sound financial integrity. We wish SouthPeak much future success.”
Terry Phillips, Chairman of SouthPeak’s Board of Directors, said, “We are pleased to have resolved this matter quickly and to be able to move forward with a focus on continuing to grow our business. As one of the fastest growing video game publishers in North America, we value our partnering agreements and look forward to continuing our prosperous relationship with our esteemed partners to bring original, compelling content to market. We wish Paradox Interactive much future success.”