PokerShare.com, the revolutionary online poker room that offered member players a cut of its profits, announced today it has reached an amicable resolution of its legal dispute with Excapsa Software, Inc., the recently floated gaming firm that runs popular poker room UltimateBet, and its subsidiary, Game Theory Limited.
Lucan Toh, CEO of PokerShare.com, commented on the end of the dispute, saying, "We're very pleased to have resolved our differences with Excapsa Software Inc. and Game Theory Limited and wish them well in their…flotation. We consider them to be a very well run company and we will certainly be investing ourselves.”
PokerShare.com parted ways with Excapsa in November, 2005. The poker room subsequently launched legal action against Excapsa, alleging the poker network withdrew vital technology from PokerShare.com and forced it to shut down after just two months because its innovative player equity scheme was attracting players away from UltimateBet, the network's biggest and most successful poker room.
PokerShare.com will be re-launching with new software in early March. Max Wright, Director of Gaming, said: "We are in tip-top shape for our return to the market and are very pleased with our new partners. We fully expect to regain our status as the most promising site on the web."
PokerShare.com introduced a revolutionary concept to the online poker world when it launched in the fall of 2005 and offered players 40% equity share in the company's profits. Shortly after, reports indicated the company was earning upwards of $50,000 a day in revenue, and it became clear the poker room would be a major success. Then, without warning, players began receiving emails informing them their account had been closed and they would be receiving a cheque with their balance from Excapsa in the near future.