News

ETPI drops suit over GameCom/Ferris merger

May 8, 2002

ARLINGTON, Texas -- What was expected to be a drawn-out legal case between VirTra Systems (OTCBB:VTSI) - formerly GameCom/Ferris Inc. - and Etnertainment Technologies & Programs Inc. (ETPI) ended peacefully on May 8. Under a deal struck between the two companies, ETPI dropped its lawsuit against VirTra and agreed to become a non-exclusive distributor of VirTra's virtual reality products.

ETPI filed suit against GameCom/Ferris last April after Ferris terminated a letter of intent to merge with ETPI and instead agreed to merge with the Internet gaming kiosk company.

The agreement came together back in March, when officials from VirTra and ETPI met during a trade show in Houston. L. Kelly Jones, VirTra chief executive officer, indicated that management changes at ETPI led that company to reconsider the suit's viability.

"During this meeting, we jointly agreed that our efforts were best channeled toward developing positive business relationships between the two companies," Jones said in a news release.

Jones said that ETPI's government contacts would prove invaluable as VirTra markets virtual products for the security training/simulation market.

Along with ETPI's decision to drop its suit, VirTra agreed to drop its counterclaims against the company.

"We are pleased to have this action behind us," Jones said. "We are relieved that ETPI's new management regime has chosen not to pursue this claim."