PETOSKEY, Mich., May 6, 2011 (GLOBE NEWSWIRE) -- Rotate Black, Inc. (Pink Sheets:ROBK), announced today that Rotate Black, Inc.'s subsidiary, Rotate Black Gaming, Inc., has commenced binding arbitration under their Development and Management Agreements with the Seneca Nation of Indians. This matter involves the breach of both Agreements and the Company is seeking $21 million in actual damages along with $350 million in lost profits. For further details of the Company's claims, please refer to Rotate Black, Inc.'s 8-K filed with the SEC today, Friday, May 6th.
John Paulsen, Chief Executive Officer of Rotate Black, commented, "Rotate Black is pleased with how our legal team is presenting our case and we look forward to the Arbitration process."
About Rotate Black, Inc.
Rotate Black, Inc. is a premier development and management company of resort and casino properties. The Company makes investments specifically targeted towards the gaming industry, seeking to maximize total return from capital appreciation and income. The management and Board of Directors have extensive experience in successfully developing and managing resort properties.
Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. Rotate Black, Inc. disclaims any obligation to update the forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date stated, or if no date is stated, as of the date of this press release.
CONTACT: Rotate Black, Inc. 231-347-0777