December 19th, 2011

GigaMedia Ltd. had recently declared the sale of their 67.087% interest in gaming company of T2CN Holding Ltd. to Hornfull Ltd. with a consideration of $ 4 738 588 in cash. In addition to this, Hornfull Ltd. Company has given cash compensation of $ 789 765 to Giga Media with regards to legal fees incurred by GigaMedia in relation to legal disputes of T2CN Ltd.

In order to facilitate this sales deal, GigaMedia had gone for an agreement to settle all of their civil and legal disputes with previous head of Asian Online Games and Service Company along with ex-CEO of T2CN. This is because; GigaMedia had believed that retained property of company after his elimination from position. GigaMedia had done its strategic investment in the company of T2CN. In the year 2006, during the month of May, T2CN Company was one of the largest online sports operators of china.