Press Releases
Parlay Entertainment Inc. Receives Second Proposal
All amounts in Canadian Dollars
OAKVILLE, CANADA — Jan 29, 2008 — Parlay Entertainment Inc. (TSX VENTURE:PEI) ("Parlay" or the "Company"), announced that it has received an unsolicited proposal (the "Proposal") which represents a Superior Proposal as it is defined in the Letter of Intent (the "LOI") executed by Parlay and PEIC Acquisition Corp. ("PEIC") on January 11, 2008.
The Proposal contemplates a transaction where all of the outstanding common shares of the Company would be acquired by way of a statutory plan of arrangement or other structure that would be agreed to, at a price of between $1.00 Cdn. and $1.20 Cdn. cash for each common share of Parlay and would be subject to satisfactory completion of due diligence, the board of directors unanimously recommending the Proposal, an indemnity for costs on terms no less favourable than those granted to PEIC and mutually acceptable documentation.
Parlay has not yet responded to the Proposal and has not negotiated any of the terms of the Proposal. The Exclusivity Period under the LOI with PEIC expires at 5:00 p.m. Toronto time on January 30, 2008, after which time Parlay will be in a position to participate in discussions with the offeror. There can be no assurance that any agreement will be entered into, that any proposed transaction will be approved by the shareholders of Parlay or that any transaction will be completed as a result of the Proposal.
About Parlay Entertainment
Parlay Entertainment Inc. is the world's leading developer and licensor of Internet bingo software. As the inventor and patent holder of Internet bingo¹, Parlay is the first company in the world to develop and deploy a commercial Internet bingo product. Parlay bingo is available in both 75-number and 90-number versions and is complemented by a full suite of lottery and casino games. Our multi-player, multi-platform technology is used to power more online bingo sites than any other software provider in the world. Some of the world's best known brands use Parlay Bingo solutions, including Virgin, Yahoo!, MSN and Littlewoods Gaming. Parlay is headquartered in Oakville, Canada with offices in Bridgetown, Barbados, and Valletta, Malta.
Contact:
Scott F. White
Parlay Entertainment Inc.
President & CEO
+1 (905) 337-6505
David Callander
Parlay Entertainment Inc.
CFO
+1 (905) 337-6516
For more information on Parlay solutions and services, please visit our Web site at www.parlaygroup.com.
This document may contain statements about expected future events and/or financial and operating results of Parlay Entertainment Inc. that are forward-looking. By their nature, forward-looking statements require the Company to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that predictions and other forward-looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements.
The TSX Venture Exchange does not accept any responsibility for the adequacy or accuracy of this release.
¹ United States Patent No. 6,585,590 "Method and system for operating a bingo game on the internet, with other Patent applications pending in other countries.
© 2010 by Parlay Entertainment Inc.