Press Releases
Parlay Entertainment Inc. Announces Shares Issuance
OAKVILLE , Canada — December 7, 2005 — Parlay Entertainment Inc. (TSXV: PEI; Pink Sheets: PRYNF), the world's leading supplier of Internet Bingo solutions, announced today the issuance of an aggregate of 12,762 shares to 37 company employees (the "Shares") as compensation for services rendered in 2005 and in lieu of cash bonuses. The Shares were issued to all non-probationary employees who are not members of the management, the executive or the board of directors.
"Rather than issuing a cash bonus, our management team determined that a more meaningful way to reward our employees would be to provide them with an additional equity stake in the company that they are helping to build," said Scott F. White, Parlay's President & CEO. "We believe that such a bonus is more meaningful and potentially more valuable in the longer term as we continue to execute our business plan."
Because any issuance of shares from treasury requires regulatory approval, this transaction has been approved by the TSX Venture Exchange, such approval provided in an Exchange Bulletin dated December 6, 2005.
About Parlay Entertainment
Parlay Entertainment Inc. is the world's leading developer and dominant licensor of Internet Bingo solutions. 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, offering a best-in-class suite that features 75-number and 90-number Bingo, Lottery and Casino entertainment software. With its unmatched depth of industry experience and a comprehensive range of products and services, Parlay offers business solutions to fit every need. Parlay has a seven year proven track record built on the success of our clients: in the past 12 months, more than 2.2 million paying players enjoyed the experience of playing Parlay games on our licensees' gaming websites. Parlay is headquartered in Oakville, Canada with offices in Bridgetown, Barbados, and Valletta, Malta.
Contact:
Parlay Entertainment Inc.
Scott F. White
President & CEO
+1 (905) 337-6505
David Callander
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.