Press Releases
Chartwell Technology And Parlay Entertainment Agree To Extend Merger Date
CALGARY , Canada — October 4, 2006 — Chartwell Technology Inc. (TSX — CWH) ("Chartwell") a leading provider of gaming software systems to the online and remote gaming industry and Parlay Entertainment Inc. (TSXV — PEI) ("Parlay") the world's leading provider of Internet bingo solutions, announced today their intention to extend the closing date for a proposed business combination, originally set out in a Letter of Intent (the "LOI") entered into on August 30, 2006.
The LOI originally provided for the completion of the business combination on October 31, 2006. Chartwell and Parlay agreed today to extend the closing date until November 30, 2006. Such other dates, such as the special shareholder meeting for Parlay's shareholders, will also be amended, with the shareholder meeting to be moved to November 27, 2006. The parties intend to finalize the arrangement agreement on or before October 31, 2006.
The extension to the merger was necessary to allow both parties to resolve certain US tax implications, complete further due diligence and for the board of directors of Chartwell to obtain a fairness opinion on the proposed business combination.
About Chartwell
Chartwell Technology Inc. specializes in the development of leading-edge gaming applications and entertainment content for the Internet and wireless platforms and other remote access devices. Chartwell's Java and Flash based software products and games are designed for deployment in gaming, entertainment, advertising and promotional applications. Chartwell does not participate in the online gaming business of its clients nor does Chartwell operate its own gaming sites. Chartwell's team of highly trained professionals is committed to delivering the highest quality software and maintaining its leading edge through continuous development and unparalleled customer support.
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 bingo, 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! and MSN.
Contact:
Darold H. Parken
Chartwell Technology Inc.
President & CEO
(877) 261-6619 or (403) 261-6619
Scott F. White
Parlay Entertainment Inc.
President & CEO
+1 (905) 337-6505
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.
² 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.