Press Releases
Chartwell and Parlay Agree to Terminate Proposed Merger
CALGARY , Canada — October 26, 2006 — Chartwell Technology Inc. (TSX:CWH - News; "Chartwell") a leading provider of gaming software systems to the online and remote gaming industry and Parlay Entertainment Inc. (TSX VENTURE:PEI - News; "Parlay") the world's leading provider of Internet bingo solutions, announce today their intention to terminate the proposed business combination, originally set out in a Letter of Intent (the "LOI") entered into and announced on August 30, 2006.
The continuing market uncertainty for the online and remote gaming industry generated by recent legislative actions in the United States has forced Chartwell to conclude that it will be unable to obtain a fairness opinion which supports the business arrangement or the share exchange ratio. Chartwell and Parlay have therefore concluded that their proposed business combination cannot be completed on the terms originally negotiated by the parties. As a result, Chartwell and Parlay have agreed to terminate all merger discussions. As part of this agreement, Chartwell has agreed to reimburse Parlay for a portion of its expenses in connection with the proposed business combination.
Nothwithstanding these unanticipated developments, Chartwell and Parlay intend to continue to explore joint venture business opportunities that were identified or considered during the merger discussions.
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:
Chartwell Technology Inc.
Darold H. Parken
President and CEO
(877) 261-6619 or (403) 261-6619
Parlay Entertainment Inc.
Scott White
President and CEO
(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.
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.