Press Releases
Parlay Entertainment Announces Grants of Stock Options
OAKVILLE, ONTARIO — June 29, 2008
Parlay Entertainment Inc. (TSX VENTURE:PEI), the world's leading supplier of Internet bingo solutions, today announced that the board of directors had approved the issuance of 400,000 stock options to directors under the terms of its November 27, 2006 Stock Option Plan on May 28, 2008. The options issued are a component of the 2008 compensation plan for directors approved on May 28, 2008. The options issued are as follows:
Mr. Anthony De Werth - Director and Chairman 100,000 options
Mr. Brian W. Barr - Director 100,000 options
Mr. Scott F. White - Director and Chief Executive Officer 100,000 options
Mr. Perry N. Malone - Director and President and
Chief Technology Officer 100,000 options
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400,000
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The options were granted at an exercise price of $0.68 Cdn. per share and, under the terms of the November 27, 2006 Stock Option Plan, have a term of five years and are subject to an eighteen-month vesting schedule with 25% of the options vesting immediately, a further 25% vesting on August 28, 2008, a further 25% vesting on February 28, 2009 and the final 25% vesting on May 28, 2009. Following the issuance of these options, there are 349,903 options remaining available for issuance under the November 27, 2006 Stock Option Plan.
"Our compensation approach for directors includes an annual grant of stock options," said Anthony De Werth, Parlay's Chairman. "We believe that the granting of stock options is an appropriate method of providing long-term incentives to directors."
About Parlay Entertainment
Parlay Entertainment Inc. is the world's leading developer and licensor of online bingo software. As the inventor and patent holder of Internet bingo¹, Parlay was 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. The company's 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, AOL and Yahoo. Parlay also powers two leading European bingo networks operated by St. Minver and The Gaming Network. Parlay is headquartered in Oakville, Canada with locations 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.