Press Releases
Parlay Entertainment Inc.: Notice of Intention to Make Normal Course Issuer Bid
OAKVILLE, CANADA — October 30, 2008
Parlay Entertainment Inc. ("Parlay") (TSX VENTURE: PEI.V), the world's leading supplier of Internet bingo solutions, announced today that it has filed with the TSX Venture Exchange a notice of its intention to make a normal course issuer bid for its common shares (" Common Shares ") through the facilities of the TSX Venture Exchange (the " Notice "). The shares will be purchased for cancellation.
Parlay may, during the twelve-month period commencing October 30, 2008 and ending on October 29, 2009, purchase on the TSX Venture Exchange up to 637,388 Common Shares, being approximately 5% of the issued and outstanding Common Shares in the share capital of Parlay as of October 28, 2008. The price that Parlay will pay for any such Common Shares will be the market price at the time of acquisition and any Common Shares purchased under the normal course issuer bid will be cancelled. The actual number of Common Shares that may be purchased and the timing of any such purchases will be determined by Parlay. As of the date hereof, there are 12,747,765 Common Shares of Parlay issued and outstanding.
Parlay considers the normal course issuer bid to be in the best interest of the Corporation and its shareholders. Parlay believes that there may be times over the course of the year when its Common Shares may trade in a price range that does not adequately reflect their value in relation to Parlay's business and its future business prospects. As a result, depending on future price movements and other factors, Parlay believes that its outstanding Common Shares may represent an attractive investment and a desirable use of a portion of its available funds.
The name of the Member conducting the Normal Course Issuer Bid on behalf of Parlay is National Bank Financial, 130 King Street West, Suite 3030, Toronto, Ontario, M5X 1J9.
A copy of the Notice may be obtained by any shareholder of Parlay, without charge, by contacting Parlay's head office.
About Parlay Entertainment
Parlay Entertainment Inc. is the world's leading developer and dominant licensor of Internet bingo solutions. As the inventor and holder of Internet bingo patents¹, 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. Our multi-player, multi-platform technology is used to power more online bingo sites in more countries than any other software provider in the world. Some of the world's best-known brands use Parlay Bingo solutions, including Virgin, Yahoo!, Paddy Power, NetPlay TV and Bingos.co.uk, as well as the St. Minver and TGN bingo networks. Parlay's head offices are 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, Canadian Patents No. 2,340,152 and 2,618,843, with other Patent applications pending in other countries.
© 2010 by Parlay Entertainment Inc.