Parlay Entertainment Inc. Provides Update on Potential Transactions
21 Février 2008 - 4:12PM
Marketwired
OAKVILLE, ONTARIO ("Parlay" or the "Company"), announced that it
has received an additional expression of interest from a party
interested in conducting due diligence on the Company.
Interested parties are at various stages of their due diligence.
The Company has advised the interested parties that it intends to
close due diligence mid-week next week. The Company will entertain
binding offers to purchase all of the issued and outstanding shares
of the Company by the end of February 2008.
The Company also announces that it has received written notice
from PEIC Acquisition Corp ("PEIC") terminating the letter of
intent dated January 11, 2008 related to PEIC's proposal to acquire
all of the outstanding common shares of the Company by way of a
statutory plan of arrangement for cash consideration of $0.95 per
share. During the course of negotiating a definitive agreement,
PEIC communicated certain concerns about the timing and certain
aspects of the transaction which the Company was unable or
unwilling to resolve. Accordingly, PEIC has withdrawn from the
bidding process. In accordance with the terms of the letter of
intent, Parlay agreed to pay the reasonable out of pocket legal,
tax and accounting costs and expenses of the PEIC (and its owner)
of up to $500,000 Cdn.
There can be no assurance that any agreement will be entered
into as a result of the negotiations around any expression of
interest received by the Company, nor can there be any assurance
that any proposed transaction will be completed or approved by the
shareholders of Parlay.
About Parlay Entertainment
Parlay Entertainment Inc. is the world's leading developer and
licensor of Internet bingo software. As the inventor and patent
holder of Internet bingo(1), 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!, MSN and Littlewoods Gaming. Parlay is
headquartered in Oakville, Canada with offices in Bridgetown,
Barbados, and Valletta, Malta.
For more information on Parlay solutions and services, please
visit our website at www.parlaygroup.com.
This document may contain statements about expected future
events of Parlay Entertainment Inc. that are forward-looking
including the proposed transaction. 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.
(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.
The TSX Venture Exchange does not accept any responsibility for
the adequacy or accuracy of this release.
Contacts: Parlay Entertainment Inc. Scott White President &
CEO (905) 337-6505 Email: swhite@parlaygroup.com Parlay
Entertainment Inc. David Callander CFO (905) 337-6516 Email:
dcallander@parlaygroup.com Website: www.parlaygroup.com
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