Parlay Entertainment Inc. Announces Divestiture of Non-Core Assets

Parlay Entertainment Inc. (TSX VENTURE:PEI) announced today the completion of a
series of transactions which provide for the divestiture of its non-core assets.


Since approximately January of 2005, Parlay has increasingly invested in the
development, marketing and licensing of software products and support services
to the growing number of its customers who offer Internet gaming services in
regulated jurisdictions such as the U. K. and Europe. Over this same period, the
Internet gaming market has continued to evolve and mature, with the addition of
new jurisdictions and enhanced regulatory structures. As a result, certain
assets which include licensing arrangements with legacy customers who offer
Internet gaming services into non-regulated jurisdictions have become non-core
assets.


Effective on May 1, 2008 (the "Effective Date"), Parlay has divested itself of
these assets and will no longer offer its software to gaming operators who do
not operate within regulated jurisdictions. The divestiture includes the sale of
certain software license agreements, as well as the sale of certain
non-exclusive, limited and personal rights in some of Parlay's older software
technologies together with a commitment that Parlay provide limited support
arrangements during a transitional period.


The total consideration to Parlay from the divestiture is USD$2,810,000.
Following the divestiture and as of the Effective Date, Parlay will no longer
generate royalty revenue from these assets. Royalties earned up to the Effective
Date will be payable under regular commercial terms.


"Parlay's management has been mindful of the uncertainty created by recent
legislative changes and as a result, has reviewed both the composition of and
the jurisdictions which are the focus of its existing customer base" said Scott
White, Parlay's Chief Executive Officer. "The divestiture of these assets
provides excellent value for Parlay's shareholders while at the same time
allowing Parlay to focus all of its future efforts on the development,
marketing, licensing and support of Internet gaming technologies into regulated
jurisdictions".


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(1), 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 powers 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!, Paddy
Power, Bet24, NetPlay TV, Bingos.com and the St. Minver bingo network. Parlay's
head offices are 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 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.


(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.

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