Parlay Entertainment Inc.

Parlay Entertainment Inc.

January 12, 2007 00:01 ET

Parlay Entertainment Announces New Stock Option Plan

OAKVILLE, ONTARIO--(CCNMatthews - Jan. 12, 2007) - Parlay Entertainment Inc. (TSX VENTURE:PEI), the world's leading supplier of Internet bingo solutions, today announced that it received, on January 9, 2007, conditional acceptance from the TSX Venture Exchange to adopt a new form of stock option plan which has been approved by the board of directors. The acceptance of the TSX Venture Exchange is conditional as the new form of the stock option plan requires the approval of the Company's disinterested shareholders at its next Annual General Meeting.

As at January 11, 2007, the Company has 13,153,015 common shares issued and outstanding after giving effect to the repurchase and cancellation of 171,500 common shares under the Company's Normal Course Issuer Bid. Under the terms of the Company's new stock option plan, a maximum of 2,654,903 common shares are reserved for issuance to Eligible Optionees. As at January 11, 2007, 1,637,500 options were outstanding under the existing stock option plan, dated June 14, 2005. Accordingly, up to 1,017,403 new options are now available for issuance under the terms of the to-be-approved new stock option plan. The general provisions of the new stock option plan, including the vesting requirements, are unchanged from the existing stock option plan.

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 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. 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 Web site at

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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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