Parlay Entertainment Inc.
TSX VENTURE : PEI

Parlay Entertainment Inc.

May 22, 2009 17:42 ET

Parlay Entertainment Announces Amendments to Stock Option Plan

Amended Stock Option Plan dated May 15, 2009

OAKVILLE, ONTARIO--(Marketwire - May 22, 2009) -

All amounts in Canadian Dollars

Parlay Entertainment Inc. (TSX VENTURE:PEI), the world's leading supplier of Internet bingo solutions, is pleased to announce that its board of directors approved, on May 20, 2009, amendments to its stock option plan effective May 15, 2009. Parlay is also pleased to announce that the required approval of the TSX Venture Exchange on these amendments was received on May 21, 2009 subject to the approval of shareholders and the approval of disinterested shareholders of the Company at the meeting of shareholders to be held on June 24, 2009. Until such approval is obtained, any options issued under the terms of the amended stock option plan will not be eligible for exercise. The amended stock option plan will enable Parlay to grant up to 1,108,853 new stock options which will be used to assist Parlay in maintaining its compensation and employee retention strategies. The general provisions of the amended stock option plan, including the vesting requirements, are unchanged from the existing stock option plan.

As at May 21, 2009, the Company has 12,231,765 common shares issued and outstanding. Under the terms of the Company's amended stock option plan, a maximum of 2,446,353 common shares are reserved for issuance to eligible optionees. As at May 15, 2009, 1,337,500 options were outstanding under the existing stock option plan, dated August 27, 2008, and, therefore, a further 1,108,853 are now available for issuance.

About Parlay Entertainment

Parlay Entertainment Inc. is the world's leading developer and licensor of Internet and TV bingo solutions. As the inventor and holder of Internet bingo(1) patents, 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 than any other software provider in the world. Some of the world's best known brands use Parlay solutions, including Virgin, Yahoo!, Paddy Power, NetPlay TV and the St. Minver and TGN bingo networks. 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, Canadian Patents No. 2,340,152 and 2,618,843, 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.

Contact Information