Parlay Entertainment Inc.
TSX VENTURE : PEI

Parlay Entertainment Inc.

March 30, 2011 09:19 ET

Parlay Entertainment Announces Changes to the Composition of the Board of Directors and Provides an Update on Other Matters

OAKVILLE, ONTARIO--(Marketwire - March 30, 2011) -

All amounts in Canadian Dollars

Parlay Entertainment Inc. (TSX VENTURE:PEI), the world's leading supplier of Internet bingo solutions, announced today that Mr. Søren R. Mirzai has consented to join the board of directors of Parlay effective March 28, 2011. Mr. Mirzai is a shareholder and insider of Parlay. Effective March 28, 2011, Messrs. Anthony D. De Werth and Brian W. Barr have resigned from the board of directors of Parlay.

"I am delighted that Søren has agreed to join our board and I would like to thank each of Tony and Brian for their years of service to Parlay and for their sage guidance to both Parlay and me," said Scott F. White, Chief Executive Officer of Parlay.

In addition, on January 11, 2011, Parlay announced that it had issued 50,000 common shares to a third party pursuant to the acquisition of certain assets of that third party by Parlay Games Limited. Parlay Games Limited is the provider of the Parlay Game Services managed solution based in Alderney and the third party was formerly a licensee of Parlay Games Limited. As a clarification, and as requested by the TSX Venture Exchange, the 50,000 common shares was not the only consideration for the assets acquired. Parlay Games Limited also agreed to pay the third party 110,000 pounds sterling payable in instalments with full payment by June 30, 2011. The assets acquired included certain Uniform Resource Locators (URL's) and a customer data base.

About Parlay Entertainment

Parlay Entertainment Inc. is one of the pioneers and technology leaders in the online gaming industry. As the inventor and holder of Internet bingo patents, Parlay was the first company in the world to develop and deploy a commercial Internet bingo product. Parlay offers its customers a number of technology solutions which include the commercial deployment of its award winning software along with value-added Parlay Game Services managed solutions based in Alderney and North America. PGS includes hosting services, shared games and, in the case of PGS Europe, pooled liquidity across the European marketplace. Some of the world's best known brands use Parlay solutions. Parlay's head offices are located in Oakville, Canada. Parlay is licensed or certified to conduct business in Alderney, the United Kingdom and the Isle of Man.

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. 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Contact Information