Parlay Entertainment Inc.
TSX VENTURE : PEI

Parlay Entertainment Inc.

November 18, 2010 12:05 ET

Parlay Entertainment Announces Closing of Private Placement

OAKVILLE, CANADA--(Marketwire - Nov. 18, 2010) -

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 it has closed a non brokered private placement financing raising gross proceeds of $320,000 by issuing 800,000 common shares at a price of $0.40 per share.

The proceeds of the financing will be used for general working capital purposes. The common shares are subject to a hold period expiring March 18, 2011. 

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 RELEASE

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