BURLINGTON, ONTARIO--(Marketwire - Sept. 6, 2012) - Parlay Entertainment Inc. (TSX VENTURE:PEI.H) (the "Company"), is pleased to announce that the meeting materials for its upcoming annual and special meeting of shareholders, to be held on October 3, 2012, (the "Meeting") are being distributed to shareholders and are now available for viewing at www.sedar.com.
Management has implemented a strategy that will ultimately result in the Company settling its liabilities (primarily incurred in relation to its failed business), conducting a financing, consolidating its share capital and acquiring a significant interest in a new business or asset. In this regard, management has determined that there are key steps which must be taken in order to reorganize the debt and capital structure of the Company in order to make it an appropriate for financing and the operation of a future business. These matters are to be presented to the shareholders for approval at the Meeting. The Management Information Circular dated August 31, 2012 provides further detail on all of the matters being considered.
The key matters requiring approval from shareholders at the Meeting include:
a) Approval for a Share Consolidation - management will seek the authorization of the shareholders by a special resolution to consolidate the issued and outstanding share capital of the Company on the basis of two (2) pre-consolidation Common Shares for one (1) post-consolidation Common Share;
b) Approval for a Name Change - management will seek the authorization of the shareholders by a special resolution to change the Company's name to one acceptable to the Board of Directors, subject to acceptance by the regulatory authorities; and
c) Approval for a Debt Settlement - management will seek the authorization of the disinterested shareholders by an ordinary resolution to eliminate the majority of the Company's debts through the issuance of post-consolidation Common Shares to the creditors, and the approval of any change of control which may result.
Additional information will be released following the Meeting.
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.