Parlay Entertainment Inc.
TSX VENTURE : PEI

Parlay Entertainment Inc.

March 13, 2008 08:39 ET

Parlay Entertainment Inc. Announces End to Tender Process

OAKVILLE, ONTARIO--(Marketwire - March 13, 2008) - Parlay Entertainment Inc. (TSX VENTURE:PEI) ("Parlay" or the "Company"), the world's leading supplier of Internet bingo software, announced today that a binding agreement has not been concluded with any of the parties who expressed an interest in conducting due diligence on the Company within the timeframes established by the Special Committee of the board of directors.

Parlay wishes to express its thanks to all groups who contacted the Company during the tender process. As the process is complex, expensive and time consuming, Parlay also extends its thanks to its employees, licensees, prospects and partners for their patience during this process. As this now brings a conclusion to the tender process, the Company confirms that it will be focusing its efforts on the continued expansion of its core licensing business in the coming months.

As a result of the tender process, Parlay has established new relationships with several highly regarded firms. The Company intends to pursue those relationships with a view to exploring the software licensing and other synergies which exist between those businesses and Parlay.

About Parlay Entertainment

Parlay Entertainment Inc. is the world's leading developer and licensor of Internet bingo software. 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!, MSN and Littlewoods Gaming. 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 website at www.parlaygroup.com.

This document may contain statements about expected future events of Parlay Entertainment Inc. that are forward-looking including the proposed transaction. 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 any responsibility for the adequacy or accuracy of this release.

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