VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 11, 2012) - Parlay Entertainment Inc. (NEX:PEI) (the "Company"), is pleased to announce the results of the annual and special general meeting (the "Meeting") of shareholders that was held on October 3, 2012.
At the Meeting, Company shareholders elected as directors Messrs. Craig D. Schneider, Alan D. Vichert and David Callander. MSCM LLP, Chartered Accountants, were re-appointed as the auditors.
Shareholders also approved by way of special resolutions:
a) authorization for the Board to proceed with a share consolidation on the basis of two (2) pre-consolidation common shares for one (1) post-consolidation common share; and
b) authorization for the Board to proceed with a concurrent name change.
A new stock option plan was also adopted.
The new Board appointed Mr. Schneider as the CEO/President and Mr. Sean Hodgins as the CFO/Secretary.
The Company intends to proceed with the share consolidation and name change as soon as reasonably practicable, subject to regulatory approval.
The Company is proceeding with the previously announced private placement to qualified investors to raise up to $400,000 by the issuance of up to 8,000,000 pre-consolidation units at a deemed price of $0.05 per unit. The units will consist of one common share and one-half of one share purchase warrant. A full warrant may be exercised to purchase one additional common share for $0.10 for 12-months.
On behalf of the Board of Directors of Parlay Entertainment Inc.
Craig D. Schneider, President, CEO, director
This news release contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the control of Parlay Entertainment Inc., which may cause actual results, performance or achievements of Parlay Entertainment Inc., to be materially different from the results, performance or expectation implied by these forward looking statements.
Neither 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, which has been prepared by management.