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08 September 2011
Bingo News: Parlay Finalises Asses Sale
The Board of Directors of Parlay Entertainment Incorporated, the online bingo developer and supplier has recently announced the completion of the sale of the majority of their assets. The company who purchases these shares was M Projects Assets S.A, who placed the only bid despite a detailed sales and marketing process.
The deal was brokered by accounting firm BDO Canada Limited and Parlay revealed that they will now begin a liquidation proposal while they review 'opportunities for the public vehicle' which could consist of an outright sale, reverse merger or wind up.
A statement from the the suburban Toronto supplier said: “MProjects has advised the company that it will operate, invest in and grow Parlay's business and it will continue to operate under the business names Parlay Games and Parlay Entertainment.”
“The transaction and the restructuring will be transparent to Parlay's existing business lines and its customers in all jurisdictions. The board of directors also advises that Parlay is now in full compliance with all financial reporting requirements with Canadian securities regulators. As such, the company intends to apply for a partial revocation of the cease trade order previously issued, which currently impacts In the trading of its shares.”
Parlay Entertainment Inc is one of the technology leaders in the online gaming industry. Parlay were the first company in the world to develop and implement a commercial internet bingo product and they are the inventor and holder of Internet bingo patents. The company's head offices are based in Oakville, Canada. Parlay is licensed and certified to conduct their business in Alderney, which is based in the Isle of Man.
Parlay Entertainment Inc is one of the technology leaders in the online gaming industry. Parlay were the first company in the world to develop and implement a commercial internet bingo product and they are the inventor and holder of Internet bingo patents. The company's head offices are based in Oakville, Canada. Parlay is licensed and certified to conduct their business in Alderney, which is based in the Isle of Man.