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Parlay Entertainment Inc.: Parlay Entertainment Announces Amendments to Stock Option Plan

^{Published on 2008-12-10 09:16:34 - Market Wire}
 

OAKVILLE, CANADA--(Marketwire - Dec. 10, 2008) - Parlay Entertainment Inc. (TSX VENTURE:PEI), the world's leading supplier of Internet bingo solutions, is pleased to announce that it received the approval of the TSX Venture Exchange, on December 5, 2008, on certain amendments to the Company's Stock Option Plan. These amendments had previously been approved by Parlay's board of directors on August 27, 2008. The amendments clarify the arrangements for issued but un-vested options should there be a corporate transaction such as an amalgamation or take-over, as defined, by the Company. The amended plan does not increase the number of stock options which Parlay is able to grant.

As at December 9, 2008, the Company has 12,685,765 common shares issued and outstanding. Under the terms of the Company's existing Stock Option Plan, a maximum of 2,654,903 common shares were reserved for issuance to eligible optionees. As at December 9, 2008, 1,482,500 options were outstanding and a further 494,903 are available for issuance.

About Parlay Entertainment

Parlay Entertainment Inc. is the world's leading developer and licensor of Internet and TV bingo solutions. As the inventor and holder of Internet bingo(1) patents, Parlay was 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!, Paddy Power, NetPlay TV and the St. Minver, TGN and BingoNexus bingo networks. Parlay's head offices are in Oakville, Canada with offices in Bridgetown, Barbados, and Valletta, Malta.

For more information on Parlay solutions and services, please visit our Web site 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.

(1) United States Patent No. 6,585,590, Canadian Patents No. 2,340,152 and 2,618,843, with other Patent applications pending in other countries

(C) 2008 by Parlay Entertainment Inc.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.