Business & Finance
Business and Finance
Business and Finance
Fri, July 17, 2009
Thu, July 16, 2009 Parlay Entertainment Inc.: Parlay Announces Launch of Parlay Game Services North America and Provides Customer Updates
OAKVILLE, ONTARIO--(Marketwire - July 16, 2009) - Parlay Entertainment Inc. (TSX VENTURE:PEI), is pleased to announce the launch of Parlay Game Services North America, providing a hosted and managed game content solution for the existing North American regulatory environment. Participating clients will harness the power of Parlay's award winning gaming platform to reach new customers and enhance the loyalty of existing customers.
A web-based entertainment offering, PGS North America will connect land-based operators, suppliers and other businesses to an interactive community of games, entertainment and loyalty programs. The community will allow players and members - such as land-based bingo halls, gaming suppliers, marketing companies and promotions firms - to interact in a social network, through the use of bingo, chat and other forms of entertainment.
Parlay is also pleased to announce the signing of its first customer who will use the PGS North America service, with more details to be announced once that customer is live.
"This new marketing channel will embody all of the attributes of a social networking bingo portal and will offer valuable customer retention features and tools such as loyalty programs, subscription-based play and Parlay's award winning technology platform," said Scott White, Parlay's Chief Executive Officer. "We are very excited to be in a position to kick off this new managed solution with our first 10-year managed services agreement, with additional agreements to be completed in the coming months."
This service in North America follows Parlay's recent launch of Parlay Game Services Alderney. Both initiatives represent an important new strategic direction for Parlay, offering value-added solutions, including hosting services, shared games and pooled liquidity. Parlay has already commenced negotiations with several existing Internet bingo operators who have selected the Parlay Game Services solution as their strategic platform. Parlay will be making announcements in the coming weeks identifying the brands that will be joining PGS Alderney as early as August of 2009.
Parlay also announced today that one of its long standing customers has itself publicly announced that it has entered into a memorandum of understanding with a Parlay competitor which contemplates the execution of various agreements for the supply of gaming software and services. This customer's arrangement also contemplates a private placement by a party related to the competitor which is subject to shareholder approval at a special shareholder meeting in addition to other regulatory approvals.
"This announcement by our customer evidences the continued and growing trend towards consolidation in the online gaming arena," continued Mr. White. "It is premature to assess the impact on Parlay; however, we will be working with our customer within the framework of our existing licensing arrangement."
About Parlay Entertainment
Parlay Entertainment Inc. is the world's leading developer and licensor of Internet 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 offers its customers a number of technology solutions which include the commercial deployment of its award winning software along with value-added managed solutions in Alderney and North America, which include hosting services, shared games and, in the case of PGS Alderney, pooled liquidity across the European marketplace. Some of the world's best known brands use Parlay solutions. Parlay's head offices are located in Oakville, Canada. Parlay is licensed or certified to conduct business in Alderney, Channel Islands, the United Kingdom, The Isle of Man and Malta.
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) 2009 by Parlay Entertainment Inc.
