Parlay Entertainment Inc. ("Parlay")(TSX VENTURE: PEI), the world's leading supplier of Internet bingo solutions, announced today that it has filed with the TSX Venture Exchange a notice of its intention to make a normal course issuer bid for its common shares (" Common Shares ") through the facilities of the TSX Venture Exchange (the " Notice "). The shares will be purchased for cancellation.
Parlay may, during the twelve-month period commencing October 16, 2006 and ending on October 15, 2007, purchase on the TSX Venture Exchange up to 666,226 Common Shares, being approximately 5% of the issued and outstanding Common Shares in the share capital of Parlay. The price that Parlay will pay for any such Common Shares will be the market price at the time of acquisition and any Common Shares purchased under the normal course issuer bid will be cancelled. The actual number of Common Shares that may be purchased and the timing of any such purchases will be determined by Parlay. As of the date hereof, there are 13,324,515 Common Shares of Parlay issued and outstanding.
Parlay considers the normal course issuer bid to be in the best interest of the Corporation and its shareholders. Parlay believes that there may be times over the course of the year when its Common Shares may trade in a price range that does not adequately reflect their value in relation to Parlay's business and its future business prospects. As a result, depending on future price movements and other factors, Parlay believes that its outstanding Common Shares may represent an attractive investment and a desirable use of a portion of its available funds.
A copy of the Notice may be obtained by any shareholder of Parlay, without charge, by contacting Parlay's head office.
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.
© 2006 by Parlay Entertainment Inc.
The TSX Venture Exchange does not accept any responsibility for the adequacy or accuracy of this release.
Contacts: Parlay Entertainment Inc. Scott White CEO (905) 337-8524 Email: swhite@parlaygroup.com
Parlay Entertainment Inc. David Callander CFO (905) 337-6516 Email: dcallander@parlaygroup.com Website: www.parlaygroup.com
SOURCE: Parlay Entertainment Inc.
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