Increased Demand Seen For Canadian Online Gambling Software Developer

Rival interests were apparently set off by the Cdn $ 12.3 million offer made by Mark Blandford's founder of Sportingbet, PEIC Acquisition group for Parlay Entertainment the Ontario-based gambling software developer, earlier this year. Just this week it seems that Parlay has been approached by at least two other companies interested in conducting due diligence prior to possibly purchasing the whole of the issued and outstanding company's shares.

PEIC was given a window of opportunity that was available only until January 30th, since as a part of their agreement, Parlay agreed to not consider rival offers until that date. It now appears however, that the bidding is open for Perry Malone and Scott White's Canadian-based company, which is a major developer of online bingo software.

Up until now, Parlay Entertainment has not let it be made known those that are involved in the new offers but it has stated that they are ‘superior’ to the PEIC bid. Previous to whatever the latest offer might be, the buyers were ready to pay between $1 and $1.20 cash per share. The offer by PEIC, which is a wholly owned subsidiary of Letton Investments Ltd., a Barbados-based company, is for 95 cents cash for each share.

For those parties over the next several weeks that are interested in doing due diligence, Parlay has made it known that its data room, which has been set up at its solicitors' offices and which is currently available on a virtual basis, will remain available.

Parlay Entertainment has begun negotiations with these new parties and will continue to remain open to binding offers for the purchase of all of the issued and outstanding company shares by the end of February 2008.

A company spokesperson has made it clear that there is no assurance that any agreement will be entered into resulting from these negotiations regarding any expression of interest received by Parlay Entertainment, nor can is there any assurance that any proposals made would be completed or would be approved by the Parlay company shareholders.

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