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Parley Entertainment signs letter of intent to sell

The largest bingo software licensing company Parlay Entertainment today signed a deal to be acquired by PEIC, a subsidiary of Barbados-based Letton Investments Ltd.

Parlay Entertainment Inc. (TSXV:PEI), a developer of Internet bingo software, says it struck a a non-binding letter of intent to be acquired by PEIC Acquisition Corp. In a deal valued at approximately $12.3 million. The proposed deal would provide shareholders of Parley entertainment with 95 cents each for the the 13 million shares outstanding.

Parlay shares were halted on the TSX Venture Exchange pending news of the deal.

However, it was also emphasized that “There can be no assurance that any definitive agreement will be entered into, any proposed transaction will be approved by the shareholders of Parlay or that any transaction will be completed as a result of the execution of the letter of intent.”

The Toronto-area company said it has set up a special committee of independent directors to hire a financial adviser and review the transaction.

This is an especially lucrative deal for shareholders as Parley stock last traded on the TSX Venture Exchange at 49 cents. The company is seeking an independent adviser to advise on the transaction.

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