BUSINESS

Parlay Entertainment sells assets

TAGs: BDO Canada, Parlay Entertainment

At the beginning of the year, Parlay Entertainment was making acquisition moves and exploding with business. Now,Parlay Entertainment seems to be a sinking ship ever since the loss of two of its largest customers including both: St. Minver who moved all 80 of its online bingo sites to parent company G2 and NetPlay TV who directed all of its gaming services to Playtech.

Following poor financial results last quarter, the Board of Directors of Parlay Entertainment Inc recently announced that it has appointed BDO Canada Limited (“BDO”) to assist it in a restructuring and to act as its Proposal Trustee in the filing of a Notice of Intention to make a Proposal to its creditors with the Superior Court of Justice, Province of Ontario, pursuant to the Bankruptcy and Insolvency Act.

As part of its services, BDO will assist Parlay to restructure and consider a number of strategic options, including the possibility of an offer for the shares of the company or an offer for the purchase of all or most of the Company’s assets.

In the company’s press release, they advised that MPProjects has expressed an interest in making an offer to purchase substantially all of Parlay Entertainment’s assets and has provided a deposit with BDO in the amount of $100,000 as evidence of its intention to do so.

The Board of Directors also advises that Parlay has not filed its annual audited consolidated financial statements in accordance with the requirement to do so by May 2, 2011 by Canadian securities regulators. As such, the Parlay anticipates that its shares would be suspended from trading, already the TSE has put a halt on all Parlay Entertainment shares.

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