Parlay Entertainment Inc., the world’s leading supplier of Internet bingo solutions, is pleased to announce that it has met the requirements of TSX Venture Exchange Policy 2.5 – Tier Maintenance Requirements and Inter-Tier Movement (“Policy 2.5”) and, accordingly, the Company’s tier classification will change from Tier 2 to Tier 1, effective on November 16, 2005.
“We are very pleased to meet the requirements of Policy 2.5 as a Tier 1 Technology Issuer,” said Scott F. White, Parlay’s President & CEO. “Our graduation demonstrates our continued growth, profitability and maturation as a development-stage company, generating increasing revenue and profitability in the exciting e-gaming marketplace. It is our intention to explore additional opportunities in the capital markets in 2006, including a possible listing on the Toronto Stock Exchange.”
With the graduation to a Tier 1 Technology Issuer, the Common Shares held by officers and directors of the Company will be subject to escrow provisions appropriate to a Tier 1 Technology Issuer effective with the date of the Company’s original listing on the TSX Venture Exchange being June 17, 2005. Accordingly, the 5,098,998 Common Shares held by officers and directors of the Company subject to escrow provisions will be released from escrow as follows: 1,274,750 by November 16, 2005, 1,274,750 on December 17, 2005, 1,274,750 on June 17, 2006 and the remaining 1,274,748 on December 17, 2006. In addition, there are 1,390,000 options to purchase Common Shares held by officers and directors which will be subject to escrow provisions and released from escrow in the same manner as described above.
