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Parlay Entertainment to Merges with Chartwell Technology
 September 3, 2006, 11:58 am (5 years ago)Two business giants have announced that they are entering into a business partnership! One is online gaming software provider Chartwell Technology Inc. And the other one is Internet Bingo solutions provider Parlay Entertainment Inc. This has been agreed in binding letters of Intent, which decide that Chartwell is to obtain all common shares of Parlay.
According to Chartwell President and CEO Darold H Parken, the merger will combine two significant international online gaming software providers, who are highly compatible entities. Pending approvals, the deal is expected to be completed by October 31 this year.
Mr Parken further clarifies that 'Chartwell and Parlay are a perfect fit. In an ever expanding remote gaming industry, Chartwell and Parlay share a unique and highly successful business model, and our combined entity will be a much stronger and effective competitor in the market. We are very excited about joining forces.”
Senior executive teams from both Chartwell and Parlay will be united, for administrative convenience. The merger will combine both boardrooms with two founder members of both companies. Three independent directors will be making up the board.
Once all operation conditions are satisfied the unification is expected to be completed by October 31 this year. The ultimate agreement will be subject to court approvals, stock exchange approvals and the approval of Parlay shareholders. These are only formalities. The player, who is the end user, will be delighted, if the action brings forth Hi Fi entertainment for them!
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