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PARLAY ENTERTAINMENT COMPLETES ASSET SALE
Monday September 5, 2011 : Original lending party the buyer
Online gaming technology developer Parlay Entertainment announced that it has completed the sale of a majority of Parlay's assets to M Projects Assets S.A. (MProjects).
Parlay Entertainment revealed that MProjects "was the original stalking horse bidder and the lending party to a previously announced Credit Agreement".
Aggressive sales and marketing failed to generate alternative bids by a court-set bidding deadline of July 18, 2011 and the transaction closed on September 1, 2011.
MProjects has committed to operating, investing in and growing the Company which will continue to operate under Parlay Games and Parlay Entertainment.
Going forward, Parlay's board of directors, in conjunction with its Trustee BDO Canada Ltd, will proceed with a liquidation proposal as well as a partial revocation of a cease trade order it says impacts on the trading of its shares.
Earlier this year, Parlay advised on a restructuring strategy and attained an aggregate amount of an estimated Cdn$500 000 in credit financing from MProjects
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