Parlay Entertainment Incorporated
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Parlay Announces the Launch of its PGS Managed Solution and the Completion of the First of Many
LONDON, UNITED KINGDOM, Sep 11, 2009 (MARKETWIRE via COMTEX) --
Parlay Entertainment Inc. (TSX VENTURE: PEI), is pleased to announce the launch of its Parlay Game Services (PGS) Managed Solution platform and the completion of the first three managed services agreements. The launch of the first network partner will coincide with the EiG conference in Copenhagen next week, with the others ramping up in sequence throughout September and October.
Parlay announced the Alderney-based PGS offering in July of this year as an internationally focused central liquidity solution, offering remote gaming and Registration, Verification and Banking services. Built on the Parlay5 multi-language and multi-currency technology, PGS allows pooling of liquidity across currencies - something crucial to those operators who wish to expand into the rapidly expanding global market. The PGS platform will also leverage several recently completed technology partnerships to offer new content and enhanced functionality for the network, which have been developed and tested by other leading software development firms.
"We are thrilled to be able to extend our business model from a software development and licensing firm to an internationally-focused turn-key managed solutions provider," said Perry Malone, Chief Technology Officer for Parlay. "Our initial Network Partnerships represent a broad spectrum of businesses which will focus on existing and new gaming markets, and which will leverage off their existing liquidity pools. The details of each Network Partnership will be released as they launch."
Scott White, Parlay's Chief Executive Officer, added: "These new customers - and the level of interest we are seeing from our customers and new prospects - validates the expansion of our business model into this value-added services offering. The fact that we are able to utilize our commercial-grade, award-winning technology platform with newly established technology partnerships gives Parlay an enhanced solution, providing more selection to an unlimited customer base. We are very excited about the future of our PGS offering."
About Parlay Entertainment
Parlay Entertainment Inc. is one of the pioneers and technology leaders in the online gaming industry. As the inventor and holder of Internet bingo(1) patents, Parlay was the first company in the world to develop and deploy a commercial Internet bingo product. Parlay offers its customers a number of technology solutions which include the commercial deployment of its award winning software along with value-added Parlay Game Services managed solutions in Alderney and North America. PGS includes hosting services, shared games and, in the case of PGS Alderney, pooled liquidity across the European marketplace. Some of the world's best known brands use Parlay solutions. Parlay's head offices are located in Oakville, Canada. Parlay is licensed or certified to conduct business in Alderney, the United Kingdom, Isle of Man and Malta.
This document may contain statements about expected future events and/or financial and operating results of Parlay Entertainment Inc. that are forward-looking. By their nature, forward-looking statements require the Company to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that predictions and other forward-looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements.
(1) United States Patent No. 6,585,590, Canadian Patents No. 2,340,152 and 2,618,843, with other Patent applications pending in other countries
Copyright 2009 by Parlay Entertainment Inc.
Contacts: Parlay Entertainment Inc. Scott F. White (905) 337-6505 swhite@parlaygroup.com
SOURCE: Parlay Entertainment Inc.
mailto:swhite@parlaygroup.com
Tags: banking business canada ceo commercial conference currency entertainment hosting internet malta market north america partnership patent software technology united states
Companies: Parlay Entertainment Inc (PEI), Parlay Entertainment Inc (PRYNF)
Parlay Entertainment Announces Results for Q2 2009 - Zibb.com
OAKVILLE, ONTARIO, Aug 28, 2009 (MARKETWIRE via COMTEX) --
All amounts in Canadian Dollars
Parlay Entertainment Inc. (TSX VENTURE: PEI), the world's leading supplier of Internet and TV bingo software solutions, today announced its results for the three and six-month periods ended June 30, 2009.
"Throughout our second quarter, we continued to make a significant investment in the establishment, development and organization of our managed solutions offering in Alderney and Canada through Parlay Games Services", said Mr. Scott White, Parlay's Chief Executive Officer. "The remaining months of 2009 will be used to aggressively expand that service through the addition of new customers and brands across multiple languages and currencies."
Parlay generates revenue from software licensing, installation fees and support services. Consolidated revenues were $0.8 million in Q2 2009 compared to $2.6 million in Q2 2008.
Expenses in Q2 2009 were $1.5 million, down from $2.1 million in Q2 2008. The decrease represented reduced compensation expenses together with the absence of certain non-recurring expenses from Q2 2008.
Net loss for the quarter was $0.6 million, or $(0.05) per diluted share, compared to net income of $0.3 million, or $0.02 per diluted share in Q2 2008.
Consolidated revenues were $1.8 million for the first half of 2009 compared to $4.7 million in the first half of 2008.
Expenses in the first half of 2009 were $2.8 million, down from $4.6 million in the first half of 2008. The decrease represented reduced compensation expenses together with the absence of certain non-recurring expenses from the first half of 2008.
Net loss for the first half of 2009 was $0.7 million, or ($0.06) per diluted share, compared to a net loss of $0.0 million, or $(0.00) per diluted share, in the first half of 2008.
Parlay remains debt free and Parlay's cash balance at June 30, 2009 was $2.0 million.
PARLAY ENTERTAINMENT INC.
CONSOLIDATED BALANCE SHEETS
(incorporated under the laws of the province of Ontario)
in whole Canadian dollars
(Unaudited) (Audited)
June 30, December 31,
ASSETS 2009 2008
----------- -----------
Current assets:
Cash $ 1,960,418 $ 3,226,615
Accounts receivable:
Trade, less allowance of approximately
$130,000 674,202 820,974
($108,000 - 2008)
GST receivable 12,985 18,185
Income taxes recoverable 257,260 -
Prepaid expenses, deposits and other assets 306,926 184,075
Future income taxes 225,972 225,972
----------- -----------
Total current assets 3,437,763 4,475,821
Equipment - net 168,134 95,492
Future income taxes, net of valuation allowance 60,000 60,000
----------- -----------
$ 3,665,897 $ 4,631,313
----------- -----------
----------- -----------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $ 397,963 $ 555,492
Income taxes payable - 59,819
Deferred revenue 408,247 280,364
----------- -----------
Total current liabilities 806,210 895,675
----------- -----------
Shareholders' equity:
Common shares, an unlimited number of
shares authorized, 12,231,765 shares issued
and outstanding (12,585,765 - 2008) 1,632,770 1,667,013
Contributed surplus 2,711,257 2,664,274
Accumulated other comprehensive income (loss) (356,615) (356,615)
Retained earnings (accumulated deficit) (1,127,725) (239,034)
----------- -----------
2,859,687 3,735,638
----------- -----------
$ 3,665,897 $ 4,631,313
----------- -----------
----------- -----------
PARLAY ENTERTAINMENT INC.
CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND RETAINED EARNINGS (ACCUMULATED
DEFICIT)
(in whole Canadian dollars, except for per share amounts)
Three-Months Ended Six-Months Ended
------------------ ----------------
June 30 June 30
2009 2008 2009 2008
---------- ---------- ---------- ----------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Revenues:
Royalties $ 612,627 $ 1,226,596 $ 1,462,565 $ 2,996,329
Installation fees 23,577 49,619 45,297 136,158
Software license
fees - 1,253,319 - 1,315,973
Support services 131,868 104,407 280,266 211,754
---------- ---------- ---------- ----------
768,072 2,633,941 1,788,128 4,660,214
---------- ---------- ---------- ----------
Expenses:
Sales, marketing
and services
to licensees 156,068 244,497 296,693 480,712
Research,
software
development and
support services 927,016 1,147,841 1,733,753 2,368,539
General and
administrative 359,017 452,208 694,035 870,526
Amortization 23,283 35,669 44,273 75,031
Foreign exchange
loss 38,749 96,404 19,971 90,194
Transaction fees - - - 557,072
Restructuring - 113,550 - 113,550
---------- ---------- ---------- ----------
1,504,133 2,090,169 2,788,725 4,555,624
---------- ---------- ---------- ----------
Income (loss)
before income
taxes (736,061) 543,772 (1,000,597) 104,590
---------- ---------- ---------- ----------
Income tax
provision
(recovery)
Current (184,000) 233,351 (257,000) 96,009
Future - 15,252 - 15,252
---------- ---------- ---------- ----------
(184,000) 248,603 (257,000) 111,261
---------- ---------- ---------- ----------
Net income (loss)
for the
period (552,061) 295,169 (743,597) (6,671)
Retained earnings
(accumulated
deficit),
beginning of
period (531,516) (705,330) (239,034) (403,490)
Repurchase and
cancellation of
common shares (44,148) - (145,094) -
---------- ---------- ---------- ----------
Retained earnings
(accumulated
deficit),
end of period $ (1,127,725) $ (410,161)$ (1,127,725) $ (410,161)
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
Net income (loss)
per share:
Basic $ (0.05) $ 0.02 $ (0.06) $ (0.00)
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
Diluted $ (0.05) $ 0.02 $ (0.06) $ (0.00)
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
Weighted average
number of common
shares
outstanding:
Basic 12,231,765 13,228,098 12,316,018 13,232,682
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
Diluted 12,231,765 13,679,352 12,316,018 13,232,682
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
PARLAY ENTERTAINMENT INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in whole Canadian dollars)
Three-Months Ended Six-Months Ended
June 30 June 30
------- -------
2009 2008 2009 2008
---------- ---------- ---------- ----------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Net income (loss)
for the period $ (552,061) $ 295,169 $ (743,597) $ (6,671)
Changes in
unrealized gains
(losses) on
translating the
comparative
consolidated
financial
statements of the
Company for the
three and six-
month periods ended
June 30, 2008
from the $U.S. to
the Canadian
dollar following
the adoption of
the Canadian dollar
as the functional
and reporting
currency on
October 1, 2008
(net of income
taxes of nil). - (24,300) - 96,089
---------- ---------- ---------- ----------
Comprehensive
income (loss) for
the period $ (552,061) $ 270,869 $ (743,597) $ 89,418
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
PARLAY ENTERTAINMENT INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in whole Canadian dollars)
Three-Months Ended Six-Months Ended
June 30 June 30
------- -------
2009 2008 2009 2008
---------- ---------- ---------- ----------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Cash flows from
operating
activities:
Net income (loss)
for the period $ (552,061) $ 295,169 $ (743,597) $ (6,671)
Adjustments to
reconcile net
income (loss) to
net cash provided
by (used in)
operating
activities:
Stock-based
compensation
expense 16,496 106,650 46,983 141,968
Amortization 23,283 35,669 44,273 75,031
Changes in
non-cash
working
capital items:
Accounts
receivable 160,716 380,800 151,972 (89,369)
Prepaid expenses,
deposits and
other assets (198,799) 47,479 (122,851) (4,746)
Accounts payable
and accrued
liabilities (64,809) (199,694) (161,251) (382,737)
Income taxes
recoverable /
payable (361,032) 401,591 (317,079) 264,570
Deferred revenue 102,944 1,233,106 127,883 1,612,700
---------- ---------- ---------- ----------
Net cash provided by
(used in) operating
activities (873,262) 2,300,770 (973,667) 1,610,746
---------- ---------- ---------- ----------
Cash flows from
investing
activities:
Purchases of
equipment (98,970) (3,333) (116,816) (4,645)
Increase (decrease)
in accounts payable
and accrued
liabilities related
to purchases of
equipment (2,252) - 3,722 -
---------- ---------- ---------- ----------
Net cash (used in)
investing
activities (101,222) (3,333) (113,094) (4,645)
---------- ---------- ---------- ----------
Cash flows from
financing
activities:
Repurchase of
common shares (61,500) (59,181) (203,745) (59,181)
(Decrease) in
accounts payable
and accruals
related to
repurchase of
common shares (9,950) - - -
---------- ---------- ---------- ----------
Cash used for
repurchase of
common shares (71,450) (59,181) (203,745) (59,181)
Proceeds from
issuance of common
shares 882 6,857 24,408 46,295
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
Net cash (used in)
financing
activities (70,568) (52,324) (179,337) (12,886)
---------- ---------- ---------- ----------
Effect of changes in
foreign currency
exchange rates on
cash (99) 29,796 (99) 87,932
---------- ---------- ---------- ----------
Net increase
(decrease) in cash (1,045,151) 2,274,909 (1,266,197) 1,681,147
Cash, beginning of
period 3,005,569 1,216,613 3,226,615 1,810,375
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
Cash, end of
period $ 1,960,418 $ 3,491,522 $ 1,960,418 $ 3,491,522
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
Supplemental cash
flow activities:
Income taxes paid $ 181,081 $ - $ 399,381 $ -
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
Income taxes
(received) $ (4,047) $ (184,254) $ (339,300) $ (184,254)
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
Interest paid
(received) $ 381 $ (19,572) $ (21,205) $ (19,572)
---------- ---------- ---------- ----------
(1) Management believes that EBITDA (earnings before interest, income taxes
and amortization) is a useful supplemental measure of performance. However,
EBITDA is not a recognized earnings measure under generally accepted
accounting principles ("GAAP") and does not have a standardized meaning.
Therefore, EBITDA may not be comparable to similar measures presented by
other companies.
EBITDA is reconciled to net income as follows:
Three-Months Ended Six-Months Ended
------------------ ----------------
June 30, June 30,
2009 2008 2009 2008
---------- ---------- ---------- ----------
Net income (loss) $ (552,061) $ 295,169 $ (743,597) $ (6,671)
Interest 381 (19,572) (21,205) (19,572)
Taxes (184,000) 248,603 (257,000) 111,261
Amortization 23,283 35,669 44,273 75,031
---------- ---------- ---------- ----------
EBITDA $ (712,397) $ 559,869 $ (977,529) $ 160,049
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
Revenue $ 768,072 $ 2,633,941 $ 1,788,128 $ 4,660,214
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
% -93% 21% -55% 3%
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
About Parlay Entertainment
Parlay Entertainment Inc. is the world's leading developer and licensor of Internet and TV bingo solutions. As the inventor and holder of Internet bingo(2) patents, Parlay was the first company in the world to develop and deploy a commercial Internet bingo product. Parlay Bingo is available in 75-, 80-number and 90-ball versions and is complemented by a full suite of lottery and casino games. Our multi-player, multi-platform technology is used to power more online bingo sites than any other software provider in the world. Some of the world's best known brands use Parlay solutions, including Virgin Media, Yahoo!, Littlewoods, NetPlay TV and the Entraction, TGN and St. Minver bingo networks. Parlay's head offices are in Oakville, Canada with offices in Alderney, Bridgetown, Barbados, and Valletta, Malta.
For more information on Parlay solutions and services, please visit our website at www.parlaygroup.com. This document may contain statements about expected future events and/or financial and operating results of Parlay Entertainment Inc. that are forward-looking. By their nature, forward-looking statements require the Company to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that predictions and other forward-looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements.
(2) United States Patent No. 6,585,590, Canadian Patents No. 2,340,152 and 2,618,843, with other Patent applications pending in other countries
The TSX Venture Exchange does not accept any responsibility for the adequacy or accuracy of this release.
Contacts: Parlay Entertainment Inc. Scott White CEO +1 (905) 337-6505 swhite@parlaygroup.com Parlay Entertainment Inc. David Callander CFO +1 (905) 337-6516 dcallander@parlaygroup.com
SOURCE: Parlay Entertainment Inc.
mailto:swhite@parlaygroup.com mailto:dcallander@parlaygroup.com
Tags: accounting barbados canada ceo commercial currency debt deficit dollar earnings ebitda entertainment equity foreign exchange gaap internet investment lottery malta marketing online ontario patent research restructuring revenue sales software tax taxes technology trade tv united states
Companies: Parlay Entertainment Inc (PEI), Parlay Entertainment Inc (PRYNF)
Parlay Announces the Launch of its PGS Managed Solution and the Completion of the First of Many
LONDON, UNITED KINGDOM, Sep 11, 2009 (Marketwire via COMTEX) --
Parlay Entertainment Inc. (TSX VENTURE:PEI), is pleased to announce the launch of its Parlay Game Services (PGS) Managed Solution platform and the completion of the first three managed services agreements. The launch of the first network partner will coincide with the EiG conference in Copenhagen next week, with the others ramping up in sequence throughout September and October.
Parlay announced the Alderney-based PGS offering in July of this year as an internationally focused central liquidity solution, offering remote gaming and Registration, Verification and Banking services. Built on the Parlay5 multi-language and multi-currency technology, PGS allows pooling of liquidity across currencies - something crucial to those operators who wish to expand into the rapidly expanding global market. The PGS platform will also leverage several recently completed technology partnerships to offer new content and enhanced functionality for the network, which have been developed and tested by other leading software development firms.
"We are thrilled to be able to extend our business model from a software development and licensing firm to an internationally-focused turn-key managed solutions provider," said Perry Malone, Chief Technology Officer for Parlay. "Our initial Network Partnerships represent a broad spectrum of businesses which will focus on existing and new gaming markets, and which will leverage off their existing liquidity pools. The details of each Network Partnership will be released as they launch."
Scott White, Parlay's Chief Executive Officer, added: "These new customers - and the level of interest we are seeing from our customers and new prospects - validates the expansion of our business model into this value-added services offering. The fact that we are able to utilize our commercial-grade, award-winning technology platform with newly established technology partnerships gives Parlay an enhanced solution, providing more selection to an unlimited customer base. We are very excited about the future of our PGS offering."
About Parlay Entertainment
Parlay Entertainment Inc. is one of the pioneers and technology leaders in the online gaming industry. As the inventor and holder of Internet bingo(1) patents, Parlay was the first company in the world to develop and deploy a commercial Internet bingo product. Parlay offers its customers a number of technology solutions which include the commercial deployment of its award winning software along with value-added Parlay Game Services managed solutions in Alderney and North America. PGS includes hosting services, shared games and, in the case of PGS Alderney, pooled liquidity across the European marketplace. Some of the world's best known brands use Parlay solutions. Parlay's head offices are located in Oakville, Canada. Parlay is licensed or certified to conduct business in Alderney, the United Kingdom, Isle of Man and Malta.
This document may contain statements about expected future events and/or financial and operating results of Parlay Entertainment Inc. that are forward-looking. By their nature, forward-looking statements require the Company to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that predictions and other forward-looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements.
(1) United States Patent No. 6,585,590, Canadian Patents No. 2,340,152 and 2,618,843, with other Patent applications pending in other countries
(C) 2009 by Parlay Entertainment Inc.
SOURCE: Parlay Entertainment Inc.
Parlay Entertainment Inc. Scott F. White (905) 337-6505 swhite@parlaygroup.com
Tags: banking business canada ceo commercial conference currency entertainment hosting internet malta market north america partnership patent software technology united states
Companies: Parlay Entertainment Inc (PEI), Parlay Entertainment Inc (PRYNF)
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Parlay Entertainment Incorporated Company Details
www.zibb.com
Parlay Announces the Launch of its PGS Managed Solution and the Completion of the First of Many. LONDON, UNITED KINGDOM, Sep 11, 2009 (MARKETWIRE via COMTEX) --
http://www.zibb.com/all/theme/cq/Parlay+Entertainment+Incorporated
RE: TST Certification of Parlay Entertainment RNG
unicdn.hs.llnwd.net
Suite 420 - 1367 West Broadway Vancouver, British Columbia Canada V6H 4A7 June 27, 2006 Parlay Entertainment Incorporated 2305 Wyecroft Road, Second Floor Oakville, Ontario, Canada L6L ...
https://unicdn.hs.llnwd.net/images/uskin1/uinfocentre/Parlay_RNG_TST_cert.pdf
Parlay Takes Home Two Online Bingo Awards | iGaming Business
www.igamingbusiness.com
Parlay Entertainment Incorporated received two awards at the inaguaral Online Bingo Awards presented at the Bingo Summit in London.
http://www.igamingbusiness.com/content/parlay-takes-home-two-online-bingo-awards%C2%A0
Online Casino News : Parlay Unveils Alderney Subsidiary
www.onlinecasinonews.com
Leading Canadian online and television bingo solutions developer and supplier Parlay Entertainment Incorporated has launched its Parlay Game Services subsidiary in Alderney after ...
http://www.onlinecasinonews.com/ocnv2_1/article/article.asp?id=21464