|Online gaming software provider Chartwell Technology Inc., and Internet Bingo solutions provider Parlay Entertainment Inc., have confirmed that they are to enter into a business partnership, as agreed in a binding Letter of Intent, which determines that Chartwell is to acquire all common shares of Parlay.|
The merger, which is expected to be completed by October 31 this year pending approvals, will combine two significant international online gaming software providers, who according to Chartwell President and CEO Darold H Parken, are highly compatible entities.
'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.”
The merger will unite both boardrooms with two founder members of both companies and three independent directors making up the board, whilst senior executive teams from both Chartwell and Parlay will be combined.
The definitive agreement will be subject to court approvals, stock exchange approvals and the approval of Parlay shareholders. Once all transaction conditions are satisfied the merger is expected to be completed by October 31 this year.