|Chartwell Technology Inc, the leading provider of gaming software systems to the online and remote gaming industry and Parlay Entertainment Inc, the world's leading provider of Internet bingo solutions, have announced their intention to extend the closing date for their proposed business combination, originally set out in a Letter of Intent (LOI) in August.|
The LOI had originally accounted for the completion of the business merger on October 31, 2006, however Chartwell and Parlay have now agreed to extend the closing date until November 30. The announcement is likely to affect other dates such as the Parlay shareholder meeting, which has been moved to November 27. The parties intend to finalise the arrangement agreement on or before October 31, 2006.
The reasons behind the extension to the merger were to allow both parties to resolve certain US tax implications, complete further due diligence and for Chartwell’s board of directors to obtain a fairness opinion on the proposed business combination.