Parlay, one of the worlds leading bingo software developer and licensor has entered into a non binding letter of intent with PEIC Acquisition Corp for PEIC to acquire all common shares in Parlay.
The proposed transaction is subject to a du diligence process and the approval of the board of directors of both companies.
Parlay Entertainment holds the patent for inventing “Bingo 1” and was the first software developer in the world to supply a commercial online bingo product. The software is available for both seventy-five and ninety ball bingo as well as a compliment of other lottery type games. The online bingo software developer powers more online bingo sites than any other developer with some of the best known bingo brands using parlay, brands such as Yahoo, Virgin, and Littlewoods.
PEIC Acquisition Corp is a wholly owned subsidiary of Letton investments which has been set up to make investments into online bingo and gaming companies, the company is incorporated and ahs its registered offices in Barbados. The acquisition of Parlay, together with is innovative bingo software development would be the first investment of this type for the company.
