Update: Asset Sale Done in Parlay Entertainment


Assets go to M Projects

This week's news involve reports that online gaming technology developer Parlay Entertainment has finalized the sale of a majority of Parlay's assets to M Projects Assets S.A. (MProjects), which "was the original stalking horse bidder and the lending party to a previously announced Credit Agreement".

The court-set bidding deadline was July 18, but no alternative bids resulted from the aggressive sales and marketing, so the transaction had to be closed on September 1, 2011.

Based on the deal, MProjects is to operate, invest in and grow the Company which will continue to operate under Parlay Games and Parlay Entertainment titles. In addition, Parlay's board of directors will go forward with a liquidation proposal as well as a partial revocation of a cease trade order, which it claims has a significant impact on the trading of its shares.

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