Parlay Entertainment Announces Amendments to Stock Option Plan

Wednesday December 10, 2008

Parlay Entertainment, the world's leading supplier of internet bingo solutions, is pleased to announce that it received the approval of the TSX Venture Exchange, on December 5, 2008, on certain amendments to the Company's Stock Option Plan. These amendments had previously been approved by Parlay's board of directors on August 27, 2008. The amendments clarify the arrangements for issued but un-vested options should there be a corporate transaction such as an amalgamation or take-over, as defined, by the Company. The amended plan does not increase the number of stock options which Parlay is able to grant.

As at December 9, 2008, the Company has 12,685,765 common shares issued and outstanding. Under the terms of the Company's existing Stock Option Plan, a maximum of 2,654,903 common shares were reserved for issuance to eligible optionees. As at December 9, 2008, 1,482,500 options were outstanding and a further 494,903 are available for issuance.

Parlay Entertainment is the world's leading developer and licensor of internet and TV bingo solutions. As the inventor and holder of internet bingo patents, Parlay was the first company in the world to develop and deploy a commercial internet bingo product. Parlay Bingo is available in both 75-number and 90-number versions and is complemented by a full suite of lottery and casino games. The 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 Bingo solutions, including Virgin Bingo, Yahoo Bingo, Paddy Power Bingo, NetPlay TV and the St Minver Ltd, TGN and BingoNexus bingo networks.