Parlay Entertainment Inc. Completes Relocation of its Corporate Domicile
Amalgamation of dot com Entertainment Group, Inc. subsidiaries streamlines corporate structure
OAKVILLE, Ont. — January 12, 2005 — Parlay Entertainment Inc. (Pink Sheets: DCEG), formerly dot com Entertainment Group, Inc. ("DCEG"), the world's leading supplier of Internet Bingo solutions, is pleased to announce that it has successfully completed the relocation of its corporate domicile from the State of Florida to the Province of Ontario.
The result of this two-step corporate action results in the Canadianization of the Company. On October 18, 2004, DCEG moved into Ontario through the State of Nevada and then amalgamated, on November 30, 2004, with its various Canadian subsidiaries to become Parlay Entertainment Inc. Shareholders of DCEG became shareholders of Parlay by operation of law.
As was outlined in the Plans of Conversion and Merger, which were forwarded to shareholders in October 2004, rights of dissent were available under Florida and Nevada law. No shareholder elected to exercise any right to dissent.
"We believe that the relocation of our Company from the United States to Canada, and a streamlined and more efficient corporate structure, will benefit all of our shareholders, through more attractive valuations and shareholder liquidity," said Scott White, Parlay's President & CEO. "Reporting requirements from new regulations such as Sarbanes-Oxley create a burden for small businesses in the United States, disproportionate to their size. A Canadian domicile, on the other hand, will allow Parlay to focus less on overhead, and more on driving the growth of the business, much of which will be in international markets outside of the United States."
The shares of Parlay Entertainment Inc. are presently quoted on the United States Pink Sheets under the symbol "DCEG". Effective in mid-January, a new share symbol more representative of Parlay's new corporate name will replace the present symbol. We will update our stakeholders as soon as the new symbol is assigned to the Company by the NASDAQ. The Company has also recently applied to list its shares on the TSX Venture Exchange.
As part of the Canadianization process, effective on December 31, 2004, Parlay's stock transfer agent changed to Equity Transfer Services Inc. Shareholders in possession of dot com Entertainment Group, Inc. share certificates may exchange them for Parlay Entertainment Inc. share certificates by presenting certificates to Equity Transfer Services Inc., at their offices located at Suite 420, Richmond Adelaide Centre, 120 Adelaide Street West, Toronto, Ontario, M5H 4C3 (416) 361-0930.
In the coming weeks and months, Parlay intends to provide stakeholders with additional disclosure on a variety of corporate actions. Notification of these disclosures will be made on the Company's website at www.parlaygroup.com.
For more information, please contact Scott White, President & CEO at (905) 337-6505 or David Callander, Corporate Secretary & CFO at (905) 337-6516.