Parlay - Chartwell merger postponed

The planned merger between Canadian gambling software companies Chartwell Technology and Parlay Entertainment has been pushed out by a month 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.

The merger announcement in late August referred to a letter of intent with an effective date for the combination of interests of 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.