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Parlay Entertainment Announces Grants of Stock Options

Parlay Entertainment Announces Grants of Stock Options

OAKVILLE, ONTARIO -- (MARKET WIRE) -- 08/17/07 -- Parlay Entertainment Inc. (TSX VENTURE: PEI), the world's leading supplier of Internet bingo solutions, today announced that the board of directors had approved the issuance of 375,000 stock options to directors and officers under the terms of its November 27, 2006 Stock Option Plan on August 16, 2007. The options issued are as follows:

Mr. Anthony De Werth - Director and Chairman                 50,000 options
Mr. Brian W. Barr - Director                                 50,000 options
Mr. James S. Mutter - Director                               50,000 options
Mr. Scott F. White - Director and President
 and Chief Executive Officer                                 75,000 options
Mr. Perry N. Malone - Director
 and Chief Technology Officer                                75,000 options
Mr. Peter R. Trinz - Senior Vice President                   25,000 options
Ms. Peggy O'Neill - Vice President Client Services           25,000 options
Mr. David Callander - Chief Financial Officer                25,000 options
                                                            -------
                                                            375,000
                                                            -------

The options were granted at an exercise price of $0.60 Cdn. per share and, under the terms of the November 27, 2006 Stock Option Plan, have a term of five years and are subject to a two year vesting schedule with 25% of the options vesting immediately, a further 25% vesting on February 16, 2008, a further 25% vesting on August 16, 2008 and the final 25% vesting on February 16, 2009. Following the issuance of these options, there are 708,653 options remaining available for issuance under the November 27, 2006 Stock Option Plan.

"These options are the first options granted to directors and officers since May 2004, other than grants to attract new directors and officers to our Company," said Anthony De Werth, Parlay's Chairman. "Our compensation approach for both directors and officers is intended to include a grant of stock options. We believe that the granting of stock options is an appropriate method of providing long-term incentives to both directors and senior executives of the Company and, in general, aligns the interests of the executives with those of the shareholders."

About Parlay Entertainment

Parlay Entertainment Inc. is the world's leading developer and licensor of online bingo software. As the inventor and patent holder of Internet bingo1, 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 company's 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, AOL and Yahoo. Parlay also powers two leading European bingo networks operated by St. Minver and The Gaming Network. Parlay is headquartered in Oakville, Canada with locations in Bridgetown, Barbados, and Valletta, Malta.

For more information on Parlay solutions and services, please visit our Web site at www.parlaygroup.com.

This document may contain statements about expected future events and/or financial and operating results of Parlay Entertainment Inc. that are forward-looking. By their nature, forward-looking statements require the Company to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that predictions and other forward-looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements.



The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contacts:
Parlay Entertainment Inc.
Scott White
President & CEO
(905) 337-6505
Email: [email protected]

Parlay Entertainment Inc.
David Callander
CFO
(905) 337-6516
Email: [email protected]
Website: www.parlaygroup.com

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