Chartwell Technology and Parlay Entertainment Inc, the internet bingo software provider, have decided to merge their companies in order to provide optimum online casino service.
The merger was made official through signing a publicized letter of intent. Chartwell, as a result of the merger, will receive all of the outstanding common shares of Parlay. Chartwell in return will give 11.2 million common shares to Parlay. The two companies’ fusion is set to be complete very soon, according to the latest reports coming from both sides.
Parlay shareholders are in full support of the merger, and suspect that the stock values that they have purchased already will appreciate due to the online casino companies merging – something that seems to be borne out by their combined plans.
Chartwell’s board of directors will also operate under the direction of two original founders from both online casino companies, and three independent directors. The companies hope to keep the interest of all involved in the casino merger in equal balance. In addition to the modified board of directors, the companies will nominate co-CEOs, and all the senior executives will be merged from both casino businesses.
The plans by both companies have been made air tight by the agreement. If either Parlay or Chartwell decides to pull out of the merger a fee will be paid of $500,000 to the other party.
With Chartwell having influence on the online gambling company the gaming software will vastly improve at Parlay. Chartwell software has employees all over the globe who are committed to providing the best and most recent gaming technologies, so we can very much expect that the quality of their online bingo games is only going to go up and up as the results of this merger begin to play out and we see some new releases from them.
The merger is far from one sided however, taking on an online casino will give Chartwell the opportunity to expand their influence in that region, and thereby increase annual profits. Both companies are projected to have mutual gains as a result of the merger.