Parlay Entertainment Inc. has released statements regarding Bankruptcy and Insolvency Act including an outline for restructuring. Parlay has also announced the appointment of accounting services firm BDO Canada Limited to assist in creating a strategy for the restructure.
“The board of directors also advises that Parlay has not filed its annual audited consolidated financial statements in accordance with the requirement to do so by May 2 with the Canadian securities regulators,” in a statement from Parlay.
“As such, the company anticipated that its shares would be suspended from trading until such time that the deficiency can be remedied and the Cease Trade Order was issued on May 5. The board of directors will update shareholders on both matters as soon as it is appropriate to do so.”
The Canadian software company is clearly having financial difficulty based on the statements released.
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