It looks official that online casino and gaming software developer, Chartwell Technology Inc., and Parlay Entertainment Inc. (developer of online bingo gaming platforms and applications) will be merging. Set to be finalized by October 31, 2006, a formal agreement of intentions has been announced by both companies, which was made binding with a signed letter of intent. The deal looks so imminent that both party's have agreed to pay a $500,000 if the deal is broken by either party.

The letter of intent reads that Chartwell will be acquiring the entirety of Parlay's shares, including both common and outstanding shares. For each of Parlay's issued shares, Chartwell be issuing three-fourths a share of their own. At the completion of the transaction, the merged company will have approximately 30 million issued and outstanding common shares, with 11.2 million shares having been issued from Chartwell.

The move looks good for the online casino gaming industry, which in regards to company acquisitions and mergers between software developers, means the industry is thriving and growing into an expanded online gambling community. No details have been given just yet as to what the merged gaming company plans to undertake, or what - if anything - will be done differently with both company's individual properties.

A core plan is in the making however, and pending court approvals of the closing, the new Board of Directors will consist of both company's founders and three independent directors. Senior Executive Teams from both sides will also merge to create a single team. As for the big chief executive, there will actually be two of them. Co-Chief Executive Officers will be elected by the Board, and will oversee the operations of the merged online software company.