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 on October 31,2006.

Parlay shareholders are in full support of the merger, and suspect that the stock values that they have purchased already will a appreciate due to the online casinos merging.

Chartwell's board of director will also operate under the direction of two original founders form 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 addiction 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 meager 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.

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, an thereby increase annual profits. Both companies are projected to have mutual gains as a result f the merger.