Cryptologic Limited
30 April 2008
FOR IMMEDIATE RELEASE
Symbol: TSX: CRY, CXY; NASDAQ: CRYP; LSE: CRP
ALL FINANCIAL FIGURES ARE IN US$
CryptoLogic's newly acquired gaming portal exceeds performance targets
E-gaming software leader completes earn-out agreement for casino.co.uk and
related assets
April 30, 2008 (Dublin, IRELAND) - CryptoLogic Limited, a leading software
developer to the global Internet gaming market, announced today that its newly
acquired gaming portal, casino.co.uk, and all related Internet casino and poker
assets have significantly exceeded established post-closing performance targets
over the past six months.
As part of an earn-out agreement for the gaming portal, made through
CryptoLogic's wholly-owned subsidiary, Gaming Portals Limited, CryptoLogic will
release an additional payment of £625K to leading Internet advertising group
Media Corporation plc (Media Corp).
Casino.co.uk has been accretive to CryptoLogic's earnings from the outset, and
is expected to continue to grow over both the short and long term. The
acquisition has enabled CryptoLogic to offer advertisers both a premium portal
and exceptional, new opportunities to reach their markets.
'CryptoLogic's investment in casino.co.uk has been a 'win-win' for everyone
involved - generating new revenue for our business, and new opportunities for
advertisers, so that they can deliver even more exceptional experiences to
players everywhere' said Brian Hadfield, CryptoLogic's President and CEO.
About CryptoLogic(R) (www.cryptologic.com)
Focused on integrity and innovation, CryptoLogic Limited is a world-leading,
blue-chip public developer and supplier of Internet gaming software. Its
leadership in regulatory compliance makes it one of the very few companies with
gaming software that has been certified to strict standards similar to
land-based gaming.
WagerLogic Limited, a wholly-owned subsidiary of CryptoLogic, is responsible for
the licensing of CryptoLogic software and services to customers who offer their
games around the world to non-U.S. based players. For information on
WagerLogic(R), visit www.wagerlogic.com. CryptoLogic's common shares trade on
the Toronto Stock Exchange (CRY, CXY), the NASDAQ Global Select Market (CRYP)
and the Main Market of the London Stock Exchange (CRP).
For more information, please contact:
CryptoLogic, 35316641682 Argyle Communications,
(416) 968-7311
(North American and gaming
industry media)
Stephen Taylor, Chief Financial Officer Daniel Tisch, ext 223
dtisch@argylecommunications.com
Karen Passmore, ext 228
kpassmore@argylecommunications.com
Corfin Communications
(UK media only)
Neil Thapar, +44 207 977 0020
William Cullum, +44 207 977 0020
Harry Chathli, +44 207 977 0020
CRYPTOLOGIC FORWARD LOOKING STATEMENT DISCLAIMER:
Statements in this press release which are not historical are forward-looking
statements made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Investors are cautioned that all forward-looking
statements involve risks and uncertainties including, without limitation, risks
associated with the company's financial condition and prospects, legal risks
associated with Internet gaming and risks of governmental legislation and
regulation, risks associated with market acceptance and technological changes,
risks associated with dependence on licensees and key licensees, risks relating
to international operations, risks associated with competition and other risks
detailed in the company's filings with securities regulatory authorities. These
risks may cause results to differ materially from those projected in the
forward-looking statements.
This information is provided by RNS
The company news service from the London Stock Exchange