CryptoLogic Achieves Key Regulatory Milestone.Business Editors TORONTO--(BUSINESS WIRE)--March 3, 2003 License from strictly regulated jurisdiction creates new opportunities for Internet gaming CryptoLogic cryp·tol·o·gy n. The study of cryptanalysis or cryptography. cryp  to·log (NASDAQ NASDAQin full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CRYP CRYP Cheyenne River Youth Project (Eagle Butte, SD) )(TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :CRY), a leading software developer to the Internet gaming and e-commerce industries, today announced that a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. was awarded a license as an approved software provider in one of the world's most strictly regulated jurisdictions. The new license from Alderney, in the British Channel Islands, will give the company's present and future customers another licensed jurisdiction from which to operate Internet casinos. "This is a great day for CryptoLogic, and for everyone who shares our commitment to safe, secure and regulated Internet gaming," said Lewis Rose, CryptoLogic's interim President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "We're already working with international customers who want to operate Internet casinos from Alderney. And as the global movement to regulate the industry gains steam, another strictly regulated license today means a clear competitive advantage for us tomorrow." The license was announced today by the Alderney Gambling Control Commission, which issued its first-ever interactive gaming licenses last year. The Commission awarded one of those 2002 licenses to The Ritz Club London Online, a wholly owned subsidiary of The Ritz Club, one of the world's most exclusive privately owned gaming clubs. The Ritz Club London Online is now using CryptoLogic-developed software to gain certification in Alderney. Last year, gaming software developed by CryptoLogic earned certification from the highly regulated Isle of Man Noun 1. Isle of Man - one of the British Isles in the Irish Sea Man British Isles - Great Britain and Ireland and adjacent islands in the north Atlantic . As a result, its subsidiary, WagerLogic, is one of the few companies in the world that can now offer licensees a choice of two regulated jurisdictions for their Internet casinos and further reaffirms its regulatory leadership. WagerLogic's strategy involves seeking software certification to the strictest standards available, consistent with the stringent requirements for land-based casinos around the world. The company expects to reap the benefits of this regulatory commitment as more and more jurisdictions see the logic of regulated Internet gaming rather than allowing the revenue to flow outside the jurisdiction. About CryptoLogic (www.cryptologic.com) Focused on integrity and innovation, CryptoLogic Inc CryptoLogic Inc. is a Toronto-based online gambling software supplier, one of the four largest in the industry along with Microgaming, Playtech, and Real Time Gaming. CryptoLogic was founded by brothers Andrew and Mark Rivkin in 1995 from the basement of their parent's house. . is the leading software development company pioneering global e-gaming solutions in the Internet market. The company's proprietary technologies enable secure, high-speed financial transactions over the Internet. CryptoLogic-developed software has processed more than US$11 billion in online transactions since inception in 1996 for some of the best-known, international blue chip customers in interactive gaming. CryptoLogic, ranked #1 in last year's Profit 100 list of Canada's fastest growing companies, continues to develop state-of-the-art Internet software applications for both the electronic commerce and Internet gaming industries. WagerLogic Ltd., a wholly-owned subsidiary of CryptoLogic, is responsible for the licensing of its gaming software and services to customers around the world. CryptoLogic's common shares trade on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol CRY and on the Nasdaq National Market under the symbol CRYP. There are currently 12.2 million common shares outstanding (12.8 million shares fully diluted, based on treasury method). About Alderney Gambling Control Commission The Alderney Gambling Control Commission was established in May 2000, and regulates gambling on behalf of the States of Alderney The States of Alderney (French: États d'Aurigny) is the parliament/council and legislature of Alderney in the Bailiwick of Guernsey. It sends two representatives to the States of Guernsey as well. . The Commission ensures that its regulatory and supervisory approach meets the very highest of international standards. A prime objective of the Commission is to maintain Alderney's reputation as an effectively regulated jurisdiction for electronic gambling. Alderney, the third largest of the British Channel Islands has its own government, legislature and company laws and is a center for investment, finance, e-commerce, e-gaming and e-betting. CRYPTOLOGIC FORWARD LOOKING STATEMENT DISCLAIMER: Statements in this press release, which are not historical are forward-looking statements made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc 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. |
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