CryptoLogic Announces Exercise Of All The Outstanding 3.3 Million Class A Warrants.Business Editors TORONTO--(BUSINESS WIRE)--May 12, 2000 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. . (NASDAQ NASDAQ in 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) )(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CRY.), a leading supplier of software to the Internet gaming and e-commerce industries, today confirmed that Andrew Rivkin and Mark Rivkin, as directors of various holding companies, have arranged for the exercise of all the outstanding 3.3 million Class A warrants at Cdn$0.50 each for an aggregate of Cdn$1.65 million. This event will result in the holding companies owning a total of 3,650,000 common shares or approximately 25% of the issued and outstanding common shares of CryptoLogic Inc. The holding companies confirm that they will be holding these common shares as an investment and will not be acquiring any additional common shares in the near future. About CryptoLogic cryp·tol·o·gy n. The study of cryptanalysis or cryptography. cryp  to·log
CryptoLogic Inc. is a leading software development company serving the Internet gaming market. The company's proprietary technologies enable secure, high-speed financial transactions over the Internet. CryptoLogic continues to innovate and develop state of the art Internet software applications for both the electronic commerce and Internet gaming industries. There are currently 14.5 million common shares outstanding (15.8 million shares fully diluted). 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 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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