CryptoLogic Confirms Betfair Continues Relationship Until At Least June 2006 With No Material Financial Effect In 2005 and 2006.TORONTO -- ALL DOLLAR AMOUNTS IN US$ Other poker licensees experiencing record levels, up approximately 100% year-to-date CryptoLogic Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :CRY)(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) )(LSE LSE - Language Sensitive Editor :CRP C-reactive protein (CRP) A protein present in blood serum in various abnormal states, like inflammation. Mentioned in: Pelvic Inflammatory Disease CRP, n.pr See C-reactive protein. ), a leading software developer to the global Internet gaming market, confirmed today that Betfair, one of the company's poker software licensees, will continue its exclusive agreement with WagerLogic Limited, CryptoLogic's licensing subsidiary, until June 2006, with an option to extend until January 2007.As CryptoLogic cryp·tol·o·gy n. The study of cryptanalysis or cryptography. cryp  to·log indicated in August, Betfair has embarked on plans to bring its poker software in-house, in line with its long term strategy to own and operate all of its core products. As part of this agreement, WagerLogic will receive fees from Betfair such that it is expected there will be no material effect on CryptoLogic's 2005 and 2006 results. Betfair's decision to establish its own internally-operated poker room is in keeping with its core competency as a technology-driven betting company. Other WagerLogic customers, which are primarily gaming and/or casino organizations, continue to benefit from the liquidity, outsourced technical expertise and an ever-expanding game and product offering developed by CryptoLogic. "We have enjoyed a mutually profitable relationship with Betfair, and we are pleased that the relationship will continue in 2006," said Lewis Rose, CryptoLogic's 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. . "CryptoLogic has grown into a well-diversified organization - in its customers, products and markets. This means continued growth from our core customers, continued financial strength to invest in new products, and the continued prospect of new partnerships." "Betfair has built a fast-growing Internet poker business as part of WagerLogic's central poker room, and we are pleased to continue this association into the coming year," said A.J. Slivinski, WagerLogic's Managing Director. A year of excellent growth continues WagerLogic's central poker room, shared by all of its poker licensees, continues to be one of the fastest-growing poker rooms on the Internet. Excluding Betfair, revenue from WagerLogic's other poker licensees is up approximately 100% on a year-to-date basis over the same period in 2004. Although Betfair fees have typically accounted for 5-10% of the company's revenue, CryptoLogic expects to continue its record of profitable growth from strong poker revenue from continuing licensees, healthy results from its core casino business, and the potential signing of new licensees that meet the company's rigorous criteria. About CryptoLogic(R) (www.cryptologic.com) Focused on integrity and innovation, CryptoLogic Inc. is a world-leading, blue-chip public developer and supplier of Internet gaming software. CryptoLogic's leadership in regulatory compliance makes it one of the very few companies with gaming software that is certified to strict standards similar to land-based gaming. WagerLogic Limited, a wholly-owned subsidiary of CryptoLogic, is responsible for the licensing of the company's gaming software and services to a blue-chip customer base worldwide. For information on WagerLogic(R), visit www.wagerlogic.com. 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. (symbol: CRY), on the NASDAQ National Market (symbol: CRYP), and on the Main Market of the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. (symbol: CRP). 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 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. CryptoLogic Inc. (TSX:CRY) (NASDAQ:CRYP) (LSE:CRP) |
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