CryptoLogic Inc.: Kyl/Goodlatte Bill To Ban Internet Gaming Dies In US Congress.Business Editors TORONTO--(BUSINESS WIRE)--Dec. 18, 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.) Failure of US bill & entry of major Vegas casinos signal a move towards regulation CryptoLogic Inc. a leading software supplier to the Internet gaming and e-commerce industries, reports that American legislation aimed at prohibiting Internet gaming failed to be enacted into law in the current Congressional term, which adjourned on Friday. The US legislation failed to advance beyond the House of Representative, resulting in the Bill's ultimate demise. In welcoming the news, CryptoLogic cryp·tol·o·gy n. The study of cryptanalysis or cryptography. cryp  to·log reaffirmed its long-standing commitment for a regulated market A regulated market is the provision of goods or services that is regulated by a government appointed body. The regulation may cover the terms and conditions of supplying the goods and services and in particular the price allowed to be charged. .
"This is an important day for everyone who believes in a regulated environment for Internet gaming," said Andrew Rivkin, 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 been a leader in enabling safe and responsible online gaming See gaming. through self-regulation, and we've had great success with the largest number of brand name licensees around the world. We will continue to leverage this success and capitalize on increasing opportunities in the global Internet gaming market." The Kyl/Goodlatte Bill, aimed solely at banning Internet casinos offered within the United States, has encountered considerable controversy throughout the legislative process. Groups ranging from members of Congress, privacy advocates, banks, ISPs to the Justice Department and the White House have characterized the Bill as unenforceable and a hindrance to Internet growth. The Bill has now failed in two congressional sessions and continues to face formidable opposition. Internet gaming has achieved critical mass and is estimated to grow to more than US$6 billion by 2003. Currently, there are 50 government jurisdictions that permit some form of Internet gaming and that number continues to rise. There is a growing trend for governments to accept and regulate online gaming around the world. This new attitude is opening a wealth of new opportunities for CryptoLogic. For the first time, Las Vegas operators such as MGM MGM in full Metro-Goldwyn-Mayer, Inc. U.S. corporation and film studio. It was formed when the film distributor Marcus Loew, who bought Metro Pictures in 1920, merged it with the Goldwyn production company in 1924 and with Louis B. Mayer Pictures in 1925. and Harrah's are starting to offer play-for-fun/play-for-prizes casino sites and are positioning themselves for the regulation of Internet gaming. New Jersey and Nevada State legislators have begun to draft bills aimed at legalizing and regulating online casinos. As well, the UK Gaming Board has recommended the introduction of a regulatory framework. Today, CryptoLogic licenses its technology to 20 international gaming organizations operating in several regulated jurisdictions, including the first Internet casino licensed in Argentina. In addition, the company continues to advance its software certification in Australia, arguably the most highly regulated environment for Internet gaming in the world. As a leader on the global stage, the opening of the US market to Internet gaming represents significant new growth opportunities for CryptoLogic as the supplier of choice to premier gaming brands at home and abroad. About CryptoLogic Inc. CryptoLogic Inc. is the 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. 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 symbol the CRY and on the Nasdaq National Market under the symbol CRYP. There are currently 14.3 million common shares outstanding (15.7 million shares fully diluted). For information on CryptoLogic, please visit www.cryptologic.com and www.wagerlogic.com. 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. |
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