CryptoLogic Issues Normal Course Issuer Bid.TORONTO--(BUSINESS WIRE)--May 11, 1999-- 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. . (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CRY.) reported today that it has issued a Normal Course Issuer Bid commencing on May 13, 1999, and terminating on May 12, 2000. CryptoLogic Inc. intends to acquire up to 425,192 of the issued common shares in its capital, representing 5 percent of its 8,503,845 issued and outstanding common shares. Purchases under the bid will be effected on the open market through the facilities of the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. . Purchases and payment for common shares will be made by CryptoLogic Inc. in accordance with the by-laws and rules of the Exchange. The price to be paid by CryptoLogic Inc. for the common shares acquired by it will be the market price at the time of acquisition. The directors of CryptoLogic Inc. believe that the company's common shares are under valued by the market, in relation to their inherent worth and are a good investment at current and recent prices. The common shares purchased by CryptoLogic Inc. during the course of the Issuer Bid will be cancelled. CryptoLogic Inc. is a software development company with leading proprietary technology enabling secure, reliable, high-speed, private financial transactions over the Internet. CryptoLogic cryp·tol·o·gy n. The study of cryptanalysis or cryptography. cryp  to·log continues to
innovate in·no·vate v. in·no·vat·ed, in·no·vat·ing, in·no·vates v.tr. To begin or introduce (something new) for or as if for the first time. v.intr. To begin or introduce something new. and develop state of the art Internet software applications for both electronic commerce and Internet gaming. CryptoLogic's common shares trade on the Toronto Stock Exchange under the symbol CRY. There are currently 8.5 million common shares outstanding (15.4 million shares fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ). |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion