CryptoLogic Renews Share Purchase Program.Business Editors TORONTO--(BUSINESS WIRE)--May 16, 2001 CryptoLogic Inc. (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 industry, today announced that the company has renewed its Normal Course Issuer Bid, commencing on May 18, 2001 and terminating on May 17, 2002. CryptoLogic's share purchase program authorizes the company to purchase up to 656,098 or 5% of its 13,121,959 issued and outstanding common shares. Purchases 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. and at the market price at the time of purchase. The common shares purchased by CryptoLogic cryp·tol·o·gy n. The study of cryptanalysis or cryptography. cryp  to·log during the
course of the Issuer Bid will be cancelled.
Under the Normal Course Issued Bid which commenced on May 17, 2000 and expires on May 16, 2001, an aggregate of 470,300 common shares were purchased by the Company for cancellation at an average price of CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $16.82 per share. CryptoLogic and its directors believe that the company's common shares are trading at prices that do not adequately reflect the underlying value of the company, given its high quality earnings, positive cash flow and strong balance sheet. As a result, the company believes that its common shares represent an attractive investment to the Company. About CryptoLogic 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 13.1 million common shares outstanding. CRYPTOLOGIC FORWARD-LOOKING STATEMENTS 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 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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