CryptoLogic Reports Failure of Proposed U.S. Internet Gaming Legislation.TORONTO--(BUSINESS WIRE)--Oct. 21, 1998--American legislation aimed at prohibiting Internet gaming has not been enacted in this session of U.S. Congress, although, it may be reintroduced when Congress resumes for the next session. The Kyl Bill, aimed solely at banning Internet Casinos offered within the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , had been attached to the Commerce, Justice and State appropriations legislation but was not included in the final appropriations Bill approved by Congress. Earlier in the year, the U.S. Justice Department had characterized Senator Kyl's Bill as unenforceable Adj. 1. unenforceable - not enforceable; not capable of being brought about by compulsion; "an unenforceable law"; "unenforceable reforms" enforceable - capable of being enforced . Significant efforts are currently underway to propose new legislation aimed at regulating Internet Gaming. CryptoLogic's wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Intertainet Overseas Licensing Limited, licenses its gaming software to Internet casinos that are authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: to accept international wagers WAGERS. A wager is a bet a contract by which two parties or more agree that a certain sum of money, or other thing, shall be paid or delivered to one of them, on the happening or not happening of an uncertain event. 2. The law does not prohibit all wagers. by the governments of the jurisdictions in which they reside. Among these licensees are the operators of some of the Internet's largest casinos. They have reiterated their intention to continue to accept wagers in their licensing jurisdiction regardless of the customer's country of origin. The governments of the licensing jurisdictions have taken the position that legislation such as the Kyl Bill would be an invasion of their sovereignty. Amongst the jurisdictions offering Internet gaming licenses are several states in Australia, which have recently enacted legislation legalizing Internet gaming. The company's recently released next generation interactive gaming software and its focus on multi-language development, positions CryptoLogic cryp·tol·o·gy n. The study of cryptanalysis or cryptography. cryp  to·log for strong growth and expansion. CryptoLogic is the leading
supplier to this Internet market segment and will utilize its
significant financial resources to further its position as the dominant
player in this market.
CryptoLogic is in the business of software development and management involving processing of Internet based transactions. CryptoLogic's current focus is on electronic commerce and Internet gaming software. CryptoLogic has approximately 8.5M shares outstanding (15.4M 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. ). |
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