CryptoLogic Says Las Vegas From Home.Com Lawsuit Without Merit And Is Preparing A Counterclaim.Business Editors & High Tech Writers TORONTO--(BUSINESS WIRE)--March 19, 2002 Las Vegas From Home.com In Clear Breach of Contract Despite Repeated Warnings By CryptoLogic cryp·tol·o·gy n. The study of cryptanalysis or cryptography. cryp  to·log
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 software supplier to the Internet gaming and e-commerce industries, announces it intends to vigorously defend allegations made against it and certain of its subsidiaries in a lawsuit filed on March 12, 2002 by Las Vegas From Home.com, a former licensee. The Company and its legal counsel are of the opinion that all of the claims made by Las Vegas From Home.com are frivolous and without merit. 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. WagerLogic and a subsidiary of Las Vegas From Home.com entered into a licensing agreement in May 2001 with respect to the development and launch of Internet poker software. CryptoLogic terminated that licensing agreement in February 2002 because Las Vegas From Home.Com was determined to be in breach of the agreement due to its failure to meet certain of its obligations under the agreement, its independent development of poker software and its launch of an Internet poker room. "While Las Vegas From Home.com's lawsuit may make good headlines, its claims have no basis in law or in fact," said Jean Noelting, 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. of CryptoLogic. "This type of frivolous lawsuit is damaging to the Company's reputation and to shareholder value. CryptoLogic will use all means at its disposal to vigorously defend its position, including initiating a counterclaim A claim by a defendant opposing the claim of the plaintiff and seeking some relief from the plaintiff for the defendant. A counterclaim contains assertions that the defendant could have made by starting a lawsuit if the plaintiff had not already begun the action. against Las Vegas From Home.com and its subsidiary." About CryptoLogic 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. WagerLogic, a wholly owned subsidiary of CryptoLogic, is responsible for the licensing of its gaming software and services to customers around the world. 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 12.0 million common shares outstanding (14.5 million shares fully diluted). For more information, 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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