Cryptologic Announces Settlement & Future Plans.TORONTO--(BUSINESS WIRE)--Dec. 23, 1997--Cryptologic Inc. (CANADIAN DEALING NETWORK Canadian Dealing Network (CDN) The organized OTC market of Canada. Formerly known as the Canadian Over-the-Counter Automated Trading System (COATS), the CDN became a subsidiary of the Toronto Stock Exchange in 1991. :CRYP CRYP Cheyenne River Youth Project (Eagle Butte, SD) .) 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. . announced today that an agreement has been reached by all of the parties involved to settle the litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. respecting the Class A Warrant held by Andrew and Mark Rivkin. The main terms of the agreement are: -0- 1. That the Class A Warrant be amended to limit the number of treasury shares that may be purchased to 5.8 million 2. That the legal action be dismissed 3. That the settlement be conditional on the approval by the shareholders of the Company at a meeting to be called to approve the amendment to the Class A Warrant. A special shareholders meeting has been called for February 2nd 1998 to consider the amendment, which will be proposed by the Board of Directors and supported by the parties to the settlement. The Company also proposed to ask the shareholders for approval of a stock split. In the event the shareholders approve these recommendations the Company then intends to apply to list its shares with the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. . The Toronto Stock Exchange has not yet received an application. The business of the company is Internet software development, licensing, and servicing. The company is also active in Internet transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. . Its current focus is on Electronic Commerce software and Internet Gaming. Cryptologic Inc. is an Ontario Corporation listed on the Canadian Dealing Network under the symbol CRYP. There are approximately 7.4 million common shares outstanding. CONTACT: Cryptologic Inc Jenny Solursh, 416/ 545-1455 |
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