Cryptologic Inc. Announces Full Recovery of a $3.5 Million Write-Down.TORONTO--(BUSINESS WIRE)--Dec. 15, 1998--The Company is pleased to announce that it has made a full recovery of the account receivable account receivable Any amount owed to a business as the result of a purchase of goods or services from it on a credit basis. Although the firm making the sale receives no written promise of payment, it enters the amount due as a current asset in its books. write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. of $3.5 million recorded in 1997. On March 5th 1998, the Company announced that in fiscal 1997, it took a one-time write-down against an account receivable of $3.5 million and was finalizing a security agreement, which would enable the Company to recover the write-down within two to three years. Throughout the current year 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) has been recovering, in monthly installments, a portion of this debt. At September 30th, 1998 CryptoLogic Inc. had recovered $0.8 million of the receivable. Pursuant to an agreement dated December 9th 1998, the Company received the outstanding balance of $2.7 million on December 12th, 1998. CryptoLogic Inc. is an Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the software development company with leading proprietary technologies that enable secure, high-speed financial transactions over the Internet, and provide state of the art e-commerce and gaming applications. CryptoLogic Inc. is a public company listed on the TSE, trading under the symbol CRY. There are currently 8.5 million common shares outstanding. |
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