CryptoLogic Limited
TSX : CRY
TSX : CXY
NASDAQ : CRYP
LSE : CRP

CryptoLogic Limited

December 01, 2008 09:00 ET

CryptoLogic Announces Renewal of Normal Course Issuer Bid

TORONTO, ONTARIO--(Marketwire - Dec. 1, 2008) - CryptoLogic Limited (TSX:CRY)(TSX:CXY)(NASDAQ:CRYP)(LSE:CRP), a leading software developer to the global Internet gaming industry, announced today that its Board of Directors has authorized the Company's renewal of its Normal Course Issuer Bid. Purchases under the bid may commence on December 3, 2008 and will terminate on December 2, 2009.

CryptoLogic's share purchase program authorizes the Company to purchase up to 1,267,871 shares of the issued ordinary shares (Symbol: CRY), representing 10% of the public float of 12,678,712 ordinary shares. As at November 21, 2008 there were 12,719,777 ordinary shares issued and outstanding. Purchases will be made on the open market through the facilities of the Toronto Stock Exchange and at the market price at the time of purchase. No more than 3,722 shares may be repurchased in any trading day. The ordinary shares purchased by CryptoLogic during the course of the Normal Course Issuer Bid will be cancelled. The directors of the Corporation initiated the bid renewal as they believe the ordinary shares are undervalued within the context of the market.

CryptoLogic purchased an aggregate of 124,905 at the weighted average price of $10.51 under its 2007/2008 bid.

About CryptoLogic® (www.cryptologic.com)

Focused on integrity and innovation, CryptoLogic Limited is a world-leading, blue-chip public developer and supplier of Internet gaming software. Its leadership in regulatory compliance makes it one of the very few companies with gaming software that has been certified to strict standards similar to land-based gaming.

WagerLogic Limited, a wholly-owned subsidiary of CryptoLogic, is responsible for the licensing of CryptoLogic software and services to customers who offer their games around the world to non-U.S. based players. For information on WagerLogic®, visit www.wagerlogic.com.

CryptoLogic's ordinary shares trade on the Toronto Stock Exchange (CRY, CXY), the NASDAQ Global Select Market (CRYP) and the Main Market of the London Stock Exchange (CRP).

CRYPTOLOGIC FORWARD LOOKING STATEMENT DISCLAIMER:

Statements in this press release, which are not historical are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act 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.

Contact Information

  • CryptoLogic
    Stephen Taylor
    Chief Financial Officer
    353 (0) 1 234 0415
    www.cryptologic.com
    or
    Argyle Rowland Communications
    Karen Passmore
    (North American media only)
    (416) 968-7311, ext. 228
    kpassmore@argylerowland.com
    or
    Argyle Rowland Communications
    Dan Tisch
    (North American media only)
    (416) 968-7311, ext. 223
    dtisch@argylerowland.com
    or
    Corfin Communications
    Neil Thapar
    (UK media only)
    +44 207 977 0020
    or
    Corfin Communications
    Harry Chathli or Alexis Gore
    (UK media only)
    +44 207 977 0020