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

CryptoLogic Limited

September 28, 2009 02:00 ET

CryptoLogic Hooks Up With Virgin Games

Multi-year licensing deal provides at least 10 online casino games to top consumer brand

DUBLIN, IRELAND--(Marketwire - Sept. 28, 2009) - CryptoLogic Limited (TSX:CRY)(TSX:CXY)(NASDAQ:CRYP)(LSE:CRP) today consolidated its position as a leading global developer of branded online betting games and Internet casino software by signing a multi-year licensing deal with Virgin Games, part of the Virgin Group.

The agreement enables Virgin Games to provide at least 10 of CryptoLogic's top branded and non-branded online slot games to its customers. The games include comic book classics and innovative casual slots, with some games linked into the CryptoLogic jackpot network. These games will bring a new level of enjoyment and rich content to players, while giving them a chance to win a jackpot that has reached over £4 million, one of the online industry's largest prizes.

One game is already live on www.virgingames.com, with more scheduled for launch in the fourth quarter of 2009 and further roll-outs planned in the first half of next year. The games will be deployed through Gaming Technology Solutions PLC, a CryptoLogic technology partner, on its GTS Edge platform.

The agreement is in line with CryptoLogic's build-once-license-often growth strategy and will generate recurring revenue based on a share of wagers placed by players.

Brian Hadfield, President and Chief Executive of CryptoLogic, said: "The deal with Virgin is another example of how CryptoLogic is building a solid platform for long-term growth by creating and licensing the industry's most exciting proprietary games to the world's marquee brands."

Virgin Games, a wholly owned subsidiary of Virgin Group, was set up in 2004 and has grown quickly to establish itself as one of the leading gaming sites in the UK.

Simon Burridge, Chief Executive of Virgin Games, said: "CryptoLogic has a track record of delivering the industry's most compelling games while the Virgin brand is widely associated with fun and great value. Our agreement is sure to be a winning combination delivering unrivalled enjoyment and potential prizes to Virgin Games' players."

About CryptoLogic(R) (www.cryptologic.com)
Focused on integrity and innovation, CryptoLogic Limited is a leading public developer and supplier of Internet gaming software. With more than 280 games, CryptoLogic has one of the most comprehensive casino suites on the Internet, with award-winning games featuring some of the world's most famous action and entertainment characters. The company's licensees include many top Internet gaming brands, including the "big four" international operators. CryptoLogic's leadership in regulatory compliance makes it one of the few companies with gaming software certified to strict standards similar to land-based gaming. WagerLogic(R) Limited, a wholly-owned subsidiary of CryptoLogic, is responsible for the licensing of gaming software and services to blue-chip customers that offer their games to non-U.S. based players around the world. For information on WagerLogic, please visit www.wagerlogic.com.

CryptoLogic's common 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).

About Virgin Games
Virgin Games, a wholly owned subsidiary of Virgin Group, was set up in 2004 and has grown quickly to establish itself as one of the leading gaming sites in the UK.

The company has something that no other gaming site has, and that's the chance to earn V*POINTS that can be swapped for loads of Virgin goodies including Virgin Atlantic Flying Club Miles. Players can also win Virgin prizes in regular promotions as well as cash.

Virgin Games' offices are based in Guernsey and the U.K.

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 Communications
    Jason Graham
    (North American and gaming industry media)
    (416) 968-7311, ext. 229
    jgraham@argylecommunications.com
    or
    Argyle Communications
    Daniel Tisch
    (North American and gaming industry media)
    (416) 968-7311, ext 223
    dtisch@argylecommunications.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