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

CryptoLogic Limited

December 14, 2007 16:15 ET

CryptoLogic Announces Changes to Audit Committee

DUBLIN, IRELAND--(Marketwire - Dec. 14, 2007) -

ALL FINANCIAL FIGURES ARE IN US$

CryptoLogic Limited (TSX:CRY)(TSX:CXY)(NASDAQ:CRYP)(LSE:CRP), a world leader in Internet gaming software, today announced changes to its audit committee due to a change in the independence status of one of its directors.

Wai Ming Yap is a partner in a Singapore law firm that was engaged to counsel the company on its recent Asian investments and growth strategy. As a result, he is no longer considered an independent director and has therefore resigned from his role on the audit committee while retaining his membership on CryptoLogic's Board of Directors.

A search is underway to identify a candidate to fill the vacant position on the audit committee. There are two independent directors on the audit committee, and three is the required minimum.

On December 11, 2007, the company was notified by Nasdaq that it was not in compliance with Marketplace Rule 4350, following Mr. Yap's resignation from the audit committee. Nasdaq Marketplace Rule 4350(d)(4) provides a cure period whereby the company must appoint one additional independent director to the audit committee by the date of its next annual meeting or November 6, 2008. The company will fulfill this requirement within the timetable allowed by this rule.

Nasdaq rule 4803(a) requires the company to issue this news release within four days of receipt of the non-compliance letter.

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 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).

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
    35316641682
    www.cryptologic.com
    or
    Argyle Communications
    Daniel Tisch
    (North American and gaming industry media)
    (416) 968-7311 ext 223
    dtisch@argylecommunications.com
    or
    Argyle Communications
    Karen Passmore
    (North American and gaming industry media)
    (416) 968-7311 ext 228
    kpassmore@argylecommunications.com
    or
    Corfin Communications
    Ben Hunt
    (UK media only)
    +44 207 977 0020
    or
    Corfin Communications
    Neil Thapar
    (UK media only)
    +44 207 977 0020
    or
    Corfin Communications
    Harry Chathli
    (UK media only)
    +44 207 979 0020