CryptoLogic Inc.
TSX : CRY
LSE : CRP
NASDAQ : CRYP

CryptoLogic Inc.

September 26, 2005 06:00 ET

CryptoLogic Announces Renewal Of Normal Course Issuer Bid

TORONTO, ONTARIO--(CCNMatthews - Sept. 26, 2005) - CryptoLogic Inc.(TSX:CRY)(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 to renew its Normal Course Issuer Bid. Purchases under the bid may commence on September 28, 2005 and will terminate on September 27, 2006.

CryptoLogic's share purchase program authorizes the company to purchase up to 1.34 million shares of the issued common shares, representing approximately 10% of the public float. There are currently 13,549,600 common 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 2% of the outstanding shares may be purchased within any 30 day period in accordance with exchange rules. The common shares purchased by CryptoLogic during the course of the Normal Course Issuer Bid will be cancelled.

CryptoLogic and its Directors believe that the company's common shares have been trading at prices that do not reflect the underlying value of the company, given its earnings, positive cash flow and strong balance sheet. As a result, the company believes that its common shares are a good investment at current and recent prices. Under its 2004/2005 bid, CryptoLogic most recently repurchased and cancelled 270,500 shares at an average price of Cdn$23.61.

About CryptoLogic® (www.cryptologic.com)

Focused on integrity and innovation, CryptoLogic Inc. is a world leading, blue-chip public developer and suppler of Internet gaming software. Its leadership in regulatory compliance makes it one of the very few companies with gaming software that is certified to strict standards similar to land-based gaming. WagerLogic Limited, a wholly-owned subsidiary of CryptoLogic, is responsible for the licensing of its gaming software and services to an internationally-recognized blue chip customer base worldwide. For information on WagerLogic®, visit www.wagerlogic.com.

CryptoLogic's common shares trade on the Toronto Stock Exchange (symbol: CRY), on the NASDAQ National Market (symbol: CRYP), and on the Main Market of the London Stock Exchange (symbol: 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
    Nancy Chan-Palmateer
    Director of Communications
    (416) 545-1455
    (416) 545-1454 (FAX)
    or
    Argyle Rowland Communications (media only)
    Karen Passmore
    (416) 968-7311 ext. 228
    kpassmore@argylerowland.com
    or
    Argyle Rowland Communications (media only)
    Dan Tisch
    (416) 968-7311 ext. 223
    dtisch@argylerowland.com