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

CryptoLogic Limited

November 12, 2007 16:45 ET

CryptoLogic Announces Renewal of Normal Course Issuer Bid

DUBLIN, IRELAND--(Marketwire - Nov. 12, 2007) - 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 November 14, 2007 and will terminate on November 13, 2008.

CryptoLogic's share purchase program authorizes the company to purchase up to 1.28 million shares of the issued ordinary shares, representing approximately 10% of the public float. There are currently 12,811,165 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 4,965 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 did not make any purchases under its 2006/2007 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) 1 631 9000
    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
    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)
    +44 207 977 0020