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

CryptoLogic Limited

February 23, 2009 05:01 ET

CryptoLogic Finds Requisitions for EGM Insufficient

Management and board firmly focused on execution of strategy for renewed profitability

DUBLIN, IRELAND--(Marketwire - Feb. 23, 2009) - CryptoLogic Limited (TSX:CRY)(TSX:CXY)(NASDAQ:CRYP)(LSE:CRP), a world leader in Internet casino and branded gaming software, announced today that requisitions for an extraordinary general meeting (EGM) of the shareholders received from Javaid Aziz and Cede & Co. on February 18, 2009 appear insufficient to cause an EGM to be called.

After comparing the requisitions against the company's shareholder register, CryptoLogic's board of directors believes that the requisitions do not relate to shares equaling a minimum of 10% of the issued and outstanding voting stock of the company, which is the threshold required by law to allow shareholders to requisition an EGM. In a letter sent today, the company advised Mr. Aziz and Cede & Co. of the insufficiency of the requisitions, and of various other deficiencies and concerns with respect to the requisitions.

CryptoLogic's board reiterated the view expressed to Mr. Aziz that an EGM - with its substantial distraction and expense - is not in the best interests of shareholders at a time when the board and management are focusing on returning the company to profitability. CryptoLogic's new business strategy is in the advanced stages of implementation, and shareholders will have an opportunity to evaluate the company's progress at an annual general meeting expected in late May or early June.

"CryptoLogic's management and board are focused and united on the strategy to return the company to profitability by continuing to add new customers, lower our costs and lead the market with innovation," said Brian Hadfield, CryptoLogic's President and CEO. "Delivering value for customers and shareholders is our highest priority, and we will not be distracted from that goal."

CRYPTOLOGIC FORWARD LOOKING STATEMENT DISCLAIMER:

Statements in this news 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