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

CryptoLogic Limited

August 23, 2007 02:00 ET

CryptoLogic Subsidiary Acquires Gaming Portal and Related Assets

DUBLIN, IRELAND and TORONTO, ONTARIO--(Marketwire - Aug. 23, 2007) - CryptoLogic Limited (TSX:CRY)(TSX:CXY)(NASDAQ:CRYP)(LSE:CRP), a leading software developer to the global Internet gaming market, announced today that its wholly-owned subsidiary, Gaming Portals Limited (GPL), has completed an agreement with leading Internet advertising group Media Corporation plc (Media Corp) to acquire the popular gaming portal casino.co.uk and related Internet casino and poker room assets.

This transaction will be earnings accretive from the outset. It is valued at approximately Pounds Sterling 3 million, with the prospect of an additional payment of Pounds Sterling 625K subject to achieving post-closing performance targets.

GPL will maintain the existing services and will continue to offer current and prospective clients a high-quality portal with excellent advertising opportunities.

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 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 blue-chip 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

  • Argyle Communications
    Dan Tisch
    (North American & gaming industry media)
    (416) 968-7311, ext. 223
    dtisch@argylecommunications.com
    or
    Argyle Communications
    Karen Passmore
    (North American & gaming industry media)
    (416) 968-7311, ext. 228
    kpassmore@argylecommunications.com
    or
    Corfin Communications
    Ben Hunt
    (UK media)
    +44 207 929 8985
    or
    Corfin Communications
    Neil Thapar
    (UK media)
    +44 207 929 8999
    or
    Corfin Communications
    Harry Chathli
    (UK media)
    +44 207 979 8980