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

CryptoLogic Limited

April 30, 2008 02:00 ET

CryptoLogic's Newly Acquired Gaming Portal Exceeds Performance Targets

E-gaming software leader completes earn-out agreement for casino.co.uk and related assets

DUBLIN, IRELAND--(Marketwire - April 30, 2008) -

ALL FINANCIAL FIGURES ARE IN US$

CryptoLogic Limited (TSX:CRY)(TSX:CXY)(NASDAQ:CRYP)(LSE:CRP), a leading software developer to the global Internet gaming market, announced today that its newly acquired gaming portal, casino.co.uk, and all related Internet casino and poker assets have significantly exceeded established post-closing performance targets over the past six months.

As part of an earn-out agreement for the gaming portal, made through CryptoLogic's wholly-owned subsidiary, Gaming Portals Limited, CryptoLogic will release an additional payment of Pounds Sterling 625K to leading Internet advertising group Media Corporation plc (Media Corp).

Casino.co.uk has been accretive to CryptoLogic's earnings from the outset, and is expected to continue to grow over both the short and long term. The acquisition has enabled CryptoLogic to offer advertisers both a premium portal and exceptional, new opportunities to reach their markets.

"CryptoLogic's investment in casino.co.uk has been a 'win-win' for everyone involved - generating new revenue for our business, and new opportunities for advertisers, so that they can deliver even more exceptional experiences to players everywhere" said Brian Hadfield, CryptoLogic's President and CEO.

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
    Neil Thapar
    (UK media only)
    +44 207 977 0020
    or
    Corfin Communications
    William Cullum
    (UK media only)
    +44 207 977 0020
    or
    Corfin Communications
    Harry Chathli
    (UK media only)
    +44 207 977 0020