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

CryptoLogic Limited

May 12, 2008 02:00 ET

Maharajah Club Becomes CryptoLogic's Newest Licensee

CryptoLogic becomes sole provider to major gaming site targeting UK's large Southeast Asian community

DUBLIN, IRELAND--(Marketwire - May 12, 2008) -

ALL FINANCIAL FIGURES ARE IN US$

CryptoLogic Limited (TSX:CRY)(TSX:CXY)(NASDAQ:CRYP)(LSE:CRP), a world leader in Internet gaming software, has signed a contract with Maharaja Gaming to be the sole provider of online gaming software for Maharajah Club - one of the largest gaming sites for Southeast Asian communities in the U.K. and around the world.

"With a strong core business in Europe and an emerging business in Asia, CryptoLogic will work diligently with Maharajah Club to bring the Southeast Asian community a truly exceptional gaming experience," said Brian Hadfield, CryptoLogic's President and CEO. "For the CryptoLogic team, it's particularly exciting to earn the confidence of a popular and well-established gaming brand in a very competitive environment. CryptoLogic will work hard to keep this confidence - and to help Maharajah Club attract and retain loyal players."

Under the agreement, made through CryptoLogic subsidiary WagerLogic, CryptoLogic will provide Maharajah Club with one of the Internet's most extensive online casino and poker offerings. The companies expect to launch Maharajah Club's new poker site by the summer, followed by the release of more than 10 of CryptoLogic's top-performing casino games later in the year. CryptoLogic will implement a larger gaming suite for Maharajah Club, including non-downloadable poker and casino products, in 2009.

Maharaja Gaming has more than 25,000 active players today. The company expects the numbers to grow rapidly as more South Asian countries liberalize their gaming regulations and invest in their internet infrastructures.

"CryptoLogic's reputation for industry-leading innovation makes this partnership exceptional - for our business and our players," said Sachin Pawa, CEO of Maharaja Gaming. "CryptoLogic's industry expertise will help us expand and broaden our competitive edge with Southeast Asian customers. Together, we will develop an extraordinary experience for our players."

"Today's announcement not only displays our commitment to expanding our European customer base, but also takes CryptoLogic to the forefront of the Southeast Asian gaming market," said Justin Thouin, CryptoLogic's Vice President, Product Management and Business Development.

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).

About Maharajah Club (www.maharajahclub.com)

Maharajah Club, the highly rated and secure online casino website and internet poker room, is a South Asian- owned business operated by Maharajah Gaming and licensed to provide legal online casino gambling services by the Gaming Commission of Curacao, Netherlands Antilles.

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
    or
    Argyle Communications
    (North American and gaming industry media)
    Daniel Tisch
    (416) 968-7311 ext 223
    dtisch@argylecommunications.com
    or
    Argyle Communications
    (North American and gaming industry media)
    Karen Passmore
    (416) 968-7311 ext 228
    kpassmore@argylecommunications.com
    or
    Corfin Communications
    (UK media only)
    Neil Thapar
    +44 207 977 0020
    or
    Corfin Communications
    (UK media only)
    William Cullum
    +44 207 977 0020
    or
    Corfin Communications
    (UK media only)
    Harry Chathli
    +44 207 977 0020