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CryptoLogic to Shed Poker Network by March, by Dan Cypra - 18th January 2009
(Credit: Poker News Daily)

Recently, the CryptoLogic Network, whose online poker sites include InterPoker and, until January 29th, Playboy Poker, announced that the move of all of its rooms to Boss Media will occur by the end of March. Poker News Daily spoke with Justin Thouin, Vice President of Product Development for CryptoLogic, to discuss the future of the mammoth software development company, which is traded on the NASDAQ under the symbol “CRYP.”

Thouin told Poker News Daily why the decision was made for CryptoLogic to shed its online poker network. He explained, “If you look at the online gaming industry, it’s becoming more difficult to be a generalist. The companies that are succeeding now and will succeed in the future are those who can specialize. We saw an opportunity to differentiate ourselves in the online casino space.” Currently, the company offers more than 200 casino games, including 60 that can be played within a customer’s web browser. Among the latest rollouts is European Blackjack, which does not give the dealer a down card as in the traditional version of the game.

Celeb Poker and Paradise Poker are two rooms that make their homes on the Boss Network. Soon, the survivors from CryptoLogic will join them. Thouin describes the challenges of competing in the online poker industry in today’s economy: “In the online poker industry, it is hard to differentiate yourself. Players cared about liquidity. It was difficult to have the requisite liquidity given how much competition there was. We’ve cut $12 million in costs.” The company is aiming for $9 to $10 million in net profits during 2009 and plans to cut its server and office rental costs by 75%. Its worldwide headquarters are in Dublin, Ireland.

Since the company was founded 14 years ago, CryptoLogic has had to adapt to a market that was constantly in flux. It partnered with leading brands such as Marvel and Activision for its casino suite. Recently, it has allowed internet gambling companies to select which games to incorporate, rather than insist that new customers adopt the entire CryptoLogic catalog. On the industry’s future, Thouin predicts, “You’ll see more specialization. This is still a very attractive industry. Online gaming is still growing quickly. You’ll see it become a much more competitive space. Partnerships will form in ways there haven’t been before.” For example, this month, CryptoLogic forged a partnership with Gaming Technology Solutions, whose clients include 888 and bwin. Party Gaming has already incorporated 30 of CryptoLogic’s cutting edge games.

When most players sign onto an online poker room, they may assume that, from the site’s standpoint, very little staff and resources are required. Customer interactions are mostly automated. However, Thouin describes the requirements needed to operate a profitable online poker room: “You need poker room managers to set up tournaments. You need to interact with land-based events in order to have feeder systems. You have to have full fraud and collusion teams. The barriers to entry are fairly high. However, the rewards are also there.” Other publicly traded companies besides CryptoLogic include Party Gaming, 888, and Ladbrokes, all of which can be found on the London Stock Exchange. Playtech, William Hill, and Neovia (formerly Neteller) are traded in London as well.

CryptoLogic’s restructuring efforts are expected to cost the company $3.5 million in cash and up to $20 million in “non-cash charges,” according to a press statement released last week. Playboy Poker, which makes its home on the network, has announced that it will cease operations on January 29th. Customers will be encouraged to deposit on InterPoker and InterCasino. Betsafe is moving to the Ongame Network from CryptoLogic, although the timing for the departure is not yet known. Sun Poker and Poker Plex both packed up shop and headed to Playtech’s iPoker Network from CryptoLogic. Thouin told Poker News Daily that each licensee was given the option to join to the Boss Network.

Poker News Daily will keep you posted as the 2009 calendar year continues. We would like to thank Justin Thouin, Vice President of Product Development for CryptoLogic, for talking with us.

Press Release

Cryptologic CEO plans to open innovation centre
15th January 2009

LONDON — Software developer Cryptologic plans to open a centre to develop gaming technology beyond consoles and personal computers, the company told Reuters on Thursday.

“We have partners and clients interested and we're speaking to universities worldwide – it should throw up some interesting things,” Chief Executive Brian Hadfield said.

“It [will be] a place where customers, partners, universities and others can participate in defining and guiding the future of e-gaming,” he added.

Mr. Hadfield said he was keen to see what can be achieved by looking at the full extent of opportunities within mobile technology and social websites, as gaming evolves.

He was speaking after the company said its restructuring program, announced last October, is on track. Small cap Cryptologic's shares gained 19.5 per cent.

RESTRUCTURING

Cryptologic said it is on target to reduce total operating costs of approximately $13-million (U.S.) on an annualized basis by the end of second quarter 2009 The company also said the outsourcing of its poker network through strategic partnership with GTECH Corporation will be completed by the end of first quarter 2009.

“We looked at the business asked ourselves “what are we good at?” And we're good at casino games and branded games,” Mr. Hadfield said.

Its partnership with GTECH, allows its customers to gamble on Boss Media's International poker network with a wider customer base, a move which Cryptologic says reduced costs and turned its loss-making poker operation to profit.

Mr. Hadfield said he now sees a return to profitability and cash generation from the second quarter. He said organic growth will be difficult this year but the company's strategy of adding new licensee revenue will help.

In the past few months Cryptologic has added 10 new licencees including 888.com, Partygaming and most recently GTS.

Cryptologic predicts full-year cash generation post restructuring of $11-million to $13 million and net profit in the range of $9-million to $10-million.

Mr. Hadfield said he prefers to be prudent and keeps expectations realistic, given the sharp downturn in the economy in the last quarter of 2008.

“In the current climate cash is king,” he said. Cryptologic has cash of between $42-million and $43-million, but Mr. Hadfield added if there is an acquisition that “adds-value and strengthens operations” then he would look at it.

Press Release

Party Casino to Get Cryptologic Online Casino Games
23rd October 2008

The online gaming software provider Cryptologic and the online casino PartyCasino have entered into a five-year licensing agreement through which Cryptologic will offer some of its best branded games to PartyGaming.

In the arrangement worked out six Cryptologic online slots games will be available on the PartyCasino site in early 2009. The agreement provides for adding more games at subsequent dates. The agreement was entered through WagerLogic, a subsidiary of Cryptologic that licenses and services Cryptologic software, and PartyGaming the parent operator of the “Party” brand of gambling portals such as PartyCasino, PartyPoker and PartyBets.

The six online casino games chosen by PartyCasino cover four brands with which Cryptologic has partnership arrangements. Three of the games are from the Marvel brand in which Cryptologic has tied up with Marvel Comics to produce online slots games based on the latter’s super heroes. These three games are The Fantastic Four, Hulk, and Spider-Man, all of which are extremely popular with online slots players.

The other three games are Bejeweled, Cubis, and Street Fighter that have their separate branding agreements. Bejeweled and Cubis are from the Casual Game series of Cryptologic, whereas Street Fighter has an action-based theme like the Marvel slots.

Brian Hadfield, President and Chief Executive Officer for CryptoLogic, called this agreement as “one of Cryptologic’s biggest customer wins of the year”. He also added that this agreement vindicated Cryptologic’s strategy of developing branded games. This is indeed true because PartyCasino is Cryptologic’s ninth new customer this year. The others involve big names like 888.com, Sky Betting, Gaming Media Group and Maharajah Club.

PartyCasino, like 888.com, currently operates using proprietary software and will integrate the new Cryptologic games into its system.

Jim Ryan, Chief Executive Officer for PartyGaming, was equally ecstatic at the alliance of “two of the biggest names in Internet gaming”.

This agreement is in consonance with PartyGaming’s strategy to broaden its product base through innovative alliances. PartyGaming has tied up with StudioCanal for the development of online slot games based on Hollywood movies like The Terminator and Rambo. Other movie-based fare offered at PartyCasino includes Mission: Impossible, The Godfather and Saturday Night Fever.

CryptoLogic Aims High With Launch of Newest Casino Game Pack

Press Release

New lineup features new Marvel Spider-Man game, Atlantic City Blackjack and Dragon Sword

DUBLIN, IRELAND, Jan 06, 2009 - CryptoLogic Limited, a leading software developer to the global gaming Internet market, today announced the launch of a new three-game lineup that features the legendary Marvel Super Hero, Spider-Man, a new adventure slot game called Dragon Sword, and an enhanced version of Atlantic City Blackjack, one of the company's most popular casino games.

The new games are now available to players at Intercasino.com, and will be live on the sites of other CryptoLogic customers in the near future.

"At CryptoLogic, branded casino games are one of the pillars of our strategy, and today we extend our lead in this highly profitable segment even further," said Brian Hadfield, CryptoLogic's President and CEO. "CryptoLogic's original Spider-Man slot game was one of our most successful games ever, and we have high hopes for these new games, which deliver a truly unique customer experience."

Spider-Man Revelations

Players can battle the evil Doctor Octopus in this thrilling 25-line slot game featuring Marvel's legendary super hero. One of the game's bonus rounds challenges players to save a passenger during a transit tussle for the chance to win free spins or multipliers. Spidey senses will tingle at the three-level jackpot, multiple exciting bonus rounds and a chance to win 5,000 times a player's original bet.

Dragon Sword

Players can follow a heroic knight into a dark, murky forest in search of his lost sword in this adventure-filled 25-line slot game, available exclusively from CryptoLogic. The game features a battle with a dragon in the bonus round and rewards from hidden treasures and random prizes. With a chance to win up to 6,000 their bet, this game will have players on the edge of their seats.

CryptoLogic's new Casino Bonus Pack also features an enhanced version of Atlantic City Blackjack, one of the company's most popular casino games. This version includes new and improved game features, such as auto-betting and auto-strategy functionality and enhanced graphics. The result is a new, dynamic presentation of this classic game that preserves the original game rules players know and love.

"CryptoLogic promised more innovative games, more often - and we take this commitment seriously," said Justin Thouin, CryptoLogic's Vice President, Product Management and Business Development. "Even with the most acclaimed Internet casino software on the market, CryptoLogic continues to break new ground, delivering exceptional experiences to players, and profits to our licensees."

Boasting more than 200 games, CryptoLogic has one of the most comprehensive casino suites on the Internet today with games featuring some of the world's most famous action and entertainment characters. CryptoLogic has earned rave reviews from industry peers and players alike, and in 2008 earned Gambling Online Magazine's Top Casino Software award for the third consecutive year. Based on the votes of players around the world, it is widely considered the industry's top honour.

About CryptoLogic(R) (www.cryptologic.com)

Focused on integrity and innovation, CryptoLogic Limited is a 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(R) Limited, a wholly-owned subsidiary of CryptoLogic, is responsible for the licensing of its gaming software and services to blue-chip customers that offer their games to non-U.S. based players around the world. For information on WagerLogic, please 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).

MARVEL, and all related character names and the distinctive likenesses thereof are trademarks of Marvel Entertainment, Inc., and are used with permission. Copyright Copyright 2008 Marvel Entertainment, Inc. www.marvel.com. All rights reserved. Super Heroes is a co-owned registered trademark.

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.

Press Release

Cryptologic Opens New Distribution Channel To Gaming Operators With Orbis Technology

CryptoLogic casino games to be made available to wide array of top-tier operators through leading provider of interactive gaming solutions

December 15, 2008 (Dublin, IRELAND) - CryptoLogic Limited, a world leader in Internet gaming software, today announced a strategic partnership with Orbis Technology Limited, an industry leader in the provision of interactive gaming and betting solutions. The agreement makes CryptoLogic's best-performing games available to the top-tier gaming brands in Orbis' portfolio of customers through Orbis’ Fixed Odds Games (FOG) platform.

This partnership provides CryptoLogic with another strong distribution channel to expand the number of operators that offer the company's market-leading casino games. In the first quarter of 2009, CryptoLogic expects to launch numerous games for SkyBet through the Orbis FOG platform, and other significant customers are expected to follow throughout the year through this channel. Orbis' impressive customer list includes Skybet, Betfair, Paddy Power, Blue Square, and many others.

"The global Internet gaming market continues to grow rapidly, and that is why CryptoLogic's strategy includes opening up new channels to market through the world’s leading operators," said Brian Hadfield, CryptoLogic’s President and CEO. "CryptoLogic's new partnership with Orbis Technology enhances both our position and our optimism as we revitalize our business for growth in 2009 and beyond."

Orbis' OpenBet software platform features a unique 'one account, one wallet' solution that allows operators to let their customers bet and play in multiple languages and currencies, across multiple products and platforms. Players can access the web, mobile devices, retail outlets, call centres and interactive digital television, all with a single log-in.

"Orbis is committed to offering its customers the greatest games and the most sophisticated solutions -- and partnering with CryptoLogic strengthens our offering even more," said David Loveday, Orbis' CEO. "By working together, Orbis and CryptoLogic will provide a very attractive package to the world’s most recognized gaming operators."

In 2008, CryptoLogic has signed a multitude of new customers and distribution partners, including some of the biggest names in gaming as well as promising, emerging brands.

With more than 200 games, CryptoLogic has one of the most comprehensive casino suites on the Internet today. CryptoLogic has earned rave reviews from industry peers and players alike, and in 2008 earned Gambling Online Magazine’s Top Casino Software award for the third consecutive year. Based on the votes of players around the world, it is widely considered the industry’s top honor.

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).

About Orbis Technology Limited (www.orbisuk.com)
Established in 1996, Orbis Technology Ltd, an NDS Group company, is the world’s leading provider of interactive gaming and betting solutions. Orbis develops pioneering front-end and back-office solutions, from unique and compelling games to sophisticated management and reporting tools.

Each of Orbis' customer agreements includes an undertaking from the customer that its gaming operations that use Orbis’ software will not involve players in the United States or any other jurisdiction where such gaming operations are prohibited by law. To find out more about Orbis OpenBet, visit www.openbet.com.

Press Release

CryptoLogic Consolidates Its Market Position by Joining Forces with Top Slot Game Developer to Broaden Distribution of Industry Leading Branded Content

Exclusive deal with NextGen Gaming gives CryptoLogic access to a global online and land based distribution network and cements its position as the leader in branded content provision in the online gaming space

7th November 2008

DUBLIN, IRELAND, Nov 07, 2008- CryptoLogic Limited, a leading software developer to the global Internet gaming market, has signed an exclusive multi-year agreement with NextGen Gaming, the world's leading independent developer of slot games for the international gambling industry.

Under the deal, CryptoLogic will collaborate with NextGen to develop new branded slot games for the company, and in return, NextGen will provide branded games exclusively to CryptoLogic within the online gaming space. Additionally, the companies will combine their extensive sales and distribution networks to allow CryptoLogic to license these branded games to the world's top online and land-based organisations. Next Gen has existing commercial relationships with a great majority of the top operators and suppliers in the industry.

The ultimate goal of the collaboration is to ensure that branded content providers look no further than CryptoLogic when choosing a partner with whom to take their brands into the online gaming space. This will be achieved by continuing to create the best games in the industry and by ensuring that the games are live at as many top operators as possible.

"For CryptoLogic, this is a most significant and unique strategic partnership - one that gives us new access to one of the industry's broadest, deepest and most successful distribution networks," said Brian Hadfield, CryptoLogic's President and CEO. "This will allow CryptoLogic to deal with the best brands, develop the best games, and deliver the best experiences to players around the world - whether they're on land or online."

"Branded content in gaming is powerful, because it combines a familiar theme with an exciting new experience," said Matt Davey, CEO of NextGen Gaming. "In selecting CryptoLogic as our Internet gaming software partner for branded content, NextGen has chosen a pioneer, an innovator and a leader. It's a powerful partnership that promises both performance and profitability."

In recent years, CryptoLogic and NextGen have worked together and distinguished themselves with highly successful branded slot games, including titles based on the world-famous Marvel Super Heroes, Street Fighter II, and the highly anticipated King Kong. CryptoLogic has also excelled with casual branded games such as Bejeweled, Cubis, and Jewel Quest. As one element of its new strategy, CryptoLogic plans to consolidate its leadership position in this area by aligning with additional content providers to bring the best brands, with the best games to the online gaming market.

"In 2008, CryptoLogic has shown innovation not just with its games, but also with its partnerships," added Justin Thouin, CryptoLogic's Vice President of Product Management and Business Development. "With a partner like NextGen - who knows the industry like very few others, and who has a distribution network like few others - CryptoLogic will take its software to new people and new places. With this agreement, CryptoLogic cements its position as the undisputed leader in the provision of branded content in the online gaming space. We can now offer the best games, and the broadest distribution network with our ability to tap into all of the online and land based partnerships that CryptoLogic and Next Gen have established."

About CryptoLogic(R) ( 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(R) 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, the NASDAQ Global Select Market and the Main Market of the London Stock Exchange).

About NextGen Gaming(R) (www.nextgengaming.com)
NextGen Gaming Pty Ltd is the world's leading independent supplier of innovative games to the gambling industry. NextGen has delivered hundreds of games to its international partners and gained a reputation for delivering the best player experience. The company prides itself on delivering exceptional game performance and game longevity that translates into profit for its partners and a great experience for their players.

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.

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