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CryptoLogic Limited: CryptoLogic to Update Investors on Business Plans for 2009

DUBLIN, IRELAND--(Marketwire - Dec. 9, 2008) - CryptoLogic Limited, (TSX:CRY)(TSX:CXY)(NASDAQ:CRYP)(LSE:CRP) a world leader in Internet gaming software, announced today that, as previously committed in its third quarter earnings report, it will hold a conference call at 8:30 a.m. Toronto Time on Thursday, January 15, 2009 to update investors on the progress of its plan to return to growth and profitability in 2009.

On the call, CryptoLogic's President and CEO, Brian Hadfield, and its chief financial officer, Stephen Taylor, will discuss the following:

- CryptoLogic's plan to implement its strategic partnership with the GTECH/Boss Media International Poker Network, which will result in improved liquidity for the company's poker licensees, a substantial reduction in its operating expenses and the return of Poker to a profitable revenue stream. This will also include an update on those licensees planning to make the transition;

- The anticipated revenue impact of CryptoLogic's recent initiatives, including current and pending implementations of Internet casinos for new customers, the releases of new branded games, and the licensing of the company's most popular games to leading gaming casino sites such as 888.com, PartyGaming and Gigamedia;

- The positive impact of more stringent cash control, the preservation of working capital and the new business model's ability to generate cash in 2009

- The expected impact of current economic conditions; and

- Other measures to enhance innovation and growth, reduce expenses, achieve renewed profitability and enhance shareholder value.

The details of the call are as follows:

 Date: Thursday, January 15, 2009
 Time: 8:30 a.m. Toronto Time (EST)
 Local Dial-In Number: 416-695-6616
 Toll Free North America: 1-877-677-0837
 Toll Free International: (Country Code) 800-6578-9898 

To participate, please call five to ten minutes prior to the start of the teleconference. This conference call will be recorded and available for replay approximately one hour after the completion of the call, up until midnight (EST time) January 22, 2009. To listen to the replay, please dial 416-695-5800 or 1-800-408-3053, passcode 3277967#. A transcript of the call will also be made available on CryptoLogic's website at [ www.cryptologic.com ] under Investor Information.

About CryptoLogic^® ([ 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^® 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).

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.