Business & Finance
Business and Finance
Business and Finance
Tue, February 10, 2009
Mon, February 9, 2009 CryptoLogic Limited: CryptoLogic Continues Reorganization in Line With New Strategy
DUBLIN, IRELAND--(Marketwire - Feb. 9, 2009) - CryptoLogic Limited (TSX:CRY)(TSX:CXY)(NASDAQ:CRYP)(LSE:CRP)today announced the departure of Michael Starzynski, its chief technology officer, as the company continues the reorganization of its business to return to profitability.
CryptoLogic is focusing on earning revenue from its Internet casino and branded gaming businesses, and reducing annual operating costs by $13 million. As part of CryptoLogic's plan, the company is eliminating the costs of operating a standalone poker network and also reducing its servers by 75%. As a result the chief technology officer's role will not be replaced directly, and CryptoLogic will divide operations and development functions between other managers.
"All members of the CryptoLogic team join me in thanking Mike for his service over the last five years and wishing him well as he embarks on new challenges," said Brian Hadfield, CryptoLogic's President and CEO.
About CryptoLogic®([ www.cryptologic.com ])
Focused on integrity and innovation, CryptoLogic Limited is a world-leading 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 to non-U.S. 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 news 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.
