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Canadian E-Gaming Developer Locates HQ In Ireland

by Jason Gorringe,, London

28 September 2006

CryptoLogic Inc., a leading Canadian-based software developer to the global Internet gaming market, has announced plans to locate its headquarters in Dublin, Ireland, citing the favourable regulatory regime in place in that jurisdiction.

According to the company, Ireland is recognized by the industry as "an attractive Internet gateway to Europe with state-of-the-art technology infrastructure and skilled personnel to support CryptoLogic's expansion in the fast-growing and global Internet gaming market".

"CryptoLogic's business is increasingly centered in Europe, and establishing our organization in that market is the logical next step to support our international growth plans," announced Lewis Rose, CryptoLogic's President and CEO.

"By expanding our presence in gaming-friendly jurisdictions, CryptoLogic enhances its flexibility to pursue all strategic opportunities and broaden the services offered to our customers," he added.

CryptoLogic has already established major components of its system infrastructure in Ireland, including its electronic cash processing system and its recently announced Distributed Poker platform.

CryptoLogic's management team and Board of Directors concluded that establishing its base in Ireland would give the company a broader range of strategic options to accelerate its growth and support its customers. This includes offering marketing and brand management services, such as supporting the company's largest customer, InterCasino, in its marketing efforts.

The company also plans to adopt the London Stock Exchange's Alternative Investment Market (AIM) as its primary market. London has emerged as the global centre for listings by e-gaming companies in recent years. The company will maintain its Toronto and NASDAQ listings.

CryptoLogic proposes to exchange all existing common shares for shares in the new Irish-based company, to be called CryptoLogic PLC. This would be done on a tax-deferred basis for shareholders.

The reorganisation is expected to cost between $8 million and $8.5 million.

In August, CryptoLogic reported record results for the second quarter of 2006 when revenue rose 52% to $30.4 million compared with the same period in 2005. Earnings rose 73% to $8.2 million compared with Q2 2005.

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