CryptoLogic Chooses New Leadership for Global Growth
February 27 2008 - 9:17AM
Marketwired
DUBLIN, IRELAND (TSX: CXY)(NASDAQ: CRYP)(LSE: CRP), a world
leader in Internet gaming software, today announced the appointment
of Brian Hadfield as the company's President and CEO. Mr. Hadfield,
who joined CryptoLogic as a director last year, is a senior
technology executive who has managed major international
businesses, including Unisys Limited's operations in the U.K.,
Middle East, Africa and India. Mr. Hadfield succeeds Javaid Aziz,
who has retired from corporate life to be with his family after
leading the company to renewed profitability in Europe and
spearheading its entry into Asia.
"Brian Hadfield brings CryptoLogic important skills at an
exciting time in our growth, and he is perfectly suited to build on
the strategy set by Javaid Aziz," said Bob Stikeman, CryptoLogic's
Chairman. "Brian knows CryptoLogic, he knows how to grow a global
business, and he knows how to motivate and lead a team. His
experience will ensure we continue to develop innovative new
software, and innovative new commercial alliances around the
world."
Mr. Aziz's accomplishments at CryptoLogic include achieving four
consecutive quarters of sequential growth, signing new licensees
and making strategic investments and acquisitions in both Europe
and Asia. In January, the company earned Gambling Online Magazine's
Top Casino Software Award for the third year in a row.
"In a dynamic business, it's never an easy time to make a
personal decision, but I do so with great satisfaction about
CryptoLogic's accomplishments, and great confidence in its future,"
Mr. Aziz said. "CryptoLogic has achieved renewed stability and
profitability in the past year, and the company is set for
continued global growth in the years to come."
Brian Hadfield: A brief profile
Mr. Hadfield held progressively more senior positions at Unisys
for 21 years, culminating in a five-year assignment as managing
director for the U.K., Middle East, Africa and India. In this role,
he oversaw a work force that grew from 3,000 to 9,000 employees ,
managed the transformation from a technology to a services-based
company and grew the company's revenue by more than 23 per cent to
over $1 billion, most of which was annuity based. Earlier in his
career, Mr. Hadfield served as vice president for operations at the
Bank of Boston. He holds non-executive directorships at various
well-known organizations. Mr. Hadfield will relocate to Dublin to
take on his new role at CryptoLogic.
"It's a privilege for me to lead CryptoLogic's exceptional team
of people on three continents," Mr. Hadfield said. "CryptoLogic has
the right people, products and partnerships. And with a foundation
of financial strength, CryptoLogic also has the right strategy for
global growth. Together, we can take this thriving business to a
new level of success."
2007 earnings update
The audit of CryptoLogic's 2007 financial statements is well
advanced and the company will announce its fourth-quarter and
year-end earnings in mid-March. In November 2007, the company
indicated that it expected fourth-quarter revenue to be in the
range of $17.5 - $18.5 million, with net earnings between $2.0 -
$3.0 million. The board believes that these guidance numbers will
be achieved or exceeded.
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).
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.
Contacts: CryptoLogic Stephen Taylor Chief Financial Officer
35316641682 Argyle Communications Daniel Tisch (North American and
gaming industry media) (416) 968-7311 ext 223
dtisch@argylecommunications.com Argyle Communications Karen
Passmore (North American and gaming industry media) (416) 968-7311
ext 228 kpassmore@argylecommunications.com Corfin Communications
Neil Thapar (UK media only) +44 207 977 0020 Corfin Communications
William Cullum (UK media only) +44 207 977 0020 Corfin
Communications Harry Chathli (UK media only) +44 207 979 0020
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