CryptoLogic to Focus on Casino, Branded Games for Renewed Profitability
October 20 2008 - 9:53AM
Marketwired
CryptoLogic Limited (TSX: CRY)(TSX: CXY)(NASDAQ: CRYP)(LSE: CRP), a
leading software developer to the global Internet gaming market,
announced today that it is embarking on a focused strategy centred
on its highly successful Internet casino business, as exemplified
by today's licensing of casino games to PartyGaming Plc.
The strategy leverages the company's fast-growing list of new
customers, acknowledged leadership in casino games, and a pending
partnership with one of the world's largest poker networks to
achieve substantial revenue growth while reducing annual operating
expenses by $12- $15 million.
"For several months, CryptoLogic has been both assessing the
changing market and looking at what we do best - and the result is
a clear strategy for enhanced profitability," said Brian Hadfield,
CryptoLogic's President and CEO. "It's a strategy that will focus
on CryptoLogic's core strengths: developing the most innovative
games, licensing our acclaimed casino software to top gaming sites,
and leveraging our lead in branded content by partnering with the
world's top entertainment brands."
In 2008 alone, CryptoLogic has announced nine new customers,
including today's major announcement with PartyGaming Plc, and has
a healthy pipeline of pending opportunities.
CryptoLogic's new strategy includes:
- Casino licensing: Internet casino is by far CryptoLogic's most
profitable business, and the company expects significant revenue
growth from this segment in 2009. CryptoLogic will continue to sell
customized casino solutions to both established and emerging gaming
brands.
- New channels for CryptoLogic games: With the highest-rated
casino games on the market, CryptoLogic has found attractive
opportunities selling its leading games to other top brands, such
as 888.com and PartyGaming. These and other large global gaming
sites offer significant revenue potential for 2009 and beyond.
- Branded content: The company has been a pioneer in taking top
entertainment brands - from legendary superheroes to world-famous
video and casual games -- and converting them into highly popular
and profitable casino products. CryptoLogic will focus and build on
this expertise.
- Poker partnership: CryptoLogic is in detailed discussions with
another major poker network to increase liquidity while reducing
expenses substantially.
- New markets: The company will continue to develop its business
and manage its recent investments and new relationships in China,
Korea and Singapore to achieve long-term growth.
Boasting more than 200 games, CryptoLogic has one of the most
comprehensive casino suites on the Internet today. From popular
casual games such as Sudoku, Cubis, and Bejeweled to multi-bonus
and multi-jackpot games featuring some of the world's most famous
action and entertainment characters, CryptoLogic has earned rave
reviews from industry peers and players alike. In 2008, CryptoLogic
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.
CryptoLogic management will provide full details about the
company's strategy and 2009 outlook on the occasion of the
company's Q3 earnings announcement in mid-November.
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 who offer their games around the world to non-U.S. based
players. 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.
Contacts: CryptoLogic Stephen Taylor Chief Financial Officer 353
(0) 1 234 0415 www.cryptologic.com Argyle Communications Karen
Passmore (North American and gaming industry media) (416) 968-7311
ext 228 kpassmore@argylecommunications.com Argyle Communications
Daniel Tisch (North American and gaming industry media) (416)
968-7311 ext 223 dtisch@argylecommunications.com Corfin
Communications Neil Thapar (UK media only) +44 207 977 0020 Corfin
Communications Harry Chathli or Alexis Gore (UK media only) +44 207
977 0020
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