Cryptologic / Wagerlogic Medienberichte

[Casinonews]

Profit 100, Ian Portsmouth - June 2002

"The house always wins: Online-casino pioneer CryptoLogic Inc. parlayed a perfect product into instant success. And the jackpot keeps growing."
Full Article (pdf:35KB)

The Globe and Mail, Graeme Smith - June 13, 2001

"Analysts say CryptoLogic is the odds-on favourite to capture the big American customers ... CryptoLogic is better prepared than anyone else out there. They've demonstrated their ability to scale up."
Las Vegas Sun, David Strow - June 7, 2001

"In the business of actually creating the online casinos, a leading company is CryptoLogic, one of the only Internet gaming companies to trade on the Nasdaq exchange. CryptoLogic is the creator of Internet casinos operated by such names as William Hill, one of the UK's largest sports books, and Jupiter Ltd., Australia's largest casino operator ... CryptoLogic is now gearing up to take its product to Las Vegas and apply for a Nevada license."
Toronto Star, Dana Flavelle - June 6, 2001

"Online gambling companies just became a better bet for investors. Nevada state legislators have endorsed the first-ever online gambling law in the United States, increasing the odds of success for casino software makers like Toronto's CryptoLogic Inc."
New York Times, Technology Briefing - June 6, 2001

"Shares of CryptoLogic Inc., which sells software that lets people place bets over the Internet, rose as much as 17 percent after the Nevada Legislature voted to allow the state's casinos to offer online gambling. The stock climbed $3.89, or 17.3 percent, to $26.41. Nevada's proposal, which must be approved by Gov. Kenny Guinn, would allow resort-size casinos in the state to apply for online gambling licenses."
Forbes Magazine, Megan Mulligan - October 2, 2000

"Canadian technology stocks are hot ... ten Canadian technology and telecommunications companies trade at bargain multiples [include] ... CryptoLogic.. another rapidly growing technology company."
WINNERonline.com, Max Drayman - September 18, 2000

"It's no exaggeration to say that CryptoLogic has been conspicuously successful. Their licensees include the largest and most respected online casinos including The Sand of the Caribbean, InterCasino, William Hill ..."
MoneySense Magazine, Michael Grange - September 2000

"Internet casinos can bring the thrill of real-stakes gambling into your home ... As a consumer, the best way to protect your money is stick with respected names ... look for games by CryptoLogic ... establish itself as an island of repute ..."
National Post, Stephen Miles - September 9, 2000

"PEG ratio ... relationship between a company's stock price and long-term earnings growth ... CryptoLogic ... fared best with stellar PEG of 0.9 ... below established level [PEG ratio of one] identifies undervalued."
Toronto Computes!, Geoff Martin - August 2000

"It's no gamble: Canada's CryptoLogic proves e-commerce can be profitable."
Business Week Online - Street Wise, Margaret Popper - June 27, 2000

"The maker of gaming software is the clear leader in online gambling. CryptoLogic's soon-to-be released version 4 software is considered by industry analysts to be the best program devoted to gaming on the market....real advantage...is that it's the first to crack the land-based casino market."
Stockhouse, Chaya Cooperberg - April 7, 2000

"Brandon Osten remains bullish on CryptoLogic, an online gaming software developer. His 12-month target is $85, and he notes that the company is undeniably the market leader in the sector."
Upside.com, Bob Beaty - April 6, 2000

"CryptoLogic a good bet - At present, CryptoLogic seems to be the best-financed, has significant licensee partnerships, and has positioned itself to acquire significant market share in many different geographical jurisdictions, in both established and emerging markets."
Globe & Mail, Denise Deveau - March 31, 2000

"CryptoLogic Inc., one of the earliest players in the on-line casino gaming market, commands an 80-per-cent market share worldwide in this area."
Globe & Mail, Tyler Hamilton -- March 20, 2000

"CryptoLogic places its bets on Nasdaq listing - For CryptoLogic, listing on Nasdaq means enhanced liquidity and greater investment from US capital markets."
StockHouse, Chaya Cooperberg - February 21, 2000

"Altamira's award-winning fund manager Ian Ainsworth names his favorites from the Science and Technology and e-business funds he manages. His top picks include ... online gaming software company CryptoLogic ... for the strong positioning it has in the multi-billion dollar online gambling industry."
Stockformation Commentary, Barry Critchley - February 18, 2000

"Sprott analysts' top technology picks ... Brandon Osten, one of the firm's technology/software analysts has three major picks that he characterizes as being of "high quality, high growth and low priced." CryptoLogic CRY.TO he now regards as a strong buy with a one-year target of $75 a share."
680 News Radio, Ron Adams - February 17, 2000

"This past week CryptoLogic Incorporated signed an agreement with Australia's Jupiter's Limited. Jupiter's is the largest casino company down under, and it's planning to start an internet casino with CryptoLogic supplying the necessary software."
National Post, Stephen Miles - February 16, 2000

"Jupiters Ltd., Australia's largest casino company, said it planned to open an Internet casino... CryptoLogic would supply the necessary software... Jupiters said CryptoLogic showed considerable expertise... and industry experts believe its systems now support more than 80% of online casino turnover."

Environics Communications, Inc. - November 24, 1999
CryptoLogic names Environics Communications as PR agency
Environics Communications, Inc., a full-service public relations firm, today announced that it has been selected as PR agency of record by CryptoLogic Inc. (TSX: CRY), an international leader in gaming and e-commerce software products. The relationship is effective immediately.

The Globe and Mail, Tyler Hamilton - April 16, 1999
"CryptoLogic Inc.'s stock jumped 21 per cent yesterday after the licensor of Internet gambling software announced plans to try to grab the attention of U.S. investors through a listing on the Nasdaq Stock Market."

The Globe and Mail, Tyler Hamilton - April 12, 1999
"That's why firms such as Toronto-based CryptoLogic Inc. ... have gained a lead - and respect - in the Internet gambling market."

The Financial Post, Branham Group Inc. - February 11, 1999
100 Top Independent Canadian Software Companies includes CryptoLogic Inc.

The Globe and Mail, Tyler Hamilton - January 21, 1999
"CryptoLogic Inc. ... is a clear-cut leader ... the company is expected to report revenue of more than $30-million (Canadian) later this month."

Internet Stock News, Michael Ogburn - December 24, 1998
"CryptoLogic Inc. is a Canadian company whose industry-leading gaming software allows multi-player games (complete with player-to-player chat) in a 3-D environment. CryptoLogic Inc. sells this software to casinos and also is building a solid e-commerce business through its financial transaction software. This is one of the few profitable companies in the industry ..."

The Globe and Mail Tech Investing - November 12, 1998
"CryptoLogic Inc. is a company with a lot of potential in an industry with a lot of potential."

Investor's Digest Randall Abramson - July 31, 1998
"CryptoLogic a good bet on Internet gambling ... software developer and Internet transaction processor is unknown, underfollowed - and glaringly cheap."

[Casoni]

Cryptologic Firmen Nachrichten des Casinosoftware-Entwicklers im Jahr 1996


Private placement

Toronto, Canada - July 4, 1996 -- CryptoLogic Inc. (formerly Inter.tain.net Inc.) has now completed development of InterCasino Beta 1.00. InterCasino is a client server application which allows users to connect from anywhere around the world, via the Internet, and gamble for real money. InterCasino is the first application of its kind.
The company also announced today the arranging of a private placement of $873,600 by the issue of 416,000 Units where each Unit consists of One (1) Common Share and One-Half (1/2) of a Warrant. Each full Warrant entitles the holder to purchase one additional Common Share at $3.00 per share until February 12, 1997.




Private placement completion

Toronto, Canada - August 7th, 1996 -- CryptoLogic Inc. announced it has completed its previously announced private placement of 416,000 units at $2.10 per unit. Each unit consists of one Common Share and one-half a Series "A" Warrant entitling the holder to purchase one-half of a Common Share at $3.00 per share until February 12, 1997, bringing $873,000 to the company's treasury.
CryptoLogic (formerly Inter.tain.net Inc.) develops encryption software and has recently commenced a test of its Beta version gaming software "Intercasino". It expects to be ready to offer its final product to the market later this summer.



Change of Symbol

Toronto, Canada - August 12, 1996 -- CryptoLogic Inc. announced today it changed its symbol from ITNI to CRYP to reflect its change of name from Inter.tain.net Inc. to CryptoLogic Inc. announced previously.
CryptoLogic trades on the Canadian Dealing Network (CDN) in Ontario.



Second Quarter report

Toronto, Canada - August 22, 1996 -- CryptoLogic Inc. announced its second quarter results showing a loss of $0.04 per share. The report noted the previously announced completion of the private placement of 416,000 Units at $2.10 per Unit (one Common Share and one-half of a $3.00 Warrant).
The company reported it received the highest possible rating from Tucows, one of the largest Internet distributors, who experience six million visitors a month, who will distribute the company's software.

The company also reported over 2,500 users had tried its Beta version game resulting in a 21 million `virtual dollar' gaming volume showing a virtual "Net Win" of over 4%. The company's offshore subsidiary is expected to initiate its "on-line" service in the near future.

CryptoLogic trades on the Canadian Dealing Network (CDN) in Ontario.



CryptoLogic appointed director of the company

Toronto, Canada - September 6, 1996 -- CryptoLogic Inc. announced today it had appointed Fredrick T. (Ted) White a director of the company. Mr. White will assist the company to develop licensing and marketing activities for the company's computer software products.
Ted White is a founder of AGT Data Systems and founder and CEO of Amdahl Canada. He was a general partner of Ventures West Management, a venture capital management company, and is currently chairman of Tandem Computers (Canada) and a director of Alex Informatique Inc., Simware Inc., a public Internet company, and Mobile Computing Corporation.

Mr. White purchased 200,000 share purchase warrants for $0.10 per warrant. Each warrant will entitle him to purchase one common share at a price of $2.50 per share at any time up to August 31, 2001.

CryptoLogic trades on the Canadian Dealing Network (CDN) in Ontario.




Non-exclusive licensed agreement

Toronto, Canada - December 6, 1996 -- CryptoLogic Inc. announced today it has signed a non-exclusive agreement through its subsidiary Intertain.net Antigua Inc. with an offshore licensed gaming company. Under the terms of the agreement Intertain.net will license and manage the gaming software for its customers and manage a server for them. The fees charged are related to the amount of net gaming revenue received by licensee.
To support the agreement, CryptoLogic has contracted to provide its ecash software and program support to Intertain.net.

CryptoLogic is a public company and trades on the CDN under the symbol CRYP.

For Further Information

[Casoni]

Cryptologic Presse News 1997


December Revenues
Toronto, Canada - January 03, 1997 -- CryptoLogic Inc. announced today it has recorded fee revenues from its subsidiary's computer service and license agreement with the Antigua casino. Initial revenues from the program in the month of December show the company exceeding its break-even point. While it is too early to project annualized revenues with one month's revenue recorded, the company is encouraged by these results.
CryptoLogic is a public company and trades on the CDN under the symbol CRYP.

For Further Information



CryptoLogic announced the Inter.Tain.Net Antigua Inc. gross license revenues
Toronto, Canada - February 04, 1997 -- CryptoLogic Inc. announced today that its wholly owned subsidiary Inter.Tain.Net Antigua Inc. has recorded gross license revenues in excess of $230,000 CAD in December 1996 and in excess of $430,000 CAD in January 1997. Further details will be released with CryptoLogic's first quarter scheduled for release in April 1997. CryptoLogic Inc. is a computer software company that licenses its software to an offshore gaming house in Antigua. It trades on the CND under the symbol CRYP.



Merchant status: Deferral of termination
Toronto, Canada - February 25, 1997 -- CryptoLogic Inc. announced previously that one of its three financial institutions had withdrawn its merchant status from which in excess of 40% of its gross revenue is derived. The Company is pleased to announce it has negotiated a deferral of the termination until March 3rd, 1997 to enable it to procure an alternate institution. Management is presently seeking a replacement which is anticipated in the near future. CryptoLogic is a computer software company that has licensed electronic cash and gaming software to third parties.
CryptoLogic trades on the CDN under the symbol CRYP.




Merchant status: Deferral of termination
Toronto, Canada - February 27, 1997 -- CryptoLogic Inc. announced previously that one of its three financial institutions had withdrawn its merchant status from which in excess of 40% of its gross revenue is derived. The Company is pleased to announce it has negotiated a further deferral of the termination until the close of business on March 10th, 1997 to enable it to procure an alternate institution. Management is presently seeking a replacement which is anticipated in the near future. CryptoLogic is a computer software company that has licensed electronic cash and gaming software to third parties.
CryptoLogic trades on the CDN under the symbol CRYP.

For Further Information please contact: Jenny Solursh




Merchant status negotiation
Toronto, Canada - March 06, 1997 -- CryptoLogic Inc. announced previously that one of its three financial institutions had withdrawn its merchant status from which in excess of 40% of its gross revenue is derived. The Company is pleased to announce that it has negotiated merchant status with an alternative institution and is in the process of completing negotiations with several additional institutions. These institutions will provide CryptoLogic Inc. with the ability to process transactions in US currency and provide several new settlement capabilities for CryptoLogic Ecash Software. The changeover is expected to occur without disruption to its business. Further, the Company has negotiated an indefinite deferral of the withdrawal of merchant status by the original institution.
In addition, CryptoLogic Inc. is pleased to announce that its gross fee revenue from its subsidiary company was in excess of $560,000 CAD for February, 1997as compared with $430,000 CAD in January, 1997. The Company does not expect to release any further earnings statements until the Quarterly Report is issued in April 1997.

CryptoLogic Inc. is a computer software company that specializes in internet transaction processing and has licensed electronic cash and gaming software products to third parties.

CryptoLogic Inc. trades on the CDN under the symbol CRYP




Company Update
Toronto, Canada - May 7, 1997 -- CryptoLogic announced today that it was served with a Notice of Application by David Lowry a director of the Company and its largest single shareholder, and his company 72779 Alberta Ltd., requesting the Ontario General Court to declare the Class A Warrant previously issued to the founders of the Company, Andrew Rivkin and Mark Rivkin, to be void, and requesting that Andrew Rivkin Mark Rivkin Ted Cohen and Milt Moskowitz be removed as directors of the Company. The Class A Warrant entitles the holder to purchase a number of common shares at $0.50 per share provided the Company earns $5 million within 5 years beginning January 1996. The number of shares that may be purchased, equals that number, which when added to 1.2 million shares equals 1/2 of the number of the issued and outstanding shares of the Company at the time of exercise. The A Warrant was previously described in the Information Circular sent to the Company shareholders in January 1996. The Company will oppose this application.
CryptoLogic trades on the CDN under the symbol CRYP.




First quarter financial results
Toronto, Canada - May 7, 1997 -- CryptoLogic announced today that its financial statements for the 10 months ended December 31st 1996 disclose an operating loss of $602,000 or $0.12 per share. The Company also announced that the first quarter results of operations ended March 31st 1997 resulted in net earnings of $1,156,215 or $0.20 per share. CryptoLogic Inc. is a computer software company that specializes in Internet transaction processing and has licensed electronic cash and gaming software products to third parties.



April Revenues
Toronto, Canada - May 27, 1997 -- CryptoLogic Inc. announced today it recorded fee revenue increase of over 30% for the month of April from its subsidiary's computer service and license agreement with the Antigua casino. Fee revenue exceeded $950,000 which is up from $730,000 recorded in March 1997. The company is encouraged by these results.
CryptoLogic is a public company and trades on CDN under the symbol CryptoLogic and currently has approximately 6.6 million common shares outstanding.




Private placement
Toronto, Canada - June 12, 1997 - CryptoLogic Inc. announced today it recorded gross licensing fee revenue increase of over 30% for the month of May from its subsidiary's computer service company. Fee revenue for May exceeded $1.25 Million, which is up from $950,000 recorded in April 1997. The company is encouraged by these results.
CryptoLogic is a public company and trades on the CDN under the symbol CRYP and currently has approximately 6.6 million common shares outstanding.




Gaming Software version 2.20 & License to second offshore gaming operator
Toronto, Canada - August 25, 1997 -- CryptoLogic Inc. announced today the release of its Internet Gaming software, InterCasino version 2.20. The new version went on-line yesterday, and offers users many advanced features including two new games, namely Craps and Baccarat. These games join Blackjack, Roulette, Caribbean Poker, Video Poker, Slots as well as a full service Sports Book. InterCasino version 2.20 is licensed to WWTS, an independent offshore gaming operator.
In addition, CryptoLogic is pleased to announce that the company's wholly owned subsidiary has licensed its gaming technology to a second offshore operator, who will operate an online casino under the trade name "Casino Internationale".

CryptoLogic continues to make significant progress in the further development of its Electronic Commerce software version 2.0. The commercial release of this product is scheduled for the end of 1997. The company believes that the release of this electronic cash settlement system will provide CryptoLogic with significant opportunities in this emerging industry.

Currently, CryptoLogic's software products are being used by more than 60,000 individuals in over 160 countries. Over the past eight months, more than US$220 million in Electronic Commerce Transactions have been processed by CryptoLogic's Server Technology.

CryptoLogic is a public Ontario Corporation listed on the Canadian Dealing Network under the symbol CRYP. The company is involved in software development and operations for Internet transaction processing. Its current focus is on Internet Gaming software and Electronic Commerce software.




CryptoLogic announces 3rd quarter results; growth in revenues; growth in earnings
Toronto, Canada - October 23, 1997-- CryptoLogic Inc. announced today its results for the nine months ended September 30, 1997. Revenues for the quarter ended September 30, 1997 were $5.9 million, bringing its nine month revenues to $11.2 million. The Company had insignificant revenues in the same period last year, as it was in its start-up phase.
Net earnings for the third quarter were $4.0 million, bringing the Company's net earnings for the nine month period to $7.4 million. This compares with a loss of $0.5 million for the same period last year. Basic earnings per share in the third quarter, 1997 were $0.55, bringing the nine month total to $1.13 per share. On a fully diluted basis, earnings per share were $0.25 for the quarter and $0.49 for the nine months ended September 30, 1997. There are approximately 7.5 million common shares currently outstanding.

CryptoLogic's growth momentum continues, as witnessed by a comparison of the third quarter versus the second quarter. Revenues increased by 65.5%, while Net earnings increased by 75.9%. On a per share basis, basic earnings rose 57.1%, while fully diluted earnings increased 56.2%.

During the third quarter, CryptoLogic's wholly owned subsidiary licensed three operators to use the Company's Casino Gaming Software, under the trade names: "Casino Internationale", "Sands of the Caribbean" and "Casino Inn", bringing the total number of licensed operators to four.

CryptoLogic expects to launch a new version of its electronic commerce software later in the fourth quarter. As well, its wholly owned subsidiary has licensed another operator under the name "Casino Regal", bringing the total number of licensed operators to five.

CryptoLogic's software products are being used by individuals in more than 160 countries worldwide. The Company has processed more than 42 million individual Secure Electronic Transactions, from more than 80,000 registered users, with nearly USD $325 million in Electronic Commerce Transactions being processed by CryptoLogic Server Technology.

On September 30, 1997, the application brought by Mr. Lowry respecting the founders warrants was heard in court, and the Company is currently awaiting a decision from that court.

CryptoLogic is a public Ontario Corporation listed on the Canadian Dealing Network; Symbol CRYP. The company is involved in software development and operations for Internet transaction processing. Its current focus is on Internet Gaming software and Electronic Commerce software.




CryptoLogic Inc. appoints security advisor to the board
Toronto, Canada - November 25, 1997-- The board of directors of CryptoLogic Inc. is pleased to announce the appointment of Mr. Norman Inkster as security advisor to the board and management of the corporation. Mr. Inkster is president of KPMG Investigation & Security Inc., where he is responsible for client services related to security, fraud control, systems integrity and forensic accounting. From 1989 to 1994 Mr. Inkster was Commissioner of the RCMP, and from 1992 to 1994 was president of Interpol. Mr. Inkster will advise the board and management of CryptoLogic on all matters of security for Internet commerce and related operations and services.
CryptoLogic is a public Ontario Corporation listed on the Canadian Dealing Network, Symbol CRYP. The company is involved in software development and operations for Internet transaction processing. Its current focus is on Internet Gaming software and Electronic Commerce software. There are approximately 7.5 million common shares currently outstanding.

CryptoLogic expects to launch a new version of its electronic commerce software later in the fourth quarter.

CryptoLogic's software products are being used by individuals in more than 190 countries worldwide. The Company has processed more than 50 million individual Secure Electronic Transactions, from more than 100,000 registered users, with nearly USD $380 million in Electronic Commerce Transactions being processed by CryptoLogic server technology.

[Casinonews]

1998


CryptoLogic shareholders approve Class A Warrant amendment and stock split
Toronto, Canada - February 3, 1998-- CryptoLogic Inc. announced today that the shareholders approved the proposed agreement announced last December , that was reached by all of the parties involved to settle the litigation respecting the Class A Warrant held by Andrew and Mark Rivkin. The shareholders also approved a resolution authorizing the directors to split the company's common shares at a rate of up to 4 to 1. The details and timing of the split will be announced by a future news release.
The business of the company is Internet software development, licensing, and servicing. The company is also active in Internet transaction processing. Its current focus is on Electronic Commerce and Internet Gaming software.

CryptoLogic Inc. is an Ontario Corporation listed on the Canadian Dealing Network under the symbol CRYP. There are approximately 7.9 million common shares outstanding.




CryptoLogic announces strong financial results in its first full year of operations
Toronto, Canada - March 5, 1998-- CryptoLogic Inc. announced today strong financial results in its first full year of operations ended December 31, 1997. Revenue totaled $17.8 million, up from $213,000 in the prior year. Net earnings totaled $8.7 million dollars or $0.61 per share on a fully diluted basis, compared with a loss of ($0.11) per share on a fully diluted basis in 1996. Year-over-year results are not comparable as CryptoLogic was operating on a commercial basis for only the last month and a half of 1996.
For the year, revenue and earnings exceeded Company forecasts. In accordance with prudent accounting policies, the Company took a one-time write-down against a single receivable of $3.5 million, reducing final net earnings from $12.2 million to $8.7 million for the year. CryptoLogic is finalizing a security agreement, which it expects will enable it to recover the write-down within 2-3 years.

As previously announced, in December 1997 CryptoLogic was successful in obtaining a favorable settlement to a legal dispute, which was subsequently approved by the shareholders. Professional costs related to this legal action resulted in a charge of approximately $550,000.

In 1997, CryptoLogic made significant progress in strengthening its position in Internet financial processing and in improving its operations to manage the strong growth for its proprietary technologies and systems. The company has completed processing contracts with a number of financial institutions. This important initiative will enable CryptoLogic to effectively manage the steady growth in demand for financial processing over the Internet.

Management is very pleased with its progress in 1997, CryptoLogic's first full year of operations. Going forward, Management will continue to ramp up the Company's resources to focus on Electronic Commerce. Management believes this emerging industry represents a major growth opportunity for CryptoLogic, and that the Company's proven technology and the leadership it has established strongly positions CryptoLogic for continued success.

CryptoLogic is a software development company with leading proprietary technology enabling secure, high-speed financial transactions over the Internet. The company's systems are currently being utilized worldwide for Electronic Commerce and Internet gaming by more than 150,000 individuals in over 200 countries. CryptoLogic's unique, proven server technology processed more than US$550 million worth of Electronic Commerce Transactions since November 1996.

CryptoLogic's common shares trade on the CDN under the symbol CRYP. There are currently 8.4 million common shares are outstanding.

FINANCIAL HIGHLIGHTS – Year Ended December 31, 1997
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr 1997 1996
Revenue $1.74M $3.58M $5.92M $6.61M $17.85M $0.21M
Expenses Before Unusual Items $0.47M $1.08M $1.39M $1.82M $4.77M $0.82M
After Unusual Items $0.47M $1.17M $1.64M $5.51M $8.79M $0.82M
Provision for Income Taxes $0.11M $0.12M $0.26M ($0.17M) $0.32M -
Net Earnings (Loss) Before Unusual Items $1.16M $2.37M $4.27M $4.96M $12.76M ($0.6M)
After Unusual Items $1.16M $2.29M $4.02M $1.27M $8.74M ($0.6M)
Basic EPS (Loss) Before Unusual Items $0.20 $0.36 $0.59 $0.64 $1.85 ($0.12)
After Unusual Items $0.20 $0.35 $0.55 $0.16 $1.27 ($0.12)
Fully Diluted EPS (Loss) Before Unusual Items $0.08 $0.16 $0.27 $0.33 $0.88 ($0.11)
After Unusual Items $0.08 $0.16 $0.25 $0.08 $0.61 ($0.11



CRYPTOLOGIC ANNOUNCES FIRST QUARTER RESULTS: GROWTH IN REVENUE, GROWTH IN EARNINGS
Toronto, Canada - April 27, 1998-- CryptoLogic Inc. announced today its first quarter results with growth in both revenues and earnings. For the quarter, revenues and earnings exceeded Company projections. Revenue for the quarter ended March 31, 1998 totaled $8.82 million. Revenues recorded in the same period last year were $1.74 million, an increase of $7.08 million or more than 400%.
Net earnings for the first quarter totaled $5.52 million, compared to $1.16 million in the same period last year, an increase of $4.36 million, or more than 375%.

Earnings per share in the first quarter of 1998 were $0.67, compared to $0.20 in the same period last year. On a fully diluted basis, earnings per share were $0.37 for the quarter, compared to $0.08 for the same period in 1997.

At March 31, 1998, the Company had licensed its electronic commerce and gaming software to ten companies, who are each operating the software using unique brand names in order to capture different markets. During the first quarter of 1998 the company completed three of the ten licensing agreements.

CryptoLogic is a software development company with leading proprietary commerce enabling technology, permitting secure, reliable, high-speed, private financial transactions over the Internet. The Company's systems are currently being utilized worldwide for Electronic Commerce and Internet gaming by more than 200,000 individuals in more than 200 countries. CryptoLogic's unique, proven server technology has processed more than one billion dollars worth of Electronic Commerce Transactions since November 1996.

CryptoLogic's common shares trade on the Canadian Dealing Network under the symbol CRYP. There are approximately 8.2 million common shares outstanding.

1st Quarter 1998
1st Quarter 1997

Gross revenue
$8.82M
$1.74M

Net earnings
$5.52M
$1.16M

Earnings per share
$0.67
$0.20

Fully diluted earnings per share
$0.37
$0.08





CRYPTOLOGIC ANNOUNCES TWO NEW ADDITIONS TO MANAGEMENT TEAM
Toronto, Canada - July 8, 1998-- CryptoLogic Inc. is pleased to announce two recent additions to the company's management team.

Harvey Solursh, C.A., senior partner of Solursh Feldman & Partners, joins the company as Chief Financial Officer. Mr. Solursh's appointment follows the appointment of KPMG as auditor of the company at the recent annual shareholders meeting.

Barry Shafran, C.A. joins the company as Director of Business Development and Vice President of Operations. Mr. Shafran has extensive experience in industry in the fields of strategic planning, mergers and acquisitions and operations.

Both appointments reflect the Company's stated objective of broadening its senior management base. CryptoLogic has experienced significant growth in revenues and profits quarter over quarter. Revenue in the first quarter of 1998, ending March 31, 1998, exceeded $8.82 million and net earnings were $5.52 million ($0.67 per share/ $0.37 fully diluted). The company looks forward to the contribution of these two new additional members of its management team as it positions itself for the diversification that its strong growth to date has enabled.

CryptoLogic is involved in software development and management that permit the processing of Internet based transactions. Its current focus is on electronic commerce and Internet gaming software. The Company's software products are used by individuals in more than 240 countries worldwide. The company has processed more than 200 million secure electronic transactions, worth more than U.S. $1 billion, from more than 250,000 users.

The company notes the recent weakness in its share price but reports that there are no adverse corporate developments to account for the drop in share price. Second quarter results will be announced by the end of the month.




CRYPTOLOGIC ANNOUNCES SECOND QUARTER RESULTS
Toronto, Canada - July 22, 1998-- CryptoLogic Inc. announced today its second quarter results. Total revenue for the quarter ended June 30th, 1998 totaled $7.54 million, an increase of $3.97 million or 111% over the same period last year. Net earnings increased $3.17 million or 139% over 1997. As a result, earnings per share in the second quarter of 1998 were $0.65, compared to $0.35 in the second quarter of 1997. On a fully diluted basis, earnings per share were $0.36 for the second quarter of 1998, compared to $0.16 for the second quarter of 1997.

Net earnings for the six months totaled $10.98 million, compared to $3.44 million in 1997, an increase of $7.54 million or 219%. For the six months, earnings per share were $1.32, and $0.73 on a fully diluted basis compared to $0.55 and $0.24 fully diluted in the second quarter of 1997.

During the second quarter of 1998, CryptoLogic entered into one new licensing agreement, bringing the total number of licensees to eleven. The Company anticipates adding two additional licensees in the near future. Each licensee brings a unique marketing opportunity to the software for increased visibility and distribution worldwide.

While earnings remained level, revenues during this quarter did not experience the growth of the past. Increased competition has slowed the growth of licensee fee revenue which declined by 8.89% from the first quarter, while one time customization fees were $700,000 less than in the first quarter. Each licensee continues to market its customized software package and to increase its customer base.

The Company plans to release Version 3.0 of the gaming software in October 1998. Management believes this software package will strengthen its licensee's competitive position.

CryptoLogic continues to make significant progress in strengthening its position in the electronic commerce market. As at June 30th, the Company had processed more than 1.4 billion dollars worth of secure transactions over the Internet, in more than 240 countries around the world, for more than 250,000 individuals since November 1996.

CryptoLogic Inc. is a software development company with leading proprietary technology enabling secure, reliable, high-speed private financial transactions over the Internet. It has developed and licensed software technology for the Internet Gaming industry to companies holding valid Internet gaming licenses. CryptoLogic continues to innovate and develop state of the art Internet related software applications for both the electronic commerce market as well as the online gaming market. CryptoLogic's common shares trade on the Canadian Dealing Network under the symbol CRYP. There are approximately 8.5 million common shares outstanding.

2nd Quarter 1998
2nd Quarter 1997

Gross revenue
$7.54M
$3.58M

Net earnings
$5.46M
$2.29M

Earnings per share
$0.65
$0.35

Fully diluted earnings per share
$0.36
$0.16





CRYPTOLOGIC REPORTS ON PROPOSED LEGISLATION
Toronto, Canada - July 24, 1998-- CryptoLogic Inc. reported today that the U.S. Senate has approved the Kyl bill as an amendment to the Commerce, Justice, and State appropriation bill rather than as a free-standing piece of legislation. The Company's understanding is that it is doubtful that the Kyl amendments will be contained in the final appropriation bill.

The Kyl bill is aimed at prohibiting Internet gaming and penalizes bettors, casino operators and others associated with Internet gaming in the United States, although the U.S. Department of Justice, in expressing reservations about the bill, has questioned whether it will be possible to implement all of its provisions.

CryptoLogic Inc. is the supplier of software to the Internet gaming industry and licenses its software to Internet casino operators who hold valid Internet casino gaming licenses from the jurisdictions in which they are resident and from which they operate. CryptoLogic's eleven current licensees are located in Antigua, Curacao and Dominica. These are sovereign jurisdictions and they dispute the authority of the United States to preclude it from granting gaming licenses to its resident businesses. Several Australian states are also in the process of licensing Internet gaming and do not consider themselves bound by a U.S. ban. The government of Dominica announced last week that it intends to operate its own Internet casino.

Passage in the Senate is only one step required before the Kyl bill could become law. The House of Representatives must still consider its own appropriations bill and the Senate and House must then reconcile the differences between their bills, prior to seeking Presidential approval.

The probability that the Kyl bill will not be passed has increased as a result of its inclusion with the Senate's appropriation bill, in the opinion of advisors to the Internet Gaming Council, an industry trade association. They also advise that there are other aspects of the appropriation that may lead to it being vetoed by President Clinton for reasons wholly unrelated to the Kyl amendment. If that occurs, Congress will have to quickly put together a non-controversial measure that can gain approval of both chambers of the legislature and the President in order to provide needed government funding. They say that, historically, such last minute measures do not contain extraneous provisions such as the Kyl amendment.

A number of groups are lobbying to have the Kyl provision dropped from the combined Senate and House appropriations bills, including the Coalition for Constitutional Liberties and the American Civil Liberties Union. Antigua has joined with the Internet gaming industry in mounting a major objection to the Kyl bill.

Should the bill be passed, the Company and its licensees will have to elect whether to discontinue processing bets from U.S. residents. This could have a significant adverse effect on the Company's revenue from the licensing of gaming software. The majority of its licensees' revenue, from which the Company earns its fees, is based on the Internet gaming of U.S. residents. The Company is working to improve its licensees' ability to operate in non U.S. markets. Several foreign language versions of the software will be added shortly in addition to the current Japanese version.

CryptoLogic has been actively completing the development of its proprietary E-Cash software, an application that provides an extremely easy to use Internet Commerce Interface for vendors of any type or size. This E-cash system is based on the current system that has already processed hundreds of millions of dollars successfully on behalf of all of the users of its gaming software, and already serves two other commercial customers on a test basis. CryptoLogic has other prospective customers awaiting the commercial release of this product.

As the Company moves increasingly into the arena of Electronic Commerce, a host of other opportunities are presenting themselves, including a wide range of potential electronic commerce acquisitions and strategic partnerships. The Company currently has cash reserves of $19.8 million (Cdn.) which will permit it to take advantage of these opportunities.

The Company believes its diversification strategy, superior product technology and substantial financial resources will allow it to overcome, what would otherwise be a significant adverse impact on its revenues, in the event that the Kyl bill ultimately becomes law and the Company's licensees no longer accept bets from U.S. citizens.




CRYPTOLOGIC REPORTS ON FINANCIAL MATTERS
Toronto, Canada - August 27, 1998-- CryptoLogic Inc. reported today that KPMG has issued an unqualified auditors' report on the interim financial statements of the Company for the five months ended May 31, 1998. The audit was completed in conjunction with the Company's application for listing on the Toronto Stock Exchange.

CryptoLogic also reports that it expects recurring revenue in the 3rd quarter will be comparable or marginally lower than that of the second quarter. Increased competition has slowed the growth of license fee revenues.

In October 1998, the Company will be releasing new gaming software that will offer the Internet user such features as a 3D virtual environment, multi-player gaming and chat capabilities. The user may also browse the Internet while playing at any of the licensees' casinos. These enhanced features and functionality are currently not available through other gaming providers on the Internet and are expected to increase the competitive edge of the Company's licensees and permit them to capture a greater share of the Internet Gaming market.

The Company has also taken steps to translate its software application into multiple languages. In addition to the English and Japanese versions currently available, CryptoLogic Inc. will be releasing a Spanish version in the fall, followed by German, Portuguese and Chinese versions. Research has shown that these language specific markets are the fastest growing markets per capita on the Internet.

CryptoLogic Inc. has made significant progress in the development of its new electronic commerce product. These two upcoming product releases will position the Company for future growth in the rapidly expanding Internet marketplace.

CryptoLogic Inc. continues to innovate and develop state of the art Internet related software applications for both the electronic commerce market as well as the online gaming market. CryptoLogic Inc. is a software development company with leading proprietary technology that enables the settlement of private financial transactions over the Internet.

CryptoLogic's common shares trade on the Canadian Dealing Network under the symbol CRYP. There are approximately 8.5 million common shares outstanding.




CRYPTOLOGIC ANNOUNCES LISTING APPROVAL FROM TORONTO STOCK EXCHANGE
Toronto, Canada - September 11, 1998 -- CryptoLogic Inc. is pleased to announce that the Toronto Stock Exchange has given conditional approval for the listing of its common shares, subject only to the fulfillment of the Exchange's usual filing requirements. It is expected that listing will occur within the next few weeks.

CryptoLogic is involved in software development and management that permits the processing of Internet based transactions. Its current focus is on electronic commerce and Internet gaming software. The Company's software products are used by 300,000 individuals in more than 240 countries worldwide.




CRYPTOLOGIC ANNOUNCES THE COMMENCEMENT OF TSE TRADING
Toronto, Canada - September 29, 1998 -- CryptoLogic Inc. is pleased to announce that the Company's shares will commence trading on the Toronto Stock Exchange at the opening of business on September 30, 1998. The new trading symbol is CRY. The Company's shares previously traded on the Canadian Dealing Network Inc. under the symbol CRYP.

CryptoLogic is in the business of software development and management involving processing of Internet based transactions. CryptoLogic's current focus is on electronic commerce and Internet gaming software.

There are currently 8,468,745 common shares outstanding. On a fully diluted basis there will be 15,428,745 common shares outstanding.




CRYPTOLOGIC ANNOUNCES RELEASE OF NEW GAMING SOFTWARE
Toronto, Canada - October 6, 1998 -- CryptoLogic Inc. is pleased to announce that its wholly owned subsidiary, Intertainet Overseas Licensing Limited, has released Version 3.0 of its gaming software. Currently, it has licensed its gaming software package to 11 operators who each hold government Internet gaming licenses in jurisdictions around the world. The new software product will permit these operators to offer many enhanced features to attract and add entertainment value to their users. Version 3.0 has been initially released to the operator of the Internet casino named InterCasino, and will be released to the remaining 10 licensees within the next 60 days.

Included in this new software package are multi-player games, where players from around the world can join together at the same gaming table. While sitting next to each other, these players will now have the ability to chat back and forth in real time, creating a "virtually live" gaming experience.

Also added to this gaming package is a live Internet browser. Users in the system are now able to surf the Internet within the gaming application. As an example, a user may choose to have a live news ticker or stock quotes ongoing on his or her screen while gaming.

Finally, version 3.0 has a new multimedia 3D panoramic environment, in which users can virtually walk through the gaming rooms. The graphics are realistic and enticing.

It is anticipated that this new version of the gaming software will enable licensees to successfully compete and enhance existing revenues in the emerging Internet Gaming market.

CryptoLogic is in the business of software development and management involving processing of Internet based transactions. CryptoLogic's current focus is on electronic commerce and Internet gaming software.




CRYPTOLOGIC REPORTS FAILURE OF PROPOSED U.S. INTERNET GAMING LEGISLATION
Toronto, Canada - October 21, 1998 -- American legislation aimed at prohibiting Internet gaming has not been enacted in this session of U.S. Congress, although, it may be reintroduced when Congress resumes for the next session. The Kyl Bill, aimed solely at banning Internet Casinos offered within the United States, had been attached to the Commerce, Justice and State appropriations legislation but was not included in the final appropriations Bill approved by Congress. Earlier in the year, the U.S. Justice Department had characterized Senator Kyl's Bill as unenforceable. Significant efforts are currently underway to propose new legislation aimed at regulating Internet Gaming.

CryptoLogic's wholly owned subsidiary, Intertainet Overseas Licensing Limited, licenses its gaming software to Internet casinos that are authorized to accept international wagers by the governments of the jurisdictions in which they reside. Among these licensees are the operators of some of the Internet's largest casinos. They have reiterated their intention to continue to accept wagers in their licensing jurisdiction regardless of the customer's country of origin. The governments of the licensing jurisdictions have taken the position that legislation such as the Kyl Bill would be an invasion of their sovereignty. Amongst the jurisdictions offering Internet gaming licenses are several states in Australia, which have recently enacted legislation legalizing Internet gaming.

The Company's recently released next generation interactive gaming software and its focus on multi-language development, positions CryptoLogic for strong growth and expansion. CryptoLogic is the leading supplier to this Internet market segment and will utilize its significant financial resources to further its position as the dominant player in this market.

CryptoLogic is in the business of software development and management involving processing of Internet based transactions. CryptoLogic's current focus is on electronic commerce and Internet gaming software.

CryptoLogic has approximately 8.5M shares outstanding (15.4M shares fully diluted).




CRYPTOLOGIC ANNOUNCES THIRD QUARTER RESULTS
Toronto, Canada - October 27, 1998 -- CryptoLogic Inc. announced today its third quarter results. Total revenue for the quarter ended September 30th, 1998 totaled $7.77 million, an increase of $1.85 million or 31% over the same period last year. Net earnings for the quarter totaled $5.88 million, an increase of $1.86 million or 46% over the same period last year. As a result, earnings per share in the third quarter of 1998 were $0.69 compared to $0.55 in the third quarter of 1997. On a fully diluted basis, earnings per share were $0.39 for the third quarter of 1998, compared to $0.25 for the third quarter of 1997.

Net earnings for the nine months ended September 30, 1998 totaled $16.86 million, compared to $7.47 million in 1997, an increase of $9.39 million or 126%. For the nine months, earnings per share were $2.01, and $1.12 on a fully diluted basis compared to $1.13 and $0.49 fully diluted in the third quarter of 1997. At the end of the third quarter, CryptoLogic's cash reserves, including restricted cash totaled $27.73 million.

During the third quarter, CryptoLogic released Version 3.0 of its Internet gaming software. The new software has many new features including multi-player games, a 3D panoramic environment, chat functionality that allows the players to communicate with each other while playing, as well as the ability for players to browse the Internet while they play. This new software ensures that licensees will continue to offer the best gaming software on the Internet, and enables CryptoLogic to continue to lead this market.

CryptoLogic is in the business of software development and management that permits the processing of Internet based transactions. Its current focus is on electronic commerce and Internet gaming software.

CryptoLogic's common shares trade on the Toronto Stock Exchange under the symbol CRY. There are currently 8.5 million common shares outstanding (15.4 million shares fully diluted).

3rd Quarter 1998
3rd Quarter 1997

Gross revenue
$7.77M
$5.92M

Net earnings
$5.88M
$4.02M

Earnings per share
$0.69
$0.55

Fully diluted earnings per share
$0.39





CRYPTOLOGIC INC. ANNOUNCES FULL RECOVERY OF A $3.5 MILLION WRITE-DOWN
Toronto, Canada - December 15, 1998 -- The Company is pleased to announce that it has made a full recovery of the account receivable write-down of $3.5 million recorded in 1997.

On March 5th 1998, the Company announced that in fiscal 1997, it took a one-time write-down against an account receivable of $3.5 million and was finalizing a security agreement, which would enable the Company to recover the write-down within two to three years. Throughout the current year CryptoLogic Inc. has been recovering, in monthly installments, a portion of this debt.

At September 30th, 1998 CryptoLogic Inc. had recovered $0.8 million of the receivable. Pursuant to an agreement dated December 9th 1998, the Company received the outstanding balance of $2.7 million on December 12th, 1998.

CryptoLogic Inc. is an Internet software development company with leading proprietary technologies that enable secure, high-speed financial transactions over the Internet, and provide state of the art e-commerce and gaming applications.

CryptoLogic Inc. is a public company listed on the TSE, trading under the symbol CRY. There are currently 8.5 million common shares outstanding.

For Further Information please





CRYPTOLOGIC INC. MAKES STRATEGIC INVESTMENT
Toronto, Canada - December 21, 1998 -- CryptoLogic is pleased to announce that the Company has purchased a 4.3% interest in Electronic Card Systems Inc., a private California company. Electronic Card Systems Inc. is in the business of credit card transaction processing, primarily focused to Internet based merchants. CryptoLogic paid $400,000 US for this investment.

The Company's investment in Electronic Card Systems Inc. strengthens CryptoLogic's processing capabilities for its current merchants. This purchase also provides a strategic alliance for CryptoLogic's new e-cash product, due to be released in 1999, by giving CryptoLogic access to market its e-commerce product to Electronic Card System's database of merchants.

CryptoLogic Inc. is an Internet software development company with leading proprietary technologies that enable secure, high-speed financial transactions over the Internet, and provide state of the art e-commerce and online gaming applications.

CryptoLogic Inc. is a public company listed on the TSE, trading under the symbol CRY. There are currently 8.5 million common shares outstanding.

[Cabo]

Cryptologic Firmen Nachrichten des Casinosoftware-Entwicklers im Jahr 1999


CRYPTOLOGIC INC. ANNOUNCES ACQUISITION OF GAMESMANIA INTERNET MAGAZINE
Toronto, Canada - January 6, 1999 -- CryptoLogic Inc. is pleased to announce that it has purchased the assets of Gamesmania, from Internet Frontier Inc. (iFront), a wholly owned subsidiary of Microforum Inc. (TSE:MCF). For competitive reasons, the material terms of this transaction are not being publicly disclosed.

Gamesmania is an award-winning Internet e-zine (electronic magazine), and one of the most popular video game sites on the Internet. Established in 1996, Gamesmania has millions of visitors a month and offers content provided by recognized leaders of the industry. The acquisition of Gamesmania is part of CryptoLogic's strategy of adding to growth through acquisition and increasing its presence in the entertainment/media segment of the Internet.

CryptoLogic Inc. is an Internet software development company with leading proprietary technologies that enable secure, high-speed financial transactions over the Internet, and provide state of the art e-commerce and online gaming applications to Internet casino operators.

CryptoLogic Inc. is a public company listed on the TSE, trading under the symbol CRY. There are currently 8.5 million common shares outstanding.





CRYPTOLOGIC ANNOUNCES FINANCIAL INFORMATION TO BE REPORTED IN U.S. DOLLARS

Toronto, Canada - February 9, 1999 -- CryptoLogic Inc. announced today that all future financial information, including the 1998 Annual Report, will be reported in U.S. dollars. As CryptoLogic's revenues are derived internationally and are transacted in U.S. dollars, this change will convey the Company's financial information to its shareholders in the currency of measurement in which the Company transacts its business.

Year-end and all future results will have a period over period comparison in U.S. dollars.

CryptoLogic Inc. is an Internet software development company with leading proprietary technologies that enable secure, high-speed financial transactions over the Internet, and provide state of the art e-commerce and licensing of online gaming applications to Internet casino operators.

CryptoLogic Inc. is a public company listed on the TSE, trading under the symbol CRY. There are currently 8.5 million common shares outstanding, 15.4 million shares fully diluted.

For Further Information please contact: Jenny Solursh



10.02.1999
CRYPTOLOGIC ANNOUNCES FOURTH QUARTER REVENUE GROWTH

Toronto, Canada - February 10, 1999 -- CryptoLogic Inc. is pleased to announce that 1998 fourth quarter revenues (in US dollars) increased by 22% over revenues for the third quarter.

This increase in revenue does not include the recovery of $1.9 million USD in relation to a receivable written down in 1997.

The Company will release complete figures for the Year-Ended December 31, 1998 by the end of February 1999.

CryptoLogic Inc. is an Internet software development company with leading proprietary technologies that enable secure, high-speed financial transactions over the Internet, and provide state of the art e-commerce and licensing of online gaming applications to Internet casino operators.

CryptoLogic Inc. is a public company listed on the TSE, trading under the symbol CRY. There are currently 8.5 million common shares outstanding, 15.4 million shares fully diluted.

For Further Information please contact: Jenny Solursh





CRYPTOLOGIC ANNOUNCES 84% REVENUE GROWTH & 60% EARNINGS GROWTH FOR 1998 (174% AFTER UNUSUAL ITEMS)

Toronto, Canada - February 17, 1999 --

December 31, 1998 - Fourth quarter results: Q4 revenues were up 39% totaling $6.4 million compared to $4.6 million in Q4 1997 (all items are stated in US dollars). As a result, basic earnings per share were $0.73 ($0.51 before unusual items) compared to $0.11 ($0.45 before unusual items) in Q4 1997. Fully diluted earnings per share were up 566% totaling $0.40 ($0.28 before unusual items) compared to $0.06 ($0.23 before unusual items) in Q4 1997.

Net income for Q4 was up 588% totaling $6.2 million ($4.3 million before unusual items) compared to $0.9 million ($3.5 million before unusual items) in Q4 1997.

December 31, 1998 Year End Results

1998 Revenues were up 84% totaling $22.9 million compared to $12.5 million in 1997 (all items are stated in US dollars). As a result, basic earnings per share for 1998 were $1.99 ($1.70 before unusual items) compared to $0.89 ($1.29 before unusual items) for 1997. Fully diluted earnings per share were up 155% totaling $1.10 ($0.94 before unusual items) compared to $0.43 ($0.62 before unusual items) for 1997.

Net income for the year ended December 31, 1998 was up 174% totaling $16.7 million ($14.3 million before unusual items) compared to $6.1 million ($8.9 million before unusual items) in 1997, an increase of $10.6 million.

In 1998, CryptoLogic made significant progress in strengthening its position in Internet transaction processing and entertainment, and in improving its operations to manage the strong growth of its proprietary technologies and systems.

The Company added four new licensees to its group of industry leaders, completed its first strategic investment in Electronic Card Systems, a credit card transaction processor, and made significant additions to its management team.

CryptoLogic Inc. is an Internet software development company with leading proprietary technologies that enable secure, high-speed financial transactions over the Internet, and provide state of the art e-commerce and licensing of online gaming applications.

CryptoLogic Inc. is a public company listed on the TSE, trading under the symbol CRY. There are currently 8.5 million common shares outstanding, 15.4 million shares fully diluted.

FINANCIAL HIGHLIGHTS
(US$ thousands except for per share information)




FINANCIAL HIGHLIGHTS
(US$ thousands except for per share information)




*1998 recovery of receivable
**1997 write down of receivable and cost of defense of legal action



08.03.1999
CRYPTOLOGIC ANNOUNCES ADDITION TO BOARD OF DIRECTORS

Toronto, Canada - March 8, 1999 --

CryptoLogic Inc. is pleased to announce the most recent addition to its Board of Directors. This appointment reflects the Company's objective of broadening and diversifying it's Board of Directors.

David Cynamon joins the company as a member of CyptoLogic's Board of Directors. Mr. Cynamon has been the Chairman and CEO of KIK Corporation since 1995. Under his direction, KIK Corporation has grown to sales of CDA$200 million from CDA$16 million, and has achieved a leadership position in the household products category of the North American private label industry.

Prior to joining KIK Corporation, Mr. Cynamon was Chairman and CEO of NHC Communications Inc., founded in 1987 and one of the first companies of its time to offer the non-professional investor real-time, on-line stock quotations and other information services. Later, the company became a leader in the networking communications manufacturing sector and was ranked 6th on Ernst and Young/Profit Magazine's 1992 and 1993 list of Canada's fastest growing companies.

Today, in addition to running KIK Corporation, Mr. Cynamon is a founding partner and shareholder in P'laydium Entertainment Corporation, a Toronto-based company that runs virtual reality theme parks across Canada.

CryptoLogic is involved in Internet software development and management that permits the processing of Internet based transactions. Its current focus is on electronic commerce and Internet gaming software. The Company's software products are used by individuals in more than 240 countries worldwide. The company has processed more than 200 million secure electronic transactions, worth more than U.S. $1.4 billion, from more than 250,000 users.

CryptoLogic Inc. is a public company listed on the TSE, trading under the symbol CRY. There are currently 8.5 million common shares outstanding, 15.4 million shares fully diluted.



23.03.1999
CRYPTOLOGIC ANNOUNCES SEVERAL CHANGES TO EXECUTIVE TEAM

Toronto, Canada - March 23, 1999 --

CryptoLogic Inc. is pleased to announce the following changes to the Company's executive team.

Jenny Solursh has been promoted to Senior Vice President and will focus her efforts in the areas of Industry Relations, International Banking, Licensing and Investor Relations. Jenny's expertise and experience in helping CryptoLogic grow will now be directed at increasing the Company's profile in the Internet and Gaming Industries, establishing strategic alliances and in identifying opportunities for future growth.

Rob Thompson joins CryptoLogic as Vice President of Marketing, following his most recent role as Director, New Media and Market Research with the Bank of Montreal. Rob brings extensive Internet and marketing experience to the Company and will take on the responsibility for corporate and product marketing.

CryptoLogic Inc. is an Internet software development company with leading proprietary technologies that enable secure, high-speed financial transactions over the Internet, and provide state of the art e-commerce and licensing of online gaming applications.

CryptoLogic Inc. is a public company listed on the TSE, trading under the symbol CRY. There are currently 8.5 million common shares outstanding, 15.4 million shares fully diluted.



26.03.1999
CRYPTOLOGIC ANNOUNCES THE LAUNCH OF TWO WEBSITES

Toronto, Canada - March 26, 1999 --

CryptoLogic Inc. is pleased to announce the launch of two new corporate sites.

CryptoLogic's corporate site www.cryptologic.com has been re-designed and updated. Our site provides shareholder and investor information in our new, easy to navigate design. Additions to this site include detailed financial history, as well as product information.

CryptoLogic's wholly owned licensing subsidiary, IOLL, has launched its web site www.ioll.com. This site has been designed to provide information for investors interested in licensing the Company's Internet Gaming Software.

CryptoLogic Inc. is an Internet software development company with leading proprietary technologies that enable secure, high-speed financial transactions over the Internet, and provide state of the art e-commerce and licensing of online gaming applications.

CryptoLogic Inc. is a public company listed on the TSE, trading under the symbol CRY. There are currently 8.5 million common shares outstanding, 15.4 million shares fully diluted.



15.04.1999
CRYPTOLOGIC ANNOUNCES NASDAQ APPLICATION

Toronto, Canada - April 15, 1999 --

CryptoLogic Inc. is pleased to announce its plans to make formal application for listing on the Nasdaq National Market. This will enable the Company to have greater investment exposure in the United States marketplace.

CryptoLogic has determined that the Company has met all of the posted requirements for a Nasdaq listing. Once submitted, the application will be subject to review by the Nasdaq Listings Qualifications analyst. The fact that the Company will be applying for a listing is not a guarantee that it will be accepted.

CryptoLogic Inc. is a software development company with leading proprietary technology enabling secure, reliable, high-speed private financial transactions over the Internet. CryptoLogic continues to innovate and develop state of the art Internet software applications for both electronic commerce and Internet gaming.

CryptoLogic's common shares currently trade on the Toronto Stock Exchange under the symbol CRY. There are approximately 8.5 million common shares outstanding, and 15.4 million fully diluted.




22.04.1999
CRYPTOLOGIC ANNOUNCES 34% REVENUE GROWTH AND 35% EARNINGS GROWTH IN FIRST QUARTER RESULTS

Toronto, Canada - April 22, 1999 -- (stated in US$)

CryptoLogic Inc. announced today its first quarter results. Total revenue for the quarter ended March 31st, 1999 totaled US $8.3 million, an increase of US $2.1 million or 34% over the same period last year. Net earnings for the quarter totaled US $5.4 million, an increase of US $1.4 million or 35% over the same period last year. As a result, earnings per share in the first quarter of 1999 were US $0.64 compared to US $0.48 in the first quarter of 1998. On a fully diluted basis, earnings per share were US $0.35 for the first quarter of 1999, compared to US $0.26 for the first quarter of 1998. At the end of the first quarter, CryptoLogic's cash and cash equivalents, including restricted cash totaled US $30.7 million.




On April 15, 1999, the Company announced its plans to make formal application for listing on the Nasdaq National Market. This will enable the Company to have greater investment exposure in the United States marketplace.

CryptoLogic's corporate site www.cryptologic.com has been re-designed and updated. Our site provides shareholder and investor information in our new, easy to navigate design. Additions to this site include detailed financial history, as well as product information. CryptoLogic's wholly owned licensing subsidiary, IOLL, has launched its web site www.ioll.com. This site has been designed to provide information for investors interested in licensing the Company's Internet Gaming Software.

CryptoLogic Inc. is a software development company with leading proprietary technology enabling secure, reliable, high-speed private financial transactions over the Internet. CryptoLogic continues to innovate and develop state of the art Internet software applications for both electronic commerce and Internet gaming.

CryptoLogic's common shares trade on the Toronto Stock Exchange under the symbol CRY. There are currently 8.5 million common shares outstanding (15.4 million shares fully diluted).




11.05.1999
CRYPTOLOGIC ISSUES NORMAL COURSE ISSUER BID

Toronto, Canada - May 11, 1999 --

CryptoLogic Inc. reported today that it has issued a Normal Course Issuer Bid commencing on May 13, 1999 and terminating on May 12, 2000.

CryptoLogic Inc. intends to acquire up to 425,192 of the issued common shares in its capital, representing 5% of its 8,503,845 issued and outstanding common shares. Purchases under the bid will be effected on the open market through the facilities of the Toronto Stock Exchange. Purchases and payment for common shares will be made by CryptoLogic Inc. in accordance with the by-laws and rules of the Exchange. The price to be paid by CryptoLogic Inc. for the common shares acquired by it will be the market price at the time of acquisition.

The directors of CryptoLogic Inc. believe that the company's common shares are under valued by the market, in relation to their inherent worth and are a good investment at current and recent prices. The common shares purchased by CryptoLogic Inc. during the course of the Issuer Bid will be cancelled.

CryptoLogic Inc. is a software development company with leading proprietary technology enabling secure, reliable, high-speed, private financial transactions over the Internet. CryptoLogic continues to innovate and develop state of the art Internet software applications for both electronic commerce and Internet gaming.

CryptoLogic's common shares trade on the Toronto Stock Exchange under the symbol CRY. There are currently 8.5 million common shares outstanding (15.4 million shares fully diluted).




22.07.1999
CRYPTOLOGIC ANNOUNCES SECOND QUARTER RESULTS: 54% INCREASE IN REVENUES, 48% INCREASE IN INCOME

Toronto, Canada - July 22, 1999 -- (stated in US$)

CryptoLogic Inc. announced today its second quarter results. Total revenue for the three months ended June 30th, 1999 totaled US $8.0 million, an increase of $2.8 million or 54% over the same period last year. Net income for the quarter totaled $4.9 million, an increase of $1.6 million or 48% over the same period last year. As a result, earnings per share in the second quarter of 1999 were $0.57 compared to $0.39 in the second quarter of 1998. On a fully diluted basis, earnings per share were $0.32 for the second quarter of 1999, compared to $0.22 for the second quarter of 1998. At the end of the second quarter, CryptoLogic's cash and cash equivalents, including restricted cash totaled $36.4 million.

Total revenue for the six months ended June 30th, 1999 totaled US $16.2 million, an increase of $4.8 million or 42% over the same period last year. Net income for the six months totaled $10.3 million, an increase of $3.1 million or 43% over the same period last year. As a result, earnings per share in the first six months of 1999 were $1.21 compared to $0.87 in the first six months of 1998. On a fully diluted basis, earnings per share were $0.67 for the first six months of 1999, compared to $0.48 for the first six months of 1998.




Total revenue for the second quarter was 3.4% lower than in the first quarter of 1999. In 1998, total revenue for the second quarter was 15.6% lower than in the first quarter of that year. Management believes that this trend can be attributed to seasonality and is similar to what is noted elsewhere in the Internet industry. The effect of seasonality is considerably less in 1999 (3.4%) than in 1998 (15.6%).

On April 15, 1999, the Company announced its intentions to apply for listing on the Nasdaq National Market. Management anticipates the submission of its application to occur in the early fall as scheduled, enabling greater investment exposure in the United States marketplace.

Pursuant to the normal course issuer bid, the Company purchased 25,000 common shares at a price of CDN $17.50 during the latter part of June 1999. Under the issuer bid, which expires on May 12, 2000, the Company has the right to purchase an additional 400,000 common shares.

During the quarter, CryptoLogic's wholly owned subsidiary IOLL completed two new licensing agreements for its gaming software and looks forward to the launch of Version 4.0 of this leading gaming application in the latter part of 1999.

Management also continues to pursue opportunities in worldwide markets including Australia, Asia and Europe to promote its state-of-the-art Internet software applications for both electronic commerce and Internet gaming. CryptoLogic's gaming software is currently accessible in Japanese, English, and Spanish with several additional languages becoming available in the coming year. The additional languages that are becoming available will increase the potential to expand into international markets and appeal to foreign jurisdictions.

CryptoLogic Inc. is a software development company with leading proprietary technology enabling secure, reliable, high-speed private financial transactions over the Internet. CryptoLogic continues to innovate and develop state of the art Internet software applications for both electronic commerce and Internet gaming.

CryptoLogic's common shares trade on the Toronto Stock Exchange under the symbol CRY. There are currently 8.5 million common shares outstanding (15.6 million shares fully diluted).




20.08.1999
CRYPTOLOGIC INC. REPORTS ON STARNET SEARCH WARRANTS

Toronto, Canada - August 20, 1999 --

In response to the press releases issued today about search warrants executed in respect of Starnet Communications International Inc. relating to alleged illegal betting and bookmaking and pornographic and other activities being investigated by the RCMP, CryptoLogic Inc. announces that no similar search warrants have been executed against it or its officers and directors.

CryptoLogic Inc. has no affiliation or business relationship with Starnet Communications or its officers and directors.

CryptoLogic has no information about the offences being investigated against Starnet other than what is being reported in the press.

CryptoLogic's wholly owned Cyprus subsidiary owns Internet based gaming software which it licenses to Internet casino operators located in Antigua, Curacao and Dominica. These operators are all licensed by the relevant authorities in their respective jurisdictions to operate virtual casinos on the Internet.

The Internet gaming industry is rapidly expanding and its legal status is uncertain and evolving. A bill has been introduced for consideration by the U.S. Senate purporting to make Internet gaming by U.S. residents illegal. At the same time, other jurisdictions, such as some Australian states, have passed legislation legalizing Internet gaming. The Company continues to monitor legal developments in the industry, including today's actions against Starnet Communications.

CryptoLogic Inc. is a software development company with leading proprietary technology enabling secure, reliable, high-speed private financial transactions over the Internet. CryptoLogic continues to innovate and develop state of the art Internet software applications for both electronic commerce and Internet gaming.

CryptoLogic's common shares trade on the Toronto Stock Exchange under the symbol CRY. There are currently 8.5 million common shares outstanding (15.6 million shares fully diluted).




26.08.1999
CRYPTOLOGIC FILES NASDAQ LISTING APPLICATION AND REGISTRATION STATEMENT ON FORM 40-F

Toronto, Canada - August 26, 1999 --

CryptoLogic Inc. today announced it has filed a Registration Statement on Form 40-F with the United States Securities and Exchange Commission to register its common shares pursuant to Section 12(g) of the Securities Exchange Act of 1934. The Company also filed today an application with The Nasdaq Stock Market to list its shares on the Nasdaq National Market. The application is subject to review by Nasdaq Listing Qualifications, and the fact that the Company has applied for listing is not a guarantee that it will be accepted.

CryptoLogic is a software development company with leading proprietary technology enabling secure, reliable, high-speed private financial transactions over the Internet. CryptoLogic continues to innovate and develop state of the art Internet software applications for both electronic commerce and Internet gaming.

CryptoLogic's common shares trade on The Toronto Stock Exchange under the symbol CRY. There are currently 8.5 million shares outstanding (15.6 million shares fully diluted).




12.10.1999
CRYPTOLOGIC INC. ANNOUNCES AGREEMENT WITH WILLIAM HILL

Toronto, Canada - October 12, 1999 --

CryptoLogic is pleased to announce that its wholly owned subsidiary Intertainet Overseas Licensing Limited (IOLL) has signed a heads of agreement with William Hill Limited of London England to provide its Internet Gaming software and related support services. The parties anticipate finalizing the details of the arrangement by the end of October 1999.

William Hill was founded in London, England in the 1930's by Mr. William Hill-the leading bookmaker of his day. Initially, the business was based on a telephone service until betting shops were legalized in the United Kingdom in 1961.

Today, the UK market is dominated by three major players. William Hill accounts for an estimated 23 percent of the industry's turnover with over 1500 land based licensed betting outlets, employing 9,000 staff. William Hill dominates the telephone wagering field with over 150,000 registered clients and an estimated market share of 42%. In 1998 William Hill had gross wagering turnover of more than £1.8 billion.

CryptoLogic Inc. is a software development company with leading proprietary technology enabling secure, reliable, high-speed, private financial transactions over the Internet. CryptoLogic continues to innovate and develop state of the art Internet software applications for both the electronic commerce and Internet gaming industries.

CryptoLogic's common shares trade on the Toronto Stock Exchange under the symbol CRY. There are currently 8.5 million common shares outstanding (15.5 million shares fully diluted).



21.10.1999
CRYPTOLOGIC ANNOUNCES THIRD QUARTER RESULTS: 57% INCREASE IN REVENUES, 45% INCREASE IN INCOME

Toronto, Canada - October 21, 1999 -- (stated in US$)

CryptoLogic Inc. announced today its third quarter results. Total revenue for the three months ended September 30th, 1999 totaled US $8.0 million, an increase of $2.9 million or 57% over the same period last year. Net income for the quarter totaled $4.8 million, an increase of $1.5 million or 45% over the same period last year. As a result, earnings per share in the third quarter of 1999 were $0.56 compared to $0.39 in the third quarter of 1998. On a fully diluted basis, earnings per share were $0.31 for the third quarter of 1999, compared to $0.22 for the third quarter of 1998. At the end of the third quarter, CryptoLogic's cash and cash equivalents, including restricted cash totaled $41.4 million.

Total revenue for the nine months ended September 30th, 1999 totaled US $24.2 million, an increase of $7.7 million or 47% over the same period last year. Net income for the nine months totaled $15.1 million, an increase of $4.6 million or 44% over the same period last year. As a result, earnings per share in the first nine months of 1999 were $1.77 compared to $1.26 in the first nine months of 1998. On a fully diluted basis, earnings per share were $0.98 for the first nine months of 1999, compared to $0.70 for the first nine months of 1998.




CryptoLogic's wholly owned subsidiary, Intertainet Overseas Licensing Limited (IOLL), is in the process of finalizing the Licensing Agreement with William Hill Limited of England that was previously announced. William Hill Limited is one of the foremost sports betting companies in the world.

On August 26, 1999, the Company announced that it had filed an application with the Nasdaq Stock Market to list its shares on the Nasdaq National Market. The Company's application is being reviewed in the normal course by the Nasdaq Listing Committee. The application is subject to review by Nasdaq Listing Qualifications, and the fact that the Company has applied for listing is not a guarantee that it will be accepted.

Pursuant to the normal course issuer bid, the Company purchased 9,400 common shares during the third quarter at an average price of CDN $14.73. Bringing the total number of common shares purchased under the issuer bid to 34,400 shares. Under the issuer bid, which expires on May 12, 2000, the Company has the right to purchase an additional 390,792 common shares.

CryptoLogic Inc. is a software development company with leading proprietary technology enabling secure, reliable, high-speed private financial transactions over the Internet. CryptoLogic continues to innovate and develop state of the art Internet software applications for both electronic commerce and Internet gaming.

CryptoLogic's common shares trade on the Toronto Stock Exchange under the symbol CRY. There are currently 8.6 million common shares outstanding (15.6 million shares fully diluted).



22.11.1999
CRYPTOLOGIC REPORTS ON PROPOSED LEGISLATION
Toronto, Canada - November 22, 1999 --

CryptoLogic Inc. reported today that the U.S. Senate has passed legislation that bans some forms of Internet gaming, while expanding the reach of others. The "Internet Gambling Prohibition Act" (S. 692), introduced by Senator Jon Kyl (R-Ariz.), is a revised version of legislation that was passed by the Senate last year, but failed to become law.

A companion bill in the House of Representatives was recently introduced and has passed the Judiciary Subcommittee on Crime 5-3, which was divided among party lines. Business on the House bill will be taken up again in late January when congress reconvenes for the remainder of its two-year session. For those unfamiliar with the US legislative system, both the Senate and the House need to pass a bill with differences being worked out in a conference committee. The President must sign the final bill in order for it to become law. In this case, the Kyl bill (Senate) and the Goodlatte bill (House) are very different in nature, and therefore, the Company believes that it may be some time before this materializes, if at all.

The Senate's legislation has come under attack by groups ranging from privacy advocates and free market conservatives to Internet Service Providers, and groups concerned about problem gambling. The Department of Justice has also expressed extreme concern over the Kyl bill.

While titled the Internet Gambling Prohibition Act, the legislation specifically exempts horse racing, dog racing, state lotteries, Indian tribes, hotel-casinos, and a host of other gambling enterprises. Criticism has been levied against the bill for actually increasing the number of homes that will have access to in-home wagering.

CryptoLogic Inc. is a supplier of software to the Internet gaming Industry through it's wholly owned subsidiary IOLL. IOLL licenses its software to Internet casino operators who hold valid Internet casino gaming licenses from the jurisdictions in which they are resident and from which they operate. IOLL's fourteen current licensees are located in Antigua, Curacao and Dominica. These are sovereign jurisdictions and they dispute the authority of the United States to preclude it from granting gaming licenses to its resident businesses. Several Australian states have also begun licensing Internet gaming, and do not consider themselves bound by a U.S. ban.

CryptoLogic Inc. is a software development company with leading proprietary technology enabling secure, reliable, high-speed, private financial transactions over the Internet. CryptoLogic continues to innovate and develop state of the art Internet software applications for both the electronic commerce and Internet gaming industries.

CryptoLogic's common shares trade on the Toronto Stock Exchange under the symbol CRY. There are currently 8.6 million common shares outstanding (15.6 million shares fully diluted).



25.11.1999
CRYPTOLOGIC EXPANDS ITS INTERNATIONAL PRESENCE BY FINALIZING AGREEMENT WITH WILLIAM HILL LIMITED

Toronto, Canada - November 25, 1999 --

CryptoLogic is pleased to announce that its wholly-owned subsidiary, Intertainet Overseas Licensing Limited (IOLL) has finalized an agreement with William Hill Internet Ventures Limited, a wholly-owned subsidiary of William Hill Limited of London, England to provide its Internet gaming software and related support services.

This strategic license follows CryptoLogic's strategy of expanding the company's operations with an increased focus on international markets with major participants such as William Hill. CryptoLogic is negotiating other strategic connections in other international markets to strengthen this strategy.

William Hill was founded in the 1930's by Mr. William Hill, who built up the business to become the first UK betting company to be listed on the London Stock Exchange. Initially, the business was based on a telephone service until betting shops were legalized in the United Kingdom in 1961.

Today, William Hill accounts for an estimated 23% of UK betting shop turnover from its 1500 licensed outlets, and it dominates the telephone wagering field with an estimated market share of 42%. It was also the first UK bookmaker to offer its services over the Internet. In 1998 William Hill had gross wagering turnover of more than £1.8 billion.

The William Hill brand name is recognized internationally. William Hill stands alone as the largest company to enter the online gaming industry and is confidently expected to become one of the industry leaders. Its entry into online gaming is a natural complement to its Internet sportsbook (www.willhill.com), which offers tax-free betting to a worldwide audience under UK government regulations.

Both parties anticipate the release of a 'play for fun' version of the software shortly, followed by a 'play for real' version targeted for release before the New Year. William Hill's web-site is located at www.williamhillcasino.com.

CryptoLogic Inc. is a software development company with leading proprietary technology enabling secure, reliable, high-speed, private financial transactions over the Internet. CryptoLogic continues to innovate and develop state of the art Internet software applications for both the electronic commerce and Internet gaming industries.

For the year ended December 31st, 1998 CryptoLogic's revenue was $22.9M USD and for the nine months ended September 30th, 1999 the company's revenue was $24.2M USD.

CryptoLogic's common shares trade on the Toronto Stock Exchange under the symbol CRY. There are currently 8.6 million common shares outstanding (15.6 million shares fully diluted).



08.12.1999
CRYPTOLOGIC ANNOUNCES NEW LANGUAGE VERSION AND VERSION 4.0 UPDATE

Toronto, Canada - December 8, 1999 --

CryptoLogic Inc. is pleased to announce the completion of a Spanish language version of the Company's online gaming software. The new Spanish version is in-line with the Company's overall strategy to further expand its presence in International markets. The Spanish language is in addition to the Japanese language version, which has been operating successfully for over two years. The Spanish version is based on version 3.0 of the casino gaming software technology and includes translated help files, dealer voice-overs and table images. This software will be offered to all existing licensees and should act as a catalyst for new licensees.

The Company is also completing development of version 4.0 of its online casino gaming technology. This version is in the Alpha testing stage and is scheduled for worldwide release early in the New Year. This new version will include such features as; a VIP room for bigger stakes, progressive jackpots, easier step by step installation process, a variety of new games, DirectX compatibility for faster and smoother animations, a new interactive 3D environment including player avatars, enhanced audio features and dealer voices, new 3D elements (cards, slots etc.) and a larger screen layout.

CryptoLogic Inc. is a software development company with leading proprietary technology enabling secure, reliable, high-speed, private financial transactions over the Internet. CryptoLogic continues to innovate and develop state of the art Internet software applications for both the electronic commerce and Internet gaming industries.

CryptoLogic's common shares trade on the Toronto Stock Exchange under the symbol CRY. There are currently 8.6 million common shares outstanding (15.6 million shares fully diluted).



13.12.1999
CRYPTOLOGIC REALIZES PROFIT ON SALE OF INTERNET MAGAZINE

Toronto, Canada - December 13, 1999 --

CryptoLogic Inc., a leading Toronto-based Internet software development company, today announced the sale of Gamesmania, a wholly owned subsidiary, to Hip Interactive Corp. for $1.7 million in cash and stock. The transaction enables CryptoLogic to realize a profit on its January 1999 purchase of Gamesmania, a leading electronic magazine and operator of one of the most popular video game sites on the Internet.

"Today's announcement fulfills CryptoLogic's original goals in purchasing Gamesmania," said Andrew Rivkin, CryptoLogic's president and CEO. "Not only has CryptoLogic realized a sizeable profit for its shareholders, but we have also maintained valuable equity in the fast-growing Internet entertainment market by taking back shares in Hip Interactive Corp."

Hip Interactive Corp. was formed in 1999 to create a fully integrated name brand E-commerce business, selling video games and consumer PC software. On Thursday, December 9th, 1999 Hip completed the acquisition of six companies, being Gamesmania Inc., an award winning and popular Internet electronic magazine (e-zine) which offers reviews of video games to its visitors, Software Online Inc., a consumer software and computer peripherals E-tailer; Operational Excellence Inc., an E-commerce solutions provider; Microplay Entertainment & Video Centers Inc., a franchiser of video game and PC software retail stores, Softek International Inc., a of consumer software and video games and Gameworld Inc., an operator of coin-operated video arcades. To reflect those transactions, Hip raised $16,094,000 by way of a private placement.

Hip Interactive Corp. has submitted an application for visible quotation of its common shares on the Canadian Dealing Network under the trading symbol "HIPI"; however, as of the date of this press release, CDN has not completed its review of such application.

Gamesmania will benefit greatly from the move to Hip Interactive Corp. in that, they will be able to expand their product offering from solely PC gaming into console gaming as well. This means that their coverage will include Sony Playstation, Sega Dreamcast, Nintendo 64 and many other popular platforms. Under the Hip Interactive Corp. umbrella, Gamesmania should be in a better position to compete in their Internet space.

In addition to this strategic move for Gamesmania, CryptoLogic may have the opportunity to provide its E-commerce facilities to this new entity and is currently in discussions with the management of Hip Interactive Corp. to this end.

On January 6th 1999, CryptoLogic announced that it had purchased the assets of Gamesmania from Internet Frontier Inc. (iFront), a wholly owned subsidiary of Microforum Inc. (TSE:MCF). For competitive reasons, the material terms of the transaction were not publicly disclosed.

CryptoLogic Inc. (TSE:CRY) is the leading software development company serving the fast-growing Internet gaming market. The company's proprietary technologies enable secure, high-speed financial transactions over the Internet. CryptoLogic continues to innovate and develop state of the art Internet software applications for both the electronic commerce and Internet gaming industries.