CryptoLogic Moving to Ireland Jan 2007

CryptoLogic Inc. announced that it will move its headquarters from Toronto, Ontario Canada to the Republic of Ireland in January 2007, subject to regulatory and shareholder approvals, in a press release issued this past Monday.

CryptoLogic Inc. develops processing systems and casino, poker and bingo gaming software. Their products are licensed by their subsidiary, WagerLogic Ltd.. Their Poker licensees include: Betfair Poker, Classic Poker, InterPoker, Littlewoods Poker, PokerPlex, Sun Poker, The Ritz Club London, Totalbet Poker, UKBetting Poker, William Hill Poker, and an upcoming new Playboy poker site.

In the release, Lewis Rose, CryptoLogic's president and CEO remarked, "CryptoLogic's business is increasingly centered in Europe, and establishing our organization in that market is the logical next step to support our international growth plans. By expanding our presence in gaming-friendly jurisdictions, CryptoLogic enhances its flexibility to pursue all strategic opportunities and broaden the services offered to our customers."

The company's processing system and recently upgraded Distributed Poker platform are already in Ireland. CryptoLogic Inc. will also adopt the Alternative Investment Market (AIM) of the London Stock Exchange as its primary market while maintaining its Toronto and NASDAQ listings.

Most Headquarter positions will relocate to Ireland. Because of family reasons, Rose will not relocate to Ireland, but he will remain as president and CEO into 2007 until a replacement can be found.

Other senior executives (including the Chief Technology Officer) will continue in their current positions and locations, and the company's remaining operations in Canada, Cyprus and the UK will be unaffected. This means CryptoLogic's software development team will remain in Canada.

The Chairman will continue in place, and the current Board of Directors will continue until some Directors may be succeeded by new European non-executive Directors to reflect CryptoLogic's growing European-oriented business.

A special meeting of shareholders is planned for late November or early December. The company anticipates that, subject to the receipt of all required regulatory and shareholder approvals, the reorganization to Ireland will be effective January, 2007.