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CryptoLogic Adds New Online Customer

Poker is one of the fastest-growing game segments on the Internet, and CryptoLogic has very quickly achieved market leadership," said Lewis Rose, CryptoLogic's President and CEO. "Since its release last fall, our unique centralized poker offering -- which directs different operators into a single room for enhanced liquidity -- already powers one of the top 10 poker rooms on the Web. Our software, together with Bingo Entertainment's strong player base and extensive marketing network, is expected to produce winning results."

Table poker accounts for approximately 5% of the $3.5 billion online gaming market today, and yet there are only a dozen established sites for online poker play. This represents a significant growth opportunity for both CryptoLogic and Bingo Entertainment.

"As one of the top bingo operators on the Internet, our mission is to offer gamers exciting and trustworthy Web entertainment," said Richard Chambers, CEO of Bingo Entertainment NV. "WagerLogic's poker technology fits those criteria perfectly, and they have proven that their world-class gaming software delivers results. By participating in a larger online poker community, we will expand our online business and increase profitability."

Bingo Entertainment's new online poker room, will offer a stylish playing environment and user-friendly game site that will appeal to casual poker players and high stakes gamers alike. The site will offer the most popular poker games - Texas Hold'em, 7-Card Stud, Omaha High and Omaha High/Low and enables players to play in their preferred currency - US dollars, British pounds sterling or Euros. WagerLogic's high quality graphics, chat feature and exceptional support and service complete this leading multi-player poker offering.

CryptoLogic is making good progress against its 2003 growth strategy. The company's new poker software is performing well, now rolled out to major licensees -- InterCasino, Peak Entertainment and William Hill, one of the first land-based groups to offer online poker -- in addition to today's new poker customer, Bingo Entertainment. CryptoLogic also received a regulatory license from Alderney, having passed stringent government probity and continues to distinguish itself as one of the few software providers submitting to the strictest regulatory requirements for online gaming.

CryptoLogic has expanded its leadership team in key areas of the organization including a new Chief Technology Officer. To further align company and employee interests with shareholders, CryptoLogic will be paying a bonus in shares to employees. To that end, the company will issue 100 shares as a bonus to each of its employees for a total of 14,000 shares. Additionally, 11,730 shares will be issued in aggregate to certain employees, of which 6,922 shares will be issued to senior management who are also company insiders, for payment representing 50% of the value of their annual bonus.

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