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CryptoLogic Calls Levy Suit 'Without Merit'11 January 2002TORONTO, Ontario – (Press Release) -- CryptoLogic Inc. has been named in a lawsuit by Casino Monte Carlo N.V., an online casino licensee of WagerLogic, which is operated by Claude Levy. CryptoLogic has engaged and met this afternoon with legal counsel, Alan Lenczner, Q.C. of Lenczner Slaght Royce Smith Griffin, to advise the company on this matter. CryptoLogic is aware that portions of the claim have been published today on the Internet and has concluded, based on Mr. Lenczner's advice, that the Casino Monte Carlo N.V. claim is frivolous and without merit. Mr. Lenczner will represent CryptoLogic in vigorously defending the claim. About CryptoLogic CryptoLogic Inc. is the leading software development company serving the 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. WagerLogic, a wholly owned subsidiary of CryptoLogic, is responsible for the licensing of its gaming software and services to customers around the world. CryptoLogic's common shares trade on the Toronto Stock Exchange under symbol the CRY and on the Nasdaq National Market under the symbol CRYP. There are currently 13.1 million common shares outstanding (15.5 million shares fully diluted). For more information, visit www.cryptologic.com and www.wagerlogic.com. |