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CryptoLogic Hits High After UK Deal

CANADA – As reported by the National Post: "Shares of CryptoLogic Inc. hit a 52-week high yesterday after the Internet gambling software maker said it struck a deal with Betfair, the world's largest online gaming exchange.

"Toronto-based CryptoLogic said it has signed an agreement with WagerLogic Ltd. to provide the Betfair subsidiary with technology that will help the U.K.-based operation launch an Internet poker game.

"Terms of the deal weren't disclosed. Desjardins Securities analyst David Shore said Cryptologic typically receives about US$250,000 for the sale of its flagship software that helps run Internet-based casinos.

"…Investors liked the deal, too, driving CryptoLogic shares to US$14.47, up 7.3% after an early 10% jump in Nasdaq trading yesterday.

"On the Toronto Stock Exchange, CryptoLogic stock closed at $18.80, a rise of 8.4%…"

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