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CryptoLogic Receives Alderney License3 March 2003TORONTO, Canada --(Press Release) -- CryptoLogic (NASDAQ:CRYP; TSX:CRY), a leading software developer to the Internet gaming and e-commerce industries, today announced that a wholly owned subsidiary was awarded a license as an approved software provider in one of the world's most strictly regulated jurisdictions. The new license from Alderney, in the British Channel Islands, will give the company's present and future customers another licensed jurisdiction from which to operate Internet casinos. "This is a great day for CryptoLogic, and for everyone who shares our commitment to safe, secure and regulated Internet gaming," said Lewis Rose, CryptoLogic's interim President and CEO. "We're already working with international customers who want to operate Internet casinos from Alderney. And as the global movement to regulate the industry gains steam, another strictly regulated license today means a clear competitive advantage for us tomorrow." The license was announced today by the Alderney Gambling Control Commission, which issued its first-ever interactive gaming licenses last year. The Commission awarded one of those 2002 licenses to The Ritz Club London Online, a wholly owned subsidiary of The Ritz Club, one of the world's most exclusive privately owned gaming clubs. The Ritz Club London Online is now using CryptoLogic-developed software to gain certification in Alderney. Last year, gaming software developed by CryptoLogic earned certification from the highly regulated Isle of Man. As a result, its subsidiary, WagerLogic, is one of the few companies in the world that can now offer licensees a choice of two regulated jurisdictions for their Internet casinos and further reaffirms its regulatory leadership. WagerLogic's strategy involves seeking software certification to the strictest standards available, consistent with the stringent requirements for land-based casinos around the world. The company expects to reap the benefits of this regulatory commitment as more and more jurisdictions see the logic of regulated Internet gaming rather than allowing the revenue to flow outside the jurisdiction. |