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Cryptologic Sells Shares to British Investors

TORONTO, Canada – (PRESS RELEASE) -- The founders of CryptoLogic Inc. have sold shares worth about $30 million Cdn - eight per cent of the company - to British institutional investors.

The Toronto-based maker of Internet gambling software said Monday that Andrew Rivkin and Mark Rivkin, who until 2000 were chief executive officer and chief operating officer, made the sale of 1.075 million shares at 12.50 pounds per share through the London Stock Exchange.

"We are delighted to have attracted blue-chip U.K. institutional shareholders, and view their investment as a positive endorsement of CryptoLogic's growth strategy," stated Lewis Rose, president and CEO.

"The U.K. is emerging as the global centre for regulated online gaming, and the diversification of our shareholder base into this major market reflects our international expansion and should help enhance liquidity in the London market."

CryptoLogic shares (TSX:CRY) were up 95 cents or three per cent to a 52-week high of $30.95 on the Toronto stock market after Monday morning's release.

According to CryptoLogic's April proxy circular, Andrew Rivkin owned 1.775 million shares, 13.8 per cent of the total, and no other stockholder owned more than 10 per cent.

American investment fund Royce & Associates disclosed in May that it had increased its holding to just over 1.5 million shares or 12 per cent of the total.

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