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CryptoLogic Signs 'Major' Argentinean Gaming Company

The company's wholly owned subsidiary, Intertainet Overseas Licensing Limited, has licensed its online gaming software and support services to one of South America's largest gaming operations, based from Argentina. CryptoLogic is respecting its licensee's request not to disclose the company's name for competitive reasons, until the launch of the licensee's Internet casino.

``Our newest licensee marks the fourth license signed by CryptoLogic with major land-based gaming operators in key international markets,'' said Andrew Rivkin, CryptoLogic's president and CEO. ``The significant land-based brand and operational experience of our new Argentinean licensee combined with CryptoLogic's world class technology, should make Argentina's first Internet casino a great success.''

Argentina, the second largest country in South America, represents an excellent launching ground for the continent's first Internet casino. CryptoLogic's Internet casino software will enable its newest licensee to expand onto the World Wide Web, cross market to customers playing at its more than 20 gaming facilities and expand its business across Latin America.

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.

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 14.4 million common shares outstanding (15.6 million shares fully diluted).

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