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Cryptologic Welcomes New CEO To Lead Company In Its Next Growth Phase

"I am delighted to pass the reigns to such a highly qualified leader to take CryptoLogic into its next growth years," said Andrew Rivkin.

"CryptoLogic has enjoyed exceptional success and is ideally positioned to continue to be the premier software provider supplying the world's leading gaming and brand name organizations.

"Now, we need experienced leadership to take our company to the next level, and Jean brings a great combination of entrepreneurial drive, proven track record and large organization experience to advance that goal."

"As directors and shareholders of the company, Andrew and I will continue to play pro-active roles focusing on strategic initiatives," added Mark Rivkin.

"We are strongly committed to the success of CryptoLogic and will work with management to ensure a smooth transition, welcoming Jean to our strong team. We are confident that with Jean at the helm, CryptoLogic will continue to build on solid fundamentals and enhance shareholder value."

Jean Noelting has extensive experience with large public and private companies. In his 19-year career, he has played senior roles in operations, marketing, acquisitions, business development and international business. Noelting is known for his drive for success and a track record of accomplishments in the management of several $1 billion plus operations.

Jean Noelting has held progressively senior positions at Parmalat Canada/Ault Foods Limited, Westburne Inc. and Campbell Soup Company. He will join CryptoLogic from his prior post as president and chief operating officer of Westburne Inc., a $3 billion, 6,000 employee organization and a leading Canadian distributor.

Noelting also held directorships on the boards of Videotron Group Inc., Videotron Communications, Oralife Inc. and LOOK Communications. He holds a Bachelor and a Masters in Science and Mechanical Engineering from the University of Toronto.

Noelting's most notable achievements include generating revenue growth at a rate of $150 million per quarter, which saw sales and profit increase plus 25 percent through acquisitions and organic growth during his tenure at Westburne. He was instrumental in driving multi-million dollar contracts with large customers such as General Motors and Shell.

As president of one of Parmalat Canada's $1 billion divisions, he grew the business unit by 12 percent and eliminated $9 million in operating costs through rationalization of production facilities.

CryptoLogic will realize greater shareholder value in the near term by leveraging the company's leadership position in its core business and focusing on the increasing opportunities in the global online gaming market.

CryptoLogic has postponed the spin out of its e-cash subsidiary due to unfavorable market conditions. Management will continue to evaluate the opportunity to commercialize its e-commerce technology for mainstream applications.

Internet gaming has achieved critical mass and estimated to grow to more than US$6 billion by 2003. CryptoLogic has demonstrated success in attracting brand name licensees in international markets and will continue to capitalize on this growth strategy.

There is a growing trend for governments to accept and regulate online gaming around the world. This new attitude is opening a wealth of new opportunities for CryptoLogic. Las Vegas operators such as MGM and Harrah's in the United States recently announced play-for-fun/play-for-prizes casino sites and are positioning themselves for the regulation of Internet gaming.

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