22nd Dec 2006 07:00
CryptoLogic Inc.21 December 2006 FOR IMMEDIATE RELEASE Symbol: TSX: CRY; NASDAQ: CRYP; LSE: CRP CryptoLogic and William Hill finalize 3-year renewal contract,launch Spanish poker site Contract includes substantially unchanged financial terms, enhanced exclusivityand incentives to increase gaming activity December 21, 2006 (London, UK) - CryptoLogic Inc., a leading software developerto the global Internet gaming industry, today announced that its wholly-ownedsubsidiary WagerLogic Limited has executed a final contract with William Hill,one of the best-known names in European betting and gaming. Under the newcontract, the companies have renewed their relationship for another three yearson financial terms that are materially the same as those in their formeragreement, with incentives to increase gaming activity. The companies have alsolaunched a new Spanish language poker site, at www.williamhillpoker.co.uk (ores.williamhillpoker.com). "We are very excited about the prospect of continuing our partnership withWilliam Hill-an icon in the UK betting market and one of CryptoLogic's mostimportant relationships," said Lewis Rose, CryptoLogic's President and CEO."While much of the online gaming world has only recently started payingattention to the UK and continental Europe, we have been focusing our attentionon these markets for the past five years. Our relationship with William Hillexemplifies our strength in the region and the success of our strategy." The contract will provide enhanced rights of exclusivity to CryptoLogic assoftware provider of choice for William Hill's key online casino and pokerbusinesses. While the financial terms remain unchanged based on historicalactivity levels, William Hill will be rewarded with lower marginal rates forincreases in gaming activity. Such increases are expected based on newdevelopment and business initiatives planned by the companies. "Based on our seven-year history with CryptoLogic and the exciting initiativesalready underway, like Spanish Poker, I am confident that we will grow ourbusiness significantly," said Peter Nolan, William Hill's Group Director, RemoteChannels. "CryptoLogic powers one of the largest poker networks in the world,with particularly strong liquidity in European markets. Their award-winningInternet casino software-both download and non-download versions-creates anengaging entertainment experience that draws new players to our sites and keepscurrent players coming back." The regulations under the UK Gambling Act are scheduled for completion onSeptember 1, 2007, and are expected to have implications for the businesses ofboth companies. Under the agreement, the companies have committed to worktogether to achieve a mutually beneficial result in the new environment. If sucha result can't be reached, both parties have a right to terminate the contractor portions thereof. The Spanish language poker site adds to the Greek site that CryptoLogicpreviously developed for William Hill. Rose added, "Spain is one of Europe's biggest poker markets and the country isembracing Internet gaming. Europe is an increasingly competitive market, sowe'll continue to give our licensees an edge and distinguish CryptoLogic as thesoftware provider of choice through more language-specific offerings likeSpanish poker." CryptoLogic-developed games are featured at William Hill's gaming sites,including www.williamhillcasino.com, and www.williamhillpoker.com. Recently,CryptoLogic also announced new contracts with Betsafe and DTDPoker, bothEuropean poker rooms with strong potential. "With a new poker customer launched this month, other poker and casino customersthat will debut early next year and ongoing business that is secure in long-termagreements, we are excited about the future," said A.J. Slivinski, WagerLogic'sManaging Director. About William Hill Founded in 1934, William Hill is one of the best-known names in the UK bettingindustry. It is one of the leading providers of fixed odds bookmaking services,offering odds and taking bets on a wide range of sporting and other events, aswell as offering Amusement with Prizes machines and Fixed Odds Betting Terminalsin licensed betting offices and operating online casino and poker sites, andgreyhound stadia. It is a market leader in all major betting channels in the UKwith an established international presence through its online businesses. About CryptoLogic(R) (www.cryptologic.com) Focused on integrity and innovation, CryptoLogic Inc. is a world-leading,blue-chip public developer and supplier of Internet gaming software.CryptoLogic's leadership in regulatory compliance makes it one of the very fewcompanies with gaming software that is certified to strict standards similar toland-based gaming. WagerLogic Limited, a wholly-owned subsidiary of CryptoLogic,is responsible for the licensing of the company's gaming software and servicesto a blue-chip customer base around the world. For information on WagerLogic(R),visit www.wagerlogic.com. CryptoLogic's common shares trade on the Toronto Stock Exchange (symbol: CRY),on the NASDAQ Global Select Market (symbol: CRYP), and on the Main Market of theLondon Stock Exchange (symbol: CRP). ### For more information, please contact:CryptoLogic, (416) 545-1455 Argyle Rowland Communications, (416) 968-7311 (North American media)Rick Wadsworth, Director of Communications Karen Passmore, ext. 228/ [email protected] Dan Tisch, ext.223/ [email protected] Corfin Communications (UK media only) Ben Hunt, +44 207 929 8985 Neil Thapar, +44 207 929 8999 Harry Chathli,+44 207 979 8980 CRYPTOLOGIC FORWARD LOOKING STATEMENT DISCLAIMER: Statements in this press release which are not historical are forward-lookingstatements made pursuant to the safe harbor provisions of the Private SecuritiesLitigation Reform Act of 1995. Investors are cautioned that all forward-lookingstatements involve risks and uncertainties including, without limitation, risksassociated with the Company's financial condition and prospects, legal risksassociated with Internet gaming and risks of governmental legislation andregulation, risks associated with market acceptance and technological changes,risks associated with dependence on licensees and key licensees, risks relatingto international operations, risks associated with competition and other risksdetailed in the Company's filings with securities regulatory authorities. Theserisks may cause results to differ materially from those projected in theforward-looking statements. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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