Cryptologic moving Global HQ to Ireland

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CryptoLogic Inc., a leading software developer to the global Internet gaming market, has announced its proposal to advance its global strategy by establishing its headquarters in the Republic of Ireland in January 2007, subject to regulatory and shareholder approvals. The company also proposes to adopt the Alternative Investment Market (AIM) of the London Stock Exchange as its primary market, and intends to maintain its Toronto and NASDAQ listings. CryptoLogic’s software development team will remain in Canada.

“CryptoLogic’s business is increasingly centered in Europe, and establishing our organization in that market is the logical next step to support our international growth plans,” said Lewis Rose, CryptoLogic’s President and CEO. “For CryptoLogic, this is about being closer to our customers, and to the world’s most thriving Internet gaming markets. By expanding our presence in gaming-friendly jurisdictions, CryptoLogic enhances its flexibility to pursue all strategic opportunities and broaden the services offered to our customers.”

Reorganization of Headquarters

The headquarter functions of the Chief Executive Officer, the Chief Financial Officer, the Vice President of Human Resources, Business Development, and the Head of Investor Relations will be transitioned to Ireland. Mr. Rose is committed to remain as President and CEO into 2007 to assist with an orderly transition until a new CEO based in Ireland can be recruited. For family reasons, Mr. Rose is unable to move to Ireland permanently. The search for a new CEO is already underway. Stephen Taylor, CryptoLogic’s CFO, will be based in Ireland. Other senior executives (including the Chief Technology Officer) will continue in their current positions and locations, and the company’s remaining operations in Canada, Cyprus and the UK will be unaffected.

The Chairman will continue in place, and the current Board of Directors will continue until some Directors may be succeeded by new European non-executive Directors to reflect CryptoLogic’s growing European-oriented business.

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