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Thursday, October 02, 2008
CryptoLogic Signs First Casino Customer in Russia & CIS
Comtex
DUBLIN, IRELAND, Oct 02, 2008 (MARKET WIRE via COMTEX) ----CryptoLogic Limited (TSX: CRY)(TSX: CXY)(NASDAQ: CRYP)(LSE: CRP), a leading software developer to the global Internet gaming market, has signed an exclusive licensing agreement with Kurastica, a spin off of a major international operating company with extensive experience in the gaming marketplace that does business in the Commonwealth of Independent States (CIS). Under the multi-year multi-million dollar deal, the company will begin offering CryptoLogic's award-winning Internet casino software, through a number of channels, to players beginning in the first quarter of 2009.
"One of CryptoLogic's goals is to expand into new markets, where we can bring players the best global gaming software - tailored to specific needs," said Brian Hadfield, CryptoLogic's President and CEO. "With a deep-rooted gaming culture, vast population and fast-growing Internet economy, the CIS is a very promising market. And with a seasoned local partner, CryptoLogic will bring players a truly exceptional entertainment experience."
Kurastica's parent company had established successful gaming businesses in Russia, the Ukraine, Kazakhstan, Armenia, Georgia, Belorussia and other countries. Their management and staff include experienced professionals from gaming clubs and casinos, as well as creative experts in the Internet casino space.
With more than 200 games, CryptoLogic has one of the most comprehensive casino suites on the Internet today, earning rave reviews from industry peers and players alike. In February 2008, CryptoLogic earned Gambling Online Magazine's Top Casino Software award for the third consecutive year. Based on the votes of players around the world, it is widely considered the industry's top honour.
"This breakthrough into the CIS is another clear demonstration of our success in adapting CryptoLogic's software for different customers, different players and different markets," added Justin Thouin, CryptoLogic's Vice President of Product Management and Business Development.
About CryptoLogic(R) (www.cryptologic.com)
Focused on integrity and innovation, CryptoLogic Limited is a world-leading, blue-chip public developer and supplier of Internet gaming software. Its leadership in regulatory compliance makes it one of the very few companies with gaming software that is certified to strict standards similar to land-based gaming. WagerLogic(R) Limited, a wholly-owned subsidiary of CryptoLogic, is responsible for the licensing of its gaming software and services to blue-chip customers who offer their games around the world to non-U.S. based players. For information on WagerLogic, visit www.wagerlogic.com.
CryptoLogic's common shares trade on the Toronto Stock Exchange (CRY, CXY), the NASDAQ Global Select Market (CRYP) and the Main Market of the London Stock Exchange (CRP).
CRYPTOLOGIC FORWARD LOOKING STATEMENT DISCLAIMER:
Statements in this press release which are not historical are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, risks associated with the company's financial condition and prospects, legal risks associated with Internet gaming and risks of governmental legislation and regulation, risks associated with market acceptance and technological changes, risks associated with dependence on licensees and key licensees, risks relating to international operations, risks associated with competition and other risks detailed in the company's filings with securities regulatory authorities. These risks may cause results to differ materially from those projected in the forward-looking statements.
Contacts: CryptoLogic Stephen Taylor Chief Financial Officer 353 (0) 1 234 0415 Argyle Communications Karen Passmore (North American and gaming industry media) (416) 968-7311 ext 228 kpassmore@argylecommunications.com Argyle Communications Daniel Tisch (North American and gaming industry media) (416) 968-7311 ext 228 dtisch@argylecommunications.com Corfin Communications Neil Thapar (UK media only) +44 207 977 0020 Corfin Communications William Cullum (UK media only) +44 207 977 0020 Corfin Communications Harry Chathli (UK media only) +44 207 977 0020
SOURCE: CryptoLogic Limited
mailto:kpassmore@argylecommunications.com mailto:dtisch@argylecommunications.com
Copyright 2008 Market Wire, All rights reserved.
FOX Translator
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Think telemarketer. Except, it's much worse because you can't avoid this call. Instead, when you get one, it's time to pay up, because the bet you placed with borrowed money is eating itself.
Buying stocks on margin is risky because you're essentially "playing" with someone else's money. If the shares you purchased tank, your losses will likely be more than if you had bought the shares with your own cash. This is why the New York Stock Exchange and the Nasdaq impose certain restrictions on the practice.
Initially, you¿re only allowed to borrow half of the money from your broker when buying on margin. You set up a margin account and from then on must keep a maintenance balance of at least 25% of the market value of your stocks.
If the market value of your investment falls below this minimum, you're required to make up the difference by either depositing money into your account or selling some of the stock. If your broker notifies you that you've dipped below this minimum, it's called a margin call.
If you fail to adjust your account accordingly, the broker is authorized to sell shares in your account to make up the difference. The broker can even sell other stock in your margin account to make up for the loss that selling the shares didn't cover.
As an example, say you buy $8,000 in stocks of any given company. You borrow the maximum $4,000 from your broker and pay the rest yourself. Now, if and when the total value of these shares changes, you must make sure you maintain at least $2,000 (25%) in equity. In other words, if the total value were to drop below $6,000, you¿d be in trouble since you only put in $4,000 of your own money to begin with.
