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Cryptologic to Move Headquarters to Dublin

Tuesday, September 26, 2006

TORONTO, Canada – As reported by the National Post: "Software developer CryptoLogic Inc. is relocating its head office to a more 'friendly' environment in Ireland, highlighting a growingCryptologic is a leading online gambling software manufacturer.
Cryptologic is a leading online gambling software manufacturer.
  moral divide between North America and Europe over Internet gambling.

"The Toronto-based company, which makes software that Internet gambling sites run on, yesterday said it will move its head office -- including top executives, human resources, business development and investor relations -- to Dublin in January. The company's chief executive, Lewis Rose, is not relocating for 'family reasons' and will step down once a replacement is found. Chief information officer Stephen Taylor is moving .

"The Dublin office will start with a staff of about 10, eventually growing to about 20, the company said. The majority of Cryptologic's Toronto staff of 250, including its software development team, will stay put.

"The company will list on London's Alternative Investment Market, and maintain its Toronto and Nasdaq listings.

"Mr. Rose said the main driver of the move was a desire to be closer to customers. About two-thirds of CryptoLogic's customers are international, with about 60% of those in the United Kingdom and Europe…."

"…But he also said CryptoLogic -- whose $104-million in 2005 revenue makes it Canada's fourth-largest application software firm -- wanted to move to a 'gaming-friendly environment.'

"The climate for Internet gambling in North America has turned sour lately. The U.S. House of Representatives in July passed a bill to expand the 1961 Wire Act, which bans gambling over the telephone, to include the Internet. The Senate is expected to move on the bill before it recesses on Oct. 9 for mid-term elections.

"Authorities have also carried out a high-profile crackdown over the past few months with arrests in U.S. airports of several British gambling operator executives…"

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