CryptoLogic and Leadership Change

CryptoLogic, the profitable online gambling software company has announced two key positions being filled at their annual shareholders meeting taking place on June 3, 2009. After some setbacks with the recent 2008 SEC filings made by former CEO, Mr. Javaid Aziz, there have been some shakeups within the company and shareholders have taken notice.

The current board of directors unanimously concluded that allowing Mr. Aziz's two proposed board nominations were not in the best interest to the company and its shareholders stating that it would create an "unwanted disruption."

Damage Control
In an effort to further assuage any worries, the company has decided to replace and reform their board, as is the case with Robert Stikeman, who is the current chairman of the board and will be stepping down on his own accord after 6 years of continuous service.

Stikeman will continue to serve in the capacity of a non-executive director while David Gavagan, who has over 29 years of board experience, will fill his position as the new independent non-executive chairman of the board. Also to be appointed at the meeting is James Wallace, who will also become an independent non-executive director.

Gavagan stated: "As CryptoLogic enters a new stage of its development, today's announcement reflects our continued commitment to the highest standards of corporate governance and to long-term value for our shareholders."

There is hope that with the new appointments and change in focus to concentrating on the industry and acquiring new licensees for their gaming platform, CryptoLogic will remain stable for the next years to come.