Don't Cry for Me, Cryptologic

Year-on-year growth
Cryptologic, the gambling software company originally based in Canada has now moved its center of operations to Dublin, in the Republic of Ireland. Its new appointment of Mr. Brian Hadfield has also been welcomed by the industry. Hadfield's appearance coincides with a modest year-on-year growth for the three months ending June 30, 2008, following the signing of five new clients. The Company grew its revenue in this traditionally slow quarter to $16.8 million (Q2 2007: $16.2 million). The second quarters of 2007 and 2008 produced the software provider's only quarterly losses in recent years, reflecting significant expenses in both periods.

Significant sales
The group also announced recently that it had signed a three-year contract for Internet casino software with the Gaming Media Group Ltd., which owns the Poker Channel, Europe's premier dedicated gaming TV network and PokerHeaven.com, a major European poker room. Cryptologic also announced a further three-year contract with Sky Betting & Gaming, which is part of the BSkyB group PLC, the UK's leading entertainment company. Under this agreement, a selection of the e-gaming leader's top non-downloadable casino games will be available on SkyVegas in early 2009.

New releases
CryptoLogic has recently launched seven exclusive new casino games. The most significant release was the Internet's first slot version of the world-famous Street Fighter II arcade game. The company also presented a new suite of casino games, including titles featuring the famed Marvel Super Hero Sub-Mariner and 4 Deck Multi Hand Video Blackjack, a patent-pending product developed exclusively by CryptoLogic.

Outlook for 2008 and beyond
Despite a bumpy ride over the last 18 months, Cryptologic maintains a positive outlook for the rest of 2008 and 2009. Evidence for this optimism is based on the signing of seven new clients that will inevitably enhance the Company's revenue stream. Add to this new poker room licenses, system enhancements, potential acquisitions, and collaboration with other Internet poker networks, then the Company's prospects for success are looking rosy indeed.