|CryptoLogic Inc. a leading software supplier to the Internet gaming and e-commerce industries, is pleased to announce that an amicable settlement has been reached in respect of a civil action filed by the New Jersey Divisions of Gaming Enforcement and Consumer Affairs. |
The settlement agreement expressly acknowledges that CryptoLogic, WagerLogic, and the WagerLogic licensees named in the civil action have not violated any law, statute, ordinance, contract, duty or obligation whatsoever.
'As a leading advocate of safe, secure, responsible and regulated online gaming, we are very pleased that this issue has been resolved and is now behind us,' said Jean Noelting, President and CEO of CryptoLogic. 'CryptoLogic is committed to compliance with the laws and regulations governing Internet gaming, and continues to invest considerable resources in maintaining a leadership position with respect to regulatory issues worldwide.'
Currently more than 50 jurisdictions worldwide regulate or are in the process of legalizing some form of Internet gaming. CryptoLogic is one of the few companies undergoing
CryptoLogic, as part of the Company's global growth strategy, focuses on having its products certified to the highest standards in the industry - on par with those adhered to by land-based casinos.
'We are one of the only suppliers to undergo the software certification process in the Tier-one jurisdictions of Australia, the Isle of Man and Alderney,' Noelting said.
'These efforts have helped us to attract some of the biggest brands in the business, and position us to move forward quickly once the U.K. puts in place its new regulatory framework.'
Further to this focus, the Company is pleased to announce the addition of John Chalmers to its management team as Vice-President, Legal Affairs and Compliance. A highly seasoned lawyer specializing in the area of gaming law, Mr. Chalmers is considered one of Canada's leading authorities on gambling law, regulation and enforcement.
'Adding an industry veteran of John's caliber to our team is further evidence of CryptoLogic's commitment to remaining at the forefront of the industry as jurisdictions around the world move toward a fully-regulated Internet gaming environment,' Noelting said.
Mr. Chalmers is a former member of the Board of Directors of the North American Gaming Regulators Association, and a founding member of the Canadian Gaming Regulators Association. He is also a member of the International Association of Gaming Attorneys, where he works closely with representatives of major casino corporations throughout North America.