CryptoLogic’s Investment in Online Mahjong Sparks Breakthrough in China
Symbol: TSX: CRY, CXY; NASDAQ: CRYP; LSE: CRP
ALL FINANCIAL FIGURES ARE IN US$
August 27, 2008 (Dublin, IRELAND and SINGAPORE) – CryptoLogic Limited’s investment in Mahjong Time, a provider of online mahjong software and an official partner of the World Series of Mahjong, has helped the Internet gaming software company take major strides in Asia. Mahjong Time has recently signed a licensing agreement under which the company gains access to 50 per cent of the Internet cafés in China.
“All of CryptoLogic’s Asian investments are meeting or exceeding their targets — and ours. We knew the global mahjong market had huge potential, and that potential is quickly turning into reality,” said Brian Hadfield, CryptoLogic’s President and CEO. “As CryptoLogic’s Asian business continues to grow, our investments in different partners and platforms enable us to penetrate each market more effectively — for the benefit of our customers, our players and our shareholders.”
Under the agreement, Mahjong Time will be able to take advantage of a comprehensive marketing presence in more than 30 provinces and 251 cities through some 1,200 wholesale distributors.
“Thanks to CryptoLogic’s investment, we’ve been able to grow even more quickly, capitalizing on the enduring popularity of a game enjoyed by more than 600 million people worldwide,” said William Sutjiadi, CEO of Mahjong Time. “Our partnership with various Asian licensees demonstrates Mahjong Time’s commitment to work with companies who offer value and vision – and to deliver the best software solutions to our customers.”
Asia is quickly becoming the next major geographic area for online gaming. In fact, industry experts expect Asia to be the fastest growing and ultimately the largest online gaming market in the world. China is now the largest Internet market with 253 million users, surpassing the United States for the world’s number one spot.
“CryptoLogic chooses its partners with great care, and it’s exciting to see our faith in Mahjong Time rewarded,” said Shailesh Naik, Managing Director of CryptoLogic Asia Pacific. “With these sorts of results, CryptoLogic is on track to be a leader in Asia tomorrow, just as we are in Europe today.”
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. WagerLogicâ 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).
Launched in 2005, Mahjong Time is an innovative provider of premier mahjong software and turnkey solutions and the official Internet partner of the World Series of Mahjong. MahjongTime.com is the leading online mahjong club where the worldwide community of mahjong players can play mahjong anytime, anywhere without having to download any software.
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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.