CryptoLogic confirms Rose as CEO
By Paul
Online casino Software developer CryptoLogic Inc. has confirmed Lewis Rose as its president and chief executive, eight months after he was installed in the positions in an interim capacity.Toronto stock exchange-listed CryptoLogic said Rose will continue to focus on capitalizing on growth in the online gambling industry.'Lewis Rose has achieved immediate results since taking the helm of CryptoLogic,' said Dennis Wing, CryptoLogic's Chairman. 'CryptoLogic has secured Isle of Man regulatory certification of its gaming software, achieved a license as an approved provider in the strictly regulated Alderney jurisdiction, released new products, expanded its suite of electronic payment options, launched new international brand-name customers and met financial targets.

In times of new challenges and opportunities, we need a leader with vision, discipline, accountability and performance, and we've found those qualities in Lewis Rose. 'The company is also looking to have shares listed in Europe, expand its European and Asian customer base and diversify its product offerings.Rose took over as interim president and CEO last July about a week after the resignation of long-time CEO Jean Noelting. The resignation came a month after CryptoLogic announced it would write off its US$6.6 million investment in the UK-based sports portal site, which went bust last May.CryptoLogic also had to cut its revenue and profit outlook after hackers allegedly accessed the gaming systems of some licensees, rigging the software so that players couldn't lose. The company has faced lawsuits from dissatisfied licensees. CryptoLogic warned last month issued a profits warning, citing costs due to expansion plans this year.

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