|April 15, 2003 (Toronto, ON) - CryptoLogic Inc., a leading software|
developer to the Internet gaming and e-commerce industries, announced today
that one of the Internet's most popular bingo groups has launched the online
version of poker, the world's most popular card game, using poker software
developed by CryptoLogic. Through an agreement with CryptoLogic's
wholly-owned subsidiary, WagerLogic Limited, Bingo Entertainment NV has
debuted its new online poker site, www.pokerplex.com, enabling its 120,000
players to enjoy immediate poker action at one of the leading poker rooms on
'We are delighted to add yet another brand name customer, further
contributing to the large, growing player community using our centralized
poker offering,' said Lewis Rose, CryptoLogic's President and CEO. 'By using
our proven technology, Bingo Entertainment can leverage its player franchise
and broad marketing network to build a successful online poker business. In
less than six months since our poker product launch, we have established
ourselves as a major force in poker, one of the fastest growing game
segments on the Internet.'
www.pokerplex.com offers an exciting and realistic poker room environment to
appeal to casual poker players and high stakes gamers alike - all live on
the Internet. Players can enjoy the most popular poker games - Texas
Hold'em, 7-Card Stud, Omaha High and Omaha High/Low and play in their
preferred currency - US dollars, British pounds sterling or Euros.
WagerLogic's high quality graphics, chat feature and exceptional support and
service complete this leading multi-player poker offering.
'We are excited to offer our players a broad range of Web entertainment, now
introducing poker to our online game suite,' said Richard Chambers, CEO of
Bingo Entertainment NV. 'As part of a larger online poker community, our
players can easily find a game at any time, with real people from around the
world. WagerLogic's centralized poker solution gives our players instant
access to a live, action-filled online poker experience and allows us to
enter this growth area with a market advantage for increased profitability.'
Table poker accounts for approximately 5% of the $3.5 billion online gaming
market today, and yet it is still a large and emerging growth area.
CryptoLogic has very quickly achieved market leadership and today already
powers one of the top 10 poker rooms on the Web.
'We are actively seizing on the early success of our poker product to
attract new customers,' said Jon Moss, WagerLogic's Director of Business
Development. 'Today's announcement of the launch of Bingo Entertainment'
new poker site - the fourth brand name, international customer to roll out
WagerLogic's multi-player poker solution - is evidence of our increasing
market leadership and potential in this growing game segment.'
About CryptoLogic (www.cryptologic.com)
Focused on integrity and innovation, CryptoLogic Inc. is the leading
software development company serving the Internet gaming market. The
company's proprietary technologies enable secure, high-speed financial
transactions over the Internet. CryptoLogic, ranked #1 in the Profit 100
listing of Canada's fastest growing companies, continues to develop
state-of-the-art Internet software applications for both the electronic
commerce and Internet gaming industries. WagerLogic Ltd., a wholly-owned
subsidiary of CryptoLogic, is responsible for the licensing of its gaming
software and services to customers worldwide. For more information on
WagerLogic, visit www.wagerlogic.com.
CryptoLogic's common shares trade on the Toronto Stock Exchange under the
symbol CRY and on the Nasdaq National Market under the symbol CRYP. There
are currently 12.2 million common shares outstanding (12.2 million shares on
a diluted basis, based on the treasury method).
About Bingo Entertainment NV
Bingo Entertainment NV is part of the Bingo Entertainment Ltd. group of
companies that owns and operates leading Internet bingo sites including
www.bingogala.com, www.glamourbingo.com, www.bingomega.com,
www.mainstreetbingo.com, www.bingosplash.com, www.bingoblowout.com,
www.bingoempire.com and www.premierbingo.com. Bingo Entertainment also
provides a trusted and extensive network of marketing, news and promotional