CryptoLogic appoints new CFO
By staff
August 9, 2005 (Toronto, ON) - CryptoLogic Inc., a leading software developer for the global Internet gaming market, announced today the appointment of Stephen Taylor as the company's Chief Financial Officer.

Taylor has more than two decades of experience in financial and business management, public markets, and mergers and acquisitions. He brings a wealth of expertise that will be an asset as CryptoLogic continues its exciting growth in the global Internet gaming market.

'We're delighted to welcome Stephen as the right person for the important role of CFO to contribute to CryptoLogic's continued growth and success,' said Lewis Rose, CryptoLogic's President and CEO. 'As the Internet gaming industry becomes more complex, the role of a CFO becomes more challenging. Stephen Taylor's proven business, financial and leadership skills complement those of our outstanding team - and give us a CFO who can help guide our continued expansion in the exciting years to come.'

In the last 20 years, Taylor has managed businesses, financed large transactions, spearheaded mergers and acquisitions, and helped companies go public and meet the requirements of capital markets. Taylor is a Chartered Accountant, having qualified in the top one percent in Canada.

He spent the first 11 years of his career at the 'Big 4' accounting firm of PricewaterhouseCoopers (formerly Coopers & Lybrand) auditing multinational clients in the manufacturing, mining and financial services sectors. Taylor's subsequent posts included senior financial and corporate roles at Derlan Industries, a TSX listed aerospace company; President and COO of Spellcaster Telecommunications, an early-stage private software company; and Vice President of Mergers and Acquisitions with Ernst & Young's corporate finance practice.

'For a CFO, CryptoLogic is an excellent opportunity - that rare combination of blue-chip financials and vast growth potential,' Taylor said. 'I'm excited to join the industry pioneer and a global leader - and help build on CryptoLogic's market strength in the fast-growing Internet casino and Internet poker markets.'

On behalf of the Board of Directors and CryptoLogic, the company recognizes the tremendous contribution and accomplishments that Jenifer Cua has made as CryptoLogic's interim CFO. In fulfilling this important position, she was instrumental in helping CryptoLogic continue its record of profitable growth and financial strength. In her new role as Vice President, Finance and Treasurer, Cua will be responsible for corporate and regulatory compliance, financing, mergers and acquisitions, treasury management and spearheading the company's Sarbanes-Oxley compliance - key and strategic areas as CryptoLogic capitalizes on its strong financial position to advance its market leadership in the rapidly-expanding and dynamically-changing global Internet gaming industry.

About CryptoLogic (www.cryptologic.com)

Focused on integrity and innovation, CryptoLogic Inc. is the world's leading, blue-chip public developer and supplier of Internet gaming software. CryptoLogic's 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. WagerLogic Limited, a wholly-owned subsidiary of CryptoLogic, is responsible for the licensing of the company's gaming software and services to an internationally-recognized customer base. For information on WagerLogic, visit www.wagerlogic.com.

CryptoLogic's common shares trade on the Toronto Stock Exchange(symbol: CRY), on the Nasdaq National Market (symbol: CRYP), and on the Main Market of the London Stock Exchange (symbol: CRP).

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.

Hannah Ashby

Account Executive

Publicis Consultants . London

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