CryptoLogic Restructuring on Track

Published Tuesday, February 10, 2009 -

Announced this January 15 2009 CryptoLogic expected net income would be in the $9-$10 Million range this year. The Ireland based company is on track with it's plan to restructure.Back in October of 2008 the overview of this branded company proposed it would reduce total operating costs by approximately $13 million on an annualized basis by the end of 2009. By reconfiguring it's network a 75% reduction in servers and space overhead will also be realized.

The poker network will run through a partnership with GTECH Corporation International Poker Network. The move gives CryptoLogic's poker licensees and players access to a larger network with a combined average of 15,000 active players. These measures are to be completed by the end of the first quarter of 2009. Partnership will improve poker room assets while removing the costs of operating a stand alone network.

Restructuring has lead to the departure of Chief Technology Officer Michael Starzynski. On Starzynski's departure, CEO Brian Hadfield said, "All members of the CryptoLogic team join me in thanking Mike for his service over the last five years and wishing him well as he embarks on new challenges."

"CryptoLogic has taken radical steps to focus on its core strengths as a developer of exciting online gaming content," "We are on track to return to profitability and generate cash from the second quarter of 2009." said Brian Hadfield, CryptoLogic's President & CEO

"Our streamlined operations, lower operating costs and commitment to creating compelling customer experience, together with a highly profitable build-once-sell-often model, provides a solid springboard for long-term growth and shareholder value." Mr.Hadfield added.

Due out in May as part of the new strategy and image, CryptoLogic will launch its new branding program and logo based on "extraordinary e-gaming innovation", along with it's new annual report.

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