CryptoLogic Finds Requisitions for EGM Insufficient
February 23 2009 - 4:00AM
Marketwired
CryptoLogic Limited (TSX: CRY)(TSX: CXY)(NASDAQ: CRYP)(LSE: CRP), a
world leader in Internet casino and branded gaming software,
announced today that requisitions for an extraordinary general
meeting (EGM) of the shareholders received from Javaid Aziz and
Cede & Co. on February 18, 2009 appear insufficient to cause an
EGM to be called.
After comparing the requisitions against the company's
shareholder register, CryptoLogic's board of directors believes
that the requisitions do not relate to shares equaling a minimum of
10% of the issued and outstanding voting stock of the company,
which is the threshold required by law to allow shareholders to
requisition an EGM. In a letter sent today, the company advised Mr.
Aziz and Cede & Co. of the insufficiency of the requisitions,
and of various other deficiencies and concerns with respect to the
requisitions.
CryptoLogic's board reiterated the view expressed to Mr. Aziz
that an EGM - with its substantial distraction and expense - is not
in the best interests of shareholders at a time when the board and
management are focusing on returning the company to profitability.
CryptoLogic's new business strategy is in the advanced stages of
implementation, and shareholders will have an opportunity to
evaluate the company's progress at an annual general meeting
expected in late May or early June.
"CryptoLogic's management and board are focused and united on
the strategy to return the company to profitability by continuing
to add new customers, lower our costs and lead the market with
innovation," said Brian Hadfield, CryptoLogic's President and CEO.
"Delivering value for customers and shareholders is our highest
priority, and we will not be distracted from that goal."
CRYPTOLOGIC FORWARD LOOKING STATEMENT DISCLAIMER:
Statements in this news 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.
Contacts: CryptoLogic Stephen Taylor Chief Financial Officer 353
(0) 1 234 0415 www.cryptologic.com Argyle Communications Jason
Graham (North American and gaming industry media) (416) 968-7311,
ext 229 jgraham@argylecommunications.com Argyle Communications
Daniel Tisch (North American and gaming industry media) (416)
968-7311, ext. 223 dtisch@argylecommunications.com Corfin
Communications Neil Thapar (UK media only) +44 207 977 0020 Corfin
Communications Harry Chathli or Alexis Gore (UK media only) +44 207
977 0020
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