FORM 6-K
Securities and Exchange Commission
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 under
the Securities Exchange Act of 1934
For the month of March 2003
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CryptoLogic Inc.
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(Translation of registrant's name into English)
1867 Yonge Street, 7th Floor
Toronto, Ontario, Canada
M4S 1Y5
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(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file
annual reports under cover Form 20-F or Form 40F.
Form 20-F Form 40-F X
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Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act
of 1934.
Yes No X
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DOCUMENT INDEX
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Document Page No.
1. Press Release dated March 3, 2003 "CryptoLogic Achieves 4
Key Regulatory Milestone"
Document 1
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CRYPTOLOGIC
[GRAPHIC LOGO OMITTED]
FOR IMMEDIATE RELEASE
ALL DOLLAR AMOUNTS IN US$
Symbol: NASDAQ: CRYP; TSX: CRY
CRYPTOLOGIC ACHIEVES KEY REGULATORY MILESTONE
License from strictly regulated jurisdiction creates
new opportunities for Internet gaming
March 3, 2003 (Toronto, ON) - CryptoLogic, a leading software developer to the
Internet gaming and e-commerce industries, today announced that a wholly owned
subsidiary was awarded a license as an approved software provider in one of
the world's most strictly regulated jurisdictions. The new license from
Alderney, in the British Channel Islands, will give the company's present and
future customers another licensed jurisdiction from which to operate Internet
casinos.
"This is a great day for CryptoLogic, and for everyone who shares our
commitment to safe, secure and regulated Internet gaming," said Lewis Rose,
CryptoLogic's interim President and CEO. "We're already working with
international customers who want to operate Internet casinos from Alderney.
And as the global movement to regulate the industry gains steam, another
strictly regulated license today means a clear competitive advantage for us
tomorrow."
The license was announced today by the Alderney Gambling Control Commission,
which issued its first-ever interactive gaming licenses last year. The
Commission awarded one of those 2002 licenses to The Ritz Club London Online,
a wholly owned subsidiary of The Ritz Club, one of the world's most exclusive
privately owned gaming clubs. The Ritz Club London Online is now using
CryptoLogic-developed software to gain certification in Alderney.
Last year, gaming software developed by CryptoLogic earned certification from
the highly regulated Isle of Man. As a result, its subsidiary, WagerLogic, is
one of the few companies in the world that can now offer licensees a choice of
two regulated jurisdictions for their Internet casinos and further reaffirms
its regulatory leadership.
WagerLogic's strategy involves seeking software certification to the strictest
standards available, consistent with the stringent requirements for land-based
casinos around the world. The company expects to reap the benefits of this
regulatory commitment as more and more jurisdictions see the logic of
regulated Internet gaming rather than allowing the revenue to flow outside the
jurisdiction.
About CryptoLogic (www.cryptologic.com)
Focused on integrity and innovation, CryptoLogic Inc. is the leading software
development company pioneering global e-gaming solutions in the Internet
market. The company's proprietary technologies enable secure, high-speed
financial transactions over the Internet. CryptoLogic-developed software has
processed more than US$11 billion in online transactions since inception in
1996 for some of the best-known, international blue chip customers in
interactive gaming. CryptoLogic, ranked #1 in last year's Profit 100 list 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 around the world.
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 (12.8 million shares fully
diluted, based on treasury method).
About Alderney Gambling Control Commission
The Alderney Gambling Control Commission was established in May 2000, and
regulates gambling on behalf of the States of Alderney. The Commission ensures
that its regulatory and supervisory approach meets the very highest of
international standards. A prime objective of the Commission is to maintain
Alderney's reputation as an effectively regulated jurisdiction for electronic
gambling.
Alderney, the third largest of the British Channel Islands has its own
government, legislature and company laws and is a center for investment,
finance, e-commerce, e-gaming and e-betting.
For more information, please contact:
At CryptoLogic, (416) 545-1455 At Argyle Rowland, (416) 968-7311 (media only)
Nancy Chan-Palmateer, Director of Communications Daniel Tisch, ext. 223/ dtisch@argylerowland.com
Jim Ryan, Chief Financial Officer Aline Nalbandian, ext. 226/ aline@argylerowland.com
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.
SIGNATURES
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Pursuant to the requirement of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
CryptoLogic Inc.
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(Registrant)
Date: March 3, 2003 By: /s/ James A. Ryan
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(Signature)
James A. Ryan
Chief Financial Officer