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
Document Page No.
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1. Press Release dated March 7, 2003 "CryptoLogic 4
Confirms Lewis Rose As President & CEO"
Document 1
CRYPTOLOGIC LOGO OMITTED
FOR IMMEDIATE RELEASE
ALL DOLLAR AMOUNTS IN US$
Symbol: NASDAQ: CRYP; TSX: CRY
CRYPTOLOGIC CONFIRMS LEWIS ROSE AS PRESIDENT & CEO
Rose calls for strict regulation of Internet gaming to bring
industry "into the sunlight"
March 7, 2003 (Toronto, ON) - CryptoLogic, a leading software developer to the
Internet gaming and e-commerce industries, confirmed today the appointment of
Lewis Rose as the company's President and CEO. Since Rose joined CryptoLogic
as interim CEO in July 2002, CryptoLogic has achieved key business and
financial milestones.
"Lewis Rose has achieved immediate results since taking the helm of
CryptoLogic," said Dennis Wing, CryptoLogic's Chairman. "CryptoLogic has
secured Isle of Man regulatory certification of its gaming software, achieved
a license as an approved provider in the strictly regulated Alderney
jurisdiction, released new products, expanded its suite of electronic payment
options, launched new international brand-name customers and met financial
targets. In times of new challenges and opportunities, we need a leader with
vision, discipline, accountability and performance, and we've found those
qualities in Lewis Rose."
"CryptoLogic's strong financial foundation, our status as one of the world's
few regulated Internet gaming companies and our roster of blue-chip
international customers set us apart," Rose said in accepting the permanent
appointment. "With these strengths, a talented team and a culture of integrity
and innovation, we can move to profitable growth. And we are a leader in the
global trend towards safe, secure and regulated online gaming."
Rose said that CryptoLogic will continue to capitalize on the potential of
online gaming - one of the few Internet business segments making money and
showing solid growth. The company's focus for 2003 includes considering a
European listing for its shares, expanding its European and Asian customer
base, offering new payment options for players, and diversifying its product
offerings (both as to type of games and languages in which they are offered).
In addition, CryptoLogic will consider selective acquisitions to advance
growth with a cash-generative and accretive focus as well as improve customer
profitability.
CryptoLogic's 2003 plan builds on the company's successes of the past six
months. The company has eliminated redundancies to reduce its costs of
operation, established a European operation, stabilized its cash flow, met its
sales targets and grown its business from existing customers. CryptoLogic has
also made progress on the regulatory compliance front.
"At CryptoLogic, we believe that strictly regulated Internet gaming is the
best option for everyone," Rose added. "This industry is moving into the
sunlight, and CryptoLogic is leading the way. Our major customers are
household names in their markets, and they depend on us for software that
players can trust. By working closely with regulators, CryptoLogic is sending
a message that our business is first and foremost one of trust and
verification."
Rose is a results-driven executive with two decades of experience in the
consumer product, entertainment and financial services sectors in leadership
roles at some of North America's best-known companies. He served as President
of Alliance Atlantis Communications Inc., President of Maple Leaf Foods'
Grocery Products Division, and Chief Financial Officer of Maple Leaf Foods
Inc., as well as in mergers and acquisitions at CIBC World Markets. Before
joining CryptoLogic, Rose was the CEO of E-tv Interactive Technologies, a
provider of commerce-enabled interactive television and Internet services.
Rose is a Chartered Accountant with a reputation for delivering strong results
and profitable growth. His extensive experience in mergers and acquisitions is
particularly valuable to CryptoLogic, a well-capitalized player in an industry
that should see significant consolidation in the years ahead.
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-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 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 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 the treasury method).
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
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 7, 2003 By: /s/ James A. Ryan
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(Signature)
James A. Ryan
Chief Financial Officer