CryptoLogic Enters Asian Market in Milestone Development

CryptoLogic Inc., a software developer to the global Internet gaming industry, has signed a Memorandum of Understanding with Brilliance Technology Co. and 568 Network Inc. to penetrate the high growth, high potential Chinese market, including China, Macau, Taiwan and Hong Kong.

The three companies will jointly establish a new company in China to adapt CryptoLogic’s online casino and poker games to the Chinese market and develop new poker and casual, skill-based games that are more familiar to players in those areas. Brilliance will establish a division to deliver the games in two modes: "play-for-fun" subscriptions for users in internet cafes and on mobile devices, and "play-for-money" through sites licensed by China Welfare Lottery, the nation’s gaming licensing authority.

Cryptologic’s investment will initially be a minority interest in the new company, with an option to increase its investment to a controlling position. Cryptologic will have the right to appoint all members of the board of the new company. No financial terms were disclosed.

 [January 22, 2007]

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