The following posting deals with CRY on the TSE but YRG is working in joint promotion projects with CRY and deserves to be recognized in its valuation for their acceptance by CRY as a suitable partner in certain promotions. A closer relationship MAY be developed that would add more value to both parties.
"CRYPTOLOGIC POISED TO TAKE ON LAS VEGAS
Written April 25, 2001 by Sting
The Nevada bill that would permit interactive gambling looks to be well on its way to fruition after the Judiciary Committee of the Nevada Assembly passed the bill unanimously. The Assembly has until this Friday to approve the bill before sending it to the state Senate.
If the state Senate passes the bill, Nevada will become the first U.S. state legalizing online gaming. Nevada regulators must then abide by strict enforcement of licensees, making absolute sure that those applying for a stake in this explosive opportunity conform to applicable laws and various other implemented regulations.
The bill is supported by the state's major hotel-casino operators and their trade group, the Nevada Resort Association. An amendment stipulates that only already licensed hotel-casinos may be allowed to offer interactive wagering based upon intense scrutiny and the aforementioned regulatory standards.
Another amendment approved by the Committee stipulates that manufacturers of interactive gambling systems must go through the same licensing process that Nevada requires of manufacturers of real-world gaming equipment, which is where Toronto-based gaming software manufacturer Cryptologic appears to have a head's up.
Cryptologic announced the appointment of one David Outhwaite as its new COO. According to a press release issued by the company, "David continues to play a vital role in advancing CryptoLogic's software certification under strict Australian regulations for Internet gaming. This certification will enable the company to establish a compliant base product that supports ISO and Nevada regulatory controls that land-based gaming operators comply with today -- putting CryptoLogic among a few software providers in this favored position."
Fact of the matter is, there are very few software companies on the market today which would even come close to matching such stringent compliance measures. Among Cryptologic's competitors, Starnet has been embroiled in a legal mess since Summer of 1999 involving the raid of its headquarters in Vancouver, British Columbia. That event led to the freezing of some company assets following an intensive 16 month prior investigation. To this day, the Royal Canadian Mounted Police are yet to announce any forthcoming charges against company officials, yet the event has no doubt left a black cloud hovering over the organization. Additionally, it was recently learned that the Belize government refused to respond to an application filed by Starnet officials for licensing in that upwardly mobile Central American country based on its previous ventures into the porn industry.
Vegas previously dabbled with a software company called Chartwell Technologies while attempting to decide on a "free" online casino platform. That company suffered a major blow this past January when one of its main principals suffered fatal injuries in a motorcycle accident on route home from a night of heavy partying at the infamous Belize adult strip club, Raul's. He crashed his bike head on into a cement wall while attempting to navigate around a traffic circle on a dark and desolate highway. Some software glitches have also been reported by Chartwell licensees.
Meanwhile, Cryptologic stands as a powerful force as the only online gaming entity traded on both the Toronto Stock Exchange and the Nasdaq National Market. CryptoLogic's leadership role is reflected in the great successes its two core technologies enjoy. Their Ecash software -- which has processed more than US$ 5 billion in secure electronic transactions from clients to-date -- is an efficient and extremely secure application. It utilizes proprietary, real-time cryptographic technology to enable secure e-commerce and information transmissions.
Despite a somewhat bearish market, Cryptologic's stock appears to be on the verge of a major upturn with starry-eyed investors frothing at the mouth over its $16 share price (at time of publication). The news out of Nevada certainly cannot hurt, but this is not the only potentially golden egg in Crypto's goodie basket.
The company is set to announce an upgrade in their already popular software product, with early reports suggesting Cryptologic could be poised to blow competing on-line platforms out of the water.
Currently, the software leader is considered among the most widely respected in the industry, pushed along by its award winning casino Sands of the Caribbean and the respect behind well-established names like Great Britain's William Hill.
Cryptologic has redefined the online-gaming experience, with the introduction of features such as multi-player games, live chat, custom browser windows (to control the main application and launch additional applications) and 3D casino environments where users virtually "walk" around the casino and join games in play.
Through its innovations, Cryptologic has carved a niche for itself in a market otherwise plagued by unsavory software providers such as World Net Gaming and Online Gaming Systems among others. " |
