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Non-Tech : Cryptologic (CRY/TSE): First Profitable Internet Casino

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To: GARY DANE PLOTZ who wrote (275)	9/13/1997 6:35:00 PM
From: Warner Buffett	of 2782

When I spoke with the company about a week ago, there were no new developments or announcements regarding the legal action filed by Mr. Lowry. If all warrants are exercised, there could be as many as 14,000,000 shares. There will be some earnings dilution but I believe most of that has been factored into the stock price during the months of relative price stagnation even when earnings were rising dramatically and with earnings rising so fast it won't be a big factor. Currently, there are about 7,400,000 shares outstanding. The best ways to play the licensees is through CryptoLogic. CryptoLogic's fees are based on a percentage of the total 'take' of its licensees casino. WWTS, the Antigua licensee, is not a public company. Currently, there is no other company involved in this industry which interests me. CryptoLogic's diversity into internet commerce via its ecash application software makes it even more attractive. GLCCF may have some potential later on because I believe they are currently investing quite a bit to develop their internet casino. That's not a recommendation though. The last couple of months have been very exciting (and profitable). About a couple of months ago I stated in a reply here that I thought CryptoLogic's stock price could go 'parabolic' any day. We are now seeing that. Of course, not even CryptoLogic can keep up this kind of stock movement forever. Q3 earnings will be a big help in projecting future earnings and stock valuation. The company has not released any revenue projections for its ecash application software which should be ready for licensing by the end of Q4. This also gives the company much more potential which is hard to put a valuation on at this point. It will be hard to find another success story like CryptoLogic. I'm glad to see others have made money. Warner

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