CRYPTOLOGIC ANNOUNCES TWO NEW ADDITIONS TO MANAGEMENT TEAM
TORONTO, July 8 /CNW/ - CryptoLogic Inc. is pleased to announce two recent additions to the company's management team.
Harvey Solursh, C.A., senior partner of Solursh Feldman & Partners, joins the company as Chief Financial Officer. Mr. Solursh's appointment follows the appointment of KPMG as auditor of the company at the recent annualshareholders' meeting.
Barry Shafran, C.A. joins the company as Director of Business Development and Vice President of Operations. Mr. Shafran has extensive experience in industry in the fields of strategic planning, mergers and acquisitions and operations.
Both appointments reflect the Company's stated objective of broadening its senior management base. CryptoLogic has experienced significant growth in revenues and profits quarter over quarter. Revenue in the first quarter of 1998, ending March 31, 1998, exceeded $8.82 million and net earnings were $5.52 million ($0.67 per share/$0.37 fully diluted). The company looks forward to the contribution of these two new additional members of its management team as it positions itself for the diversification that its strong growth to date has enabled.
CryptoLogic is involved in software development and management that permit the processing of Internet based transactions. Its current focus is on electronic commerce and Internet gaming software. The Company's software products are used by individuals in more than 240 countries worldwide. The company has processed more than 200 million secure electronic transactions, worth more than U.S. $1 billion, from more than 250,000 users.
The company notes the recent weakness in its share price but reports that there are no adverse corporate developments to account for the drop in share price. Second quarter results will be announced by the end of the month.
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For further information: Jenny Solursh, Vice President, Marketing &
Communications, (416) 545-1455, e-mail: jsolursh@cryptologic.com |
