SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Non-Tech : Cryptologic (CRY/TSE): First Profitable Internet Casino
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Mephistopheles who wrote (785)12/15/1998 12:46:00 PM
From: Method  Read Replies (1) of 2782
 
FULL TEXT-CryptoLogic writedown
recovery

(Full text of press release from Canadian Corporate News)

DECEMBER 15, 1998

CryptoLogic Inc. Announces Full Recovery of a $3.5 Million Write-Down

TORONTO, ONTARIO--The Company is pleased to announce that it has made a full recovery
of the account receivable write-down of $3.5 million recorded in 1997.

On March 5th 1998, the Company announced that in fiscal 1997, it took a one-time write-down
against an account receivable of $3.5 million and was finalizing a security agreement, which
would enable the Company to recover the write-down within two to three years. Throughout the
current year CryptoLogic Inc. has been recovering, in monthly installments, a portion of this
debt.

At September 30th, 1998 CryptoLogic Inc. had recovered $0.8 million of the receivable.
Pursuant to an agreement dated December 9th 1998, the Company received the outstanding
balance of $2.7 million on December 12th, 1998.

CryptoLogic Inc. is an Internet software development company with leading proprietary
technologies that enable secure, high-speed financial transactions over the Internet, and provide
state of the art e-commerce and gaming applications.

CryptoLogic Inc. is a public company listed on the TSE, trading under the symbol CRY. There
are currently 8.5 million common shares outstanding.

FOR FURTHER INFORMATION PLEASE CONTACT:

Cryptologic Inc.
Jenny Solursh
Vice President, Marketing & Communications
(416) 545-1455
e-mail: jsolurshcryptologic.com
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News