Cryptologic Moving Poker Licensees to Boss Media's IPN in 2009

November 13, 2008

CryptoLogic today revealed that it has entered into a strategic agreement with GTECH subsidiary Boss Media, to migrate CryptoLogic poker licensees to Boss Media's International Poker Network(IPN). Major licensees such as Inter Poker and Parbet are due to migrate during the first quarter of 2009.

The move supports CryptoLogic's revised strategy to focus on its more successful online casino operations. They expect the move will generate cost savings of between $12 million to $15 million annually.

This puts to rest industry speculation that Party Gaming would be the partnering poker network.

CryptoLogic said it would continue to provide back-office services to its poker licensees. St Minver, another GTech subsidiary, will provide a fully managed customer management solution to CryptoLogic's poker licensees.

Brian Hadfield, CryptoLogic's President and CEO, said the deal represented "a major step in our journey back to growth, profitability and returning shareholder value," while "helping CryptoLogic reduce costs substantially."

Atul Bali, president of GTech's New Media & Sports Betting, said the deal would "broaden and grow our international player base," and deliver needed liquidity, saying, "We are delighted to welcome these customers and their players to our network and significantly increase the liquidity for our new enhanced player base."

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