TORONTO--Oct. 12, 1999--CryptoLogic (TSE:CRY.
- news) is pleased to announce that its wholly
owned subsidiary Intertainet Overseas Licensing Limited (IOLL) has signed a heads of agreement with William Hill Limited of
London England to provide its Internet Gaming software and related support services.
The parties anticipate finalizing the details of the arrangement by the end of October 1999.
William Hill was founded in London, England in the 1930's by Mr. William
Hill-the leading bookmaker of his day. Initially, the
business was based on a telephone service until betting shops were legalized in the United Kingdom in 1961.
Today, the UK market is dominated by three major players. William Hill
accounts for an estimated 23 percent of the industry's
turnover with over 1500 land based licensed betting outlets, employing 9,000 staff. William Hill dominates the telephone
wagering field with over 150,000 registered clients and an estimated market share of 42%. In 1998 William Hill had gross
wagering turnover of more than 1.8 billion pound sterling.
CryptoLogic Inc. is a software development company with leading proprietary
technology enabling secure, reliable, high-speed,
private financial transactions over the Internet. CryptoLogic continues to innovate and develop state of the art Internet software
applications for both the electronic commerce and Internet gaming industries.
CryptoLogic's common shares trade on the Toronto Stock Exchange under
the symbol CRY. There are currently 8.5 million
common shares outstanding (15.5 million shares fully diluted).
Jenny Solursh, 416/ 545-1455
Bill Haygarth, +44 208 918 3876
Graham Sharpe, +44 208 918 3731