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CryptoLogic Moves to Dublin

26 Sep 2006

CANADA – As reported by the Globe and Mail: "Lewis Rose thinks it's a good idea for his gambling software company to uproot its Toronto head office and move it to Ireland -- but he can't go with it.

"Mr. Rose has led CryptoLogic Inc., which provides software and electronic payment systems to some of the world's biggest gambling sites, for four years, through a period of robust growth.

"He said yesterday CryptoLogic's top leadership will move in January to Dublin -- closer to London, epicentre of on-line gambling, and to major customers in Europe. He said an on-line gambling crackdown in the United States and arrests of foreign-based industry executives there is purely co-incidental.

"While the move makes sense for the company, he said he has declined the board's offer to move to Dublin for family reasons.

"…The new headquarters will house only 11 of CryptoLogic's approximately 400 employees, including the CEO, chief financial officer and head of investor relations. About 250 staff in Toronto, who focus on software development, will be unaffected.

"Business in Britain and other European countries accounted for more than 60 per cent of company revenue in the first quarter, up from about 30 per cent four years ago…"

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