CryptoLogic Inc. moving to Ireland

CryptoLogic Inc. announced this week the company is planning to move its global headquarters from Toronto, Canada, to Dublin, Ireland, in January. The move won't affect the software development team which will remain in Canada.

"CryptoLogic's business is increasingly centered in Europe, and establishing our organization in that market is the logical next step to support our international growth plans," said Lewis Rose, CryptoLogic Inc.'s president and CEO.

"For CryptoLogic, this is about being closer to our customers, and to the world's most thriving Internet gaming markets. By expanding our presence in gaming-friendly jurisdictions, CryptoLogic enhances its flexibility to pursue all strategic opportunities and broaden the services offered to our customers."

According to a press release, the company's management and board of directors believe the move will have several strategic benefits. The main goal of the move is for CryptoLogic Inc. to be able to accelerate expansion and strengthen customer support in a major growth market that offers more strategic flexibility.

The company has already established its electronic cash processing system and Distributed Poker platform in Ireland. CryptoLogic Inc. will also adopt the Alternative Investment Market of the London Stock Exchange as its primary market while maintaining its Toronto and NASDAQ listings.

The move has resulted in the company needing to look for a new president and CEO. According to the press release, Rose is unable to move to Ireland permanently because of family reasons, but he will stay on in the role of president and CEO until a replacement can be found.

News Added: 27 September, 2006

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