CrytoLogic Shareholders Approve Relocation

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Top Canadian online gambling provider to be operational in Ireland by June

One of the online gambling industry's top software developers, CryptoLogic Inc., has obtained the overwhelming approval of shareholders to reconstitute the company into an indirect wholly-owned subsidiary of CryptoLogic Limited, a company incorporated under the laws of Guernsey with corporate headquarters in Dublin, Ireland.

The Special Meeting of Holders of Common Shares held this week in Toronto saw 99.25 percent of shareholders approve the proposal, which will see the company head office moved to Dublin, Ireland by June this year.

Implementation of the arrangement remains subject to final court approval from the Ontario Superior Court of Justice, at a hearing scheduled for May 29, 2007. If approved, it is anticipated that the arrangement will become effective June 1, 2007.

CryptoLogic Exchange Corporation (“CEC”) and CryptoLogic Limited have each received conditional listing approval from the Toronto Stock Exchange. The CEC Exchangeable Shares and CryptoLogic Limited ordinary shares are expected to commence trading on TSX at the opening on June 1, 2007.

The CryptoLogic Limited ordinary shares are expected to commence trading on NASDAQ June 1, 2007. The Common Shares of CryptoLogic Inc. will be delisted from TSX and NASDAQ immediately prior to the listing of the CEC Exchangeable Shares and CryptoLogic Limited ordinary shares.

“CryptoLogic’s plan to establish a new corporate headquarters in Europe is about investing for our future, and charting a course for growth in both Europe and Asia,” said Javaid Aziz, CryptoLogic’s President and CEO.

“By approving our new corporate headquarters, shareholders are clearly on board with our plan to grow CryptoLogic through geographic expansion and diversification in the industry’s most attractive markets. I thank them for their confidence in our vision, our strategy and our team.”

The previously announced location in Ireland will bring CryptoLogic closer to its business customers and their principal markets, and facilitate a global strategy that features an expansion into Asia. Major European jurisdictions, such as the United Kingdom and Holland, are embracing CryptoLogic’s long-held view of the merits of regulating the industry for the protection of players and the repatriation of revenue.