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Posted by: The Original Mary at January 9, 2003, 5:16 pm

Topic: Cryptologic Software - Fair? Forum: Winner Online

That's odd, KM. This is from the post-hacking incident press release, in 2001:

"CryptoLogic said its loss from the hacking incident is not expected to
affect its quarterly results. The company anticipates net income of
US$4.2-$4.6 million this quarter, on revenue of US$9.7-$10.2 million.
At these levels, both income and revenue would be significantly ahead
of last years third quarter.

The company also announced Wednesday that it was in the process of
getting its software certified by the governments of the Isle of Man
and Alderney, two island territories off the coast of Britain that
have recently legalized online casinos.

Asked if that means that some of CryptoLogics licensees have applied
or plan to apply for online gaming licenses in these jurisdictions,
Chan-Palmateer said, Yes, thats an appropriate conclusion. Were
preparing ourselves and positioning ourselves so that we can get out
of the gate pretty quickly. Certification by these governments might
also help the company secure new clients for its software.

The companys efforts to obtain regulatory clearance in the Isle of Man
are further along than in Alderney, where they are just beginning, she
said. In both cases, she said, the process should be helped by the
work the company has already done with regulators in Australia.
Authorities there have been testing CryptoLogics software and
performing background checks on the company and its officers.

The compliance work in Australia has been under way for 18 months, and
were just moving into the final stretch of it and hope to be done this
fall, Chan-Palmateer said. The company has spent more than US$2
million on the Australian compliance process, she said."

There are testing companies that claim Cryptologic is a customer; one is alleged to have done Crypto's bidding in testing a Crypto wannabe business partner.

Cryptologic is a publically traded company. To claim that they had paid $2 million on testing and certification to satisfy several regulatory agencies would be ery improper.

Perhaps Ryan was referring to Intercasino in particular not requiring outside oversight, as opposed to other Cryptologic sites.

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