CryptoLogic Purchases

A new gambling agreement is about to take place. The parties of the agreement are the Canadian gambling software developer CryptoLogic and Scandinavian online poker room The company’s handover is to be completed by the 15th of January.

According to the agreement CryptoLogic intends to buy the brand and assets of for about € 9 million. The purchase includes the rights to the Parbet brand name, associated domain names, customer lists, databases, and players’ cash in deposits. Further they are planning to license all the Parbet assets, poker software, payment processing and multi-lingual customer support services to a private Maltese online gaming company. So, the latter will get the possibility to operate

€9 million for the brand and the assets will be paid by CryptoLogic’s subsidiary WagerLogic. And if the performance of the company is enhanced within 6 months, it will add €4 million more. All that is said to be the part of the agreement.

The manipulations described are expected to increase CryptoLogic’s 2007 earnings for about $2 million.

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About Mark Newman

Mark Newman - was born in 1971 in Pictou, a town located on the beautiful Northumberland Shore of Nova Scotia, Canada. In 1998 he graduated from Acadia University (Nova Scotia, Wolfville) with the Master’s degree in social studies. Mark simply adores his wife and sons. Considers poker to be one of the most exquisite kinds of art and rarely misses his chance of practicing.