As a world leader in the development of Internet technology, we continually strive to evolve our products. Our development goal is to provide our customers with state-of-the-art software that is secure, functional and user-friendly.

Our e-commerce and gaming products have gained global acceptance and have become industry-leading products (with much broader functionality than any of us initially imagined).

With an incredibly talented team -- now numbering more than 100 worldwide -- and strong financial resources, CryptoLogic is well positioned for continued rapid growth (in concert with the tremendous expansion of the Internet marketplace in general).

Pacific Growth Equities Report

Summary: CryptoLogic has established itself as the preeminent licensor of online gaming software. The Company’s products allow licensees to operate casinos with many of consumer’s favorite games. In order to operate online casinos with CryptoLogic’s software, licensees only need to establish the site theming, marketing, and the look and feel of their Sites. CryptoLogic provides a secure encrypted cash server for deposits and withdrawals from customer’s accounts, as well as software upgrades. We are initiating CryptoLogic with a Buy rating and a target price of $50 per share based
On a multiple of 25 times our 2001 estimate of $2.16 per share.

The Company has agreements with two of the most respected names in global gaming, Jupiters Limited, Australia’s largest casino operator, and William Hill, the second largest UK bookmaker. Existing operations sales for Jupiters limited was $320 million for the year ended 1999. These agreements showcase the potential for established operators to create sites utilizing their well-known trademarks. The fact that these firms have chosen CryptoLogic speaks highly of its technology and security features. We believe CryptoLogic will place a heavy emphasis on attracting branded
Licensed casino operators to its portfolio in Europe, Australia and South America.

Internet gaming revenues should grow to $3.0 billion in 2002, from an estimated $658.0 million in 1998. This growth is a function of the growth of the web itself and the convenience of wagering from home. Since 1996 CryptoLogic’s sales have grown from $150 thousand to $32.7 million in 1999. CryptoLogic processed $1.6 billion in online gaming transactions in 1999, marking them by far the largest online gaming Software Company. We believe that CryptoLogic can grow its top and bottom line results in the range of 30-35% over the next several years.

This company is, without a doubt, one of the leaders in good-looking, smooth-working gambling software. Their E-Cash Services is famous for quick payouts, once you've completed all the necessary forms. (See below). If longevity counts for anything, Cryptologic is one of the grandfathers of Internet Gambling and we've never heard of anyone who has played at their casinos and felt they were cheated

Casino's Using Cryptologic Software