Cryptologic Provides Corporate Update
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CRYPTOLOGIC PROVIDES CORPORATE UPDATE
TORONTO, Ontario, August 7, 2020 -- Cryptologic Corp. (“ Cryptologic” or the “ Company”) (CSE:CRY)
today announces that, in order to conserve its cash while it co nsiders acquisition oppo rtunities or other
strategic transactions, the Company (i) terminated the lease of its wholly-owned subsidiary, Crypto 205 Inc.
(“Crypto 205”), at its cryptocurrency mining facility in Pointe-Claire, Quebec, effective July 31, 2020, and
(ii) terminated the employment contracts of all of its employee s, including Chief Executive Officer, John
Kennedy FitzGerald, Chief Financial Officer, Joshua Lebovic and Chief Operating Officer, Paul Leggett,
effective July 31, 2020.
Mr. Fitzgerald and Mr. Lebovic w ill provide ongoing services to the Company, as Chief Executive Officer
and Chief Financial Officer respectively, pursuant to part-time consulting arrangements.
The Company further announces that due to circumstances created by the COVID-19 pandemic, it intends
to rely on the temporary blanket relief provided by the Canadia n Securities Administrators, including the
exemptive relief contained in Ontario Instrument 51-504 Temporary Exemptions from Certain Requirements
to File or Send Securityholder Materials , to postpone the public filing of its executive compensation
disclosure until such time as it is filed and delivered to shar eholders as part of the Company’s information
circular relating to its 2020 annual meeting of shareholders. T he Company is considering an appropriate
time and format for its annual meeting of shareholders and will provide further information when appropriate.
For information please contact:
Joshua Lebovic
Chief Financial Officer
(647) 715-3707
About Cryptologic Inc.
Cryptologic Corp. is currently a cryptocurrency mining company that is focused on divesting its crypto
mining assets and exploring acquisition opportunities in sectors outside of cryptocurrency mining.
Cautionary Note Regarding Forward-Looking Information
Certain statements in this press release, including statements with respect to the Company completing any acquisition
or other strategic transaction, the Company’s information circular relating to its 2020 annual meeting, the timing of filing
its executive compensation disclosure and the time and format of its annual meeti ng, contain forward-looking
information which can be identified by t he use of forward looking terminology su ch as "believes", "expects", "may",
"desires", "will", "should", "projects", "estimates", "contemplates", "anticipates", "intends", or any negative such as "does
not believe" or other variations thereof or comparable terminology. No assu rance can be given that potential future
results or circumstances described in the forward-looking statements will be achieved or will occur. By their nature,
these forward-looking statements necessarily involve risks and uncertainties, including the risk that the Company does
not complete any acquisition or other strategic transaction , the risk that the Company does not hold its 2020 annual
meeting or file its executive compensa tion disclosure and other risks and uncer tainties discussed her ein, that could
cause actual results to significantly differ from those contemplated by these forwar d-looking statements. Such
statements reflect the view of the Company with respec t to future events and are based on information currently
available to the Company and on assumptions, which it considers reasonable. Management cautions readers that the
assumptions relative to the future events, several of which are beyond management's control, could prove to be
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incorrect, given that they are subject to certain risk and uncertainties, and that actual results may differ materially from
those projected. Other factors which co uld cause results or events to differ fr om current expectations include, among
other things, the impact of general economic, industry and market conditions. Management disclaims any intention or
obligation to update or revise any forward-looking statements whether as a result of new information, future events or
otherwise, except as required by applicable securities la ws. The reader is cautioned not to place undue reliance on
forward-looking information. The Canadian Securities Exchange has not reviewed, approved or disapproved the
content of this news release.