Cryptologic Releases 2020 Fourth Quarter Financial Results
CRYPTOLOGIC RELEASES 2020 FOURTH QUARTER FINANCIAL RESULTS
TORONTO, Ontario, March 12, 2021 - Cryptologic Inc. (“ Cryptologic” or the “ Company”) (CSE:CRY)
today announces its financial results for the quarter and year ended December 31, 2020. Selected financial
information of the Company for the three and twelve months ended December 31, 2020 and 2019 is set
forth below:
The Company reported a net income of $0.52 million for the quarter ended December 31, 2020 as
compared to net loss of $9.72 million for the same quarter in the previous year. The Company reported a
net income of $23.56 million for the year ended December 31, 2020 as compared to a net loss of $16.96
million for the same period in the previous year.
As of end of day March 11, 2021, the company had cash and cash equivalents of approx. $7.3 million,
unrecorded sales tax receivable of approximately $1M, and payables of $0.27 million.
The financial statements for the three and twelve months ended December 31, 2020 and the related
management’s discussion and analysis (“ MD&A”) are available on Cryptologic’s SEDAR profile at
www.sedar.com.
For information or interview 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.
2020 2019 2020 2019
Net income (loss) and comprehensive
income (loss) from continuing operations 524,421 $ (9,718,160) $ 23,563,577 $ (16,962,291) $
Net income (loss) and comprehensive
income (loss) 132,509 (13,590,497) 22,002,353 (11,722,599)
Total assets 8,106,844 15,581,954 8,106,844 15,581,954
Total liabilities 298,957 38,847,679 298,957 38,847,679
Basic and diluted net income (loss) and
comprehensive income (loss) per common
share from continuing operations 0.02 $ (0.76) $ 0.77 $ (1.33) $
Basic and diluted net income (loss)
and comprehensive income (loss)
per common share 0.00 $ (1.07) $ 0.72 $ (0.92) $
Three Months E nded December 31, Year E nded December 31,
Cautionary Note Regarding Forward-Looking Information
Certain statements in this press release, including statements with respect to the Company’s position to
enter other aspects of cryptocurrency mining, contain forward-looking information which can be identified
by the use of forward looking terminology such 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 assurance 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
costs will be higher than anticipated reducing margins, that expense reductions will not be realized, the risk
that the price of power to the Company increases and other risks and uncertainties discussed herein, that
could cause actual results to significantly differ from those contemplated by these forward-looking
statements. Such statements reflect the view of the Company with respect 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 incorrect, given that they are subject to certain risk and
uncertainties, and that actual results may differ materially from those projected. Other factors which could
cause results or events to differ from 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 laws. 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.