A SHORT BUT DYNAMIC REIGN FOR ONLINE GAMBLING EXEC

29 February 2008

Cryptologic CEO retires to spend more family time


Surprise of the week was the news that Cryptologic CEO Javaid Aziz has retired "to spend more time with his family" following a short but dynamic stay with the Dublin based online gambling company. He is succeeded by Brian Hadfield, who joined the company as a director last year and has an executive background in the technology sector.

Aziz led the company for a year, focusing on renewed profitability in Europe and spearheading entry into the Asian market.

Aziz's accomplishments at CryptoLogic include achieving four consecutive quarters of sequential growth, signing new licensees and making strategic investments and acquisitions in both Europe and Asia.

"In a dynamic business, it's never an easy time to make a personal decision, but I do so with great satisfaction about CryptoLogic's accomplishments, and great confidence in its future," Aziz said. "CryptoLogic has achieved renewed stability and profitability in the past year, and the company is set for continued global growth in the years to come."

Hadfield is a senior technology executive who has managed major international businesses, including Unisys Limited's operations in the U.K., Middle East, Africa and India.

"Brian Hadfield brings CryptoLogic important skills at an exciting time in our growth, and he is perfectly suited to build on the strategy set by Javaid Aziz," said Bob Stikeman, CryptoLogic's Chairman. "Brian knows CryptoLogic, he knows how to grow a global business, and he knows how to motivate and lead a team. His experience will ensure we continue to develop innovative new software, and innovative new commercial alliances around the world."

Brian Hadfield held progressively more senior positions at Unisys for 21 years, culminating in a five-year assignment as managing director for the U.K., Middle East, Africa and India.

In this role, he oversaw a work force that grew from 3 000 to 9 000 employees , managed the transformation from a technology to a services-based company and grew the company's revenue by more than 23 percent to over $1 billion, most of which was annuity based.

Earlier in his career, Hadfield served as vice president for operations at the Bank of Boston.

He holds non-executive directorships at various well-known organisations and will relocate to Dublin to take on his new role at CryptoLogic.

"It's a privilege for me to lead CryptoLogic's exceptional team of people on three continents," he said.

"CryptoLogic has the right people, products and partnerships. And with a foundation of financial strength, CryptoLogic also has the right strategy for global growth. Together, we can take this thriving business to a new level of success."

Cryptologic used the changing of the guard announcement to provide a trading update, revealing that the audit of the company's 2007 financial statements is well advanced and the company will announce its fourth-quarter and year-end earnings in mid-March.

In November 2007, the company indicated that it expected fourth-quarter revenue to be in the range of $17.5 - $18.5 million, with net earnings between $2.0 - $3.0 million. The board believes that these guidance numbers will be achieved or exceeded.

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