Crypto to Invest up to $2.5 Million in Mahjong Time

1 April 2008

CryptoLogic announced today that it has agreed to invest up to $2.5 million in Mahjong Time, an online software supplier, for a significant minority stake.

"Mahjong is a game with an ancient history in China, and a following of well over 600 million worldwide," Brian Hadfield, CryptoLogic's president and CEO, said in a prepared statement.

"CryptoLogic is skilled at taking popular pastimes and turning them into online entertainment, and in Asia we work with partners who share that vision. An investment in online Mahjong fits perfectly with our innovation strategy -- and our continuing strategy to bring our platform to Asia."

The deal is expected to close within 30 days.

CryptoLogic said its $2.5-million investment is subject to certain performance thresholds and milestones.

In December, CryptoLogic finalized a $6.1 million investment in Singapore-based game development and design company Mikoishi Studios.

On the London Stock Exchange, shares in CryptoLogic were up 47.50p, or 5.96 percent, to 845.00.

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