CryptoLogic Debuts on Amex

7 December 2001

Interactive gambling software company CryptoLogic Inc. recently became one of only two gaming companies to have options listed in the American Stock Exchange.

The company made the official announcement Monday, saying that its options had been on the Amex since Nov. 20. The options opened on the Amex with position limits of 22,500 contracts. The Toronto-based company also has options listed on the Chicago Board of Trade; on both exchanges the company's ticker symbol is "UFW."

CryptoLogic's stock is traded on the Toronto Stock Exchange and the Nasdaq.

CryptoLogic spokeswoman Nancy Chan-Palmateer said the company was included on the exchange at Amex's initiation.

"It's an initiation on their part, but I think it's certainly just a reflection of our U.S. listings, and it also offers another way for investors to invest in our company," she said.

Lynn Teresky, spokeswoman for the Amex, said there are a number of ways the exchange decides to take on new listings. Such ways include a member firm taking an interest in the company and exchange staff keeping an eye out for IPOs of companies whose stock listings could be sold as options. Once a company is chosen, it must meet certain listing requirements before it is traded as an option.

Chan-Palmateer said the listing gives CryptoLogic an opportunity to attract new investors for its stock.

"It certainly makes it more broadly available to investors because they do have different avenues in which to invest in us, and with options you can do so at a lesser price because of the way options are set up," she said. "It certainly reaches out to a broader investor audience."

The other Amex-traded option in the gambling industry is gaming machine manufacturer IGT.