CryptoLogic Names Israel Ben-Ishai as Chief Technology Officer
Online gaming software developer CryptoLogic Inc. (CRYP) on Tuesday announced the appointment of Israel Ben-Ishai to the position of Chief Technology Officer. Israel, one of Canada's leading technology professionals, brings 25 years of experience working for the country's top technology firms as well as expertise in communications, encryption, reconnaissance and graphic imaging technologies.
Israel was most recently the vice president of research and development at MGI Software, where he directed the growth of the company's leading product. PhotoSuite went from version 2.0 to 5.0 during his tenure there; in addition, OEM solutions were customized for customers including Sony and Intel. Previously Israel had held senior technology positions at Spar Aerospace, Bell Northern Research/Northern Telecom and Certicom Corp, where he led the development of the security software used in Palm VII.
He succeeds Anatoly Plotkin, who will be the new executive vice president. Plotkin's new focus will be expansion in new Internet gambling endeavors, like poker, as well as technical compliance with the new Australian Internet gambling regulations.
On Friday 455,100 shares of CryptoLogic were traded--the biggest volume since June 15. On the day of the announcement, Tuesday, the stock price opened at 23.08 and closed at 22.27.
Online Markets Betting Group Fourth-Quarter IPO on AIM
Malta-based firm Fixed-Odds Capital Limited wants to bring sports-style wagering to stock markets. It plans to float on the U.K.'s junior stock market in the fourth quarter of this year.
Peirs Allen, managing director, told Reuters the company was seeking to raise between £2 million and £5 million on London's Alternative Investment Market in an effort to expand its marketing and product range.
Founded in 1999, the company operates two tax-free online betting sites--xodds.com and betonline.com--which it says are the first sites on the Internet to offer comprehensive fixed odds financial betting. Xodds.com was launched in June 2000 and betonline.com was launched in April of this year. Users can bet on whether the payout of a given stock market will be above or below a specific target as well as wager on exchange rates, major world indices and major U.S. stocks. There are between 3,000 and 5,000 accounts at the sites. The company's major funding source has been a $2 million investment from Hong-Kong based financial group Regent Pacific Group Ltd. in Oct. 1999.
Interspace Enterprises Acquires Minor Stake in Randombet.com
Interspace Enterprises Inc. (OTCBB:ITET), which owns PlanetLotto.com, purchased a 10 percent minority stake in U.K.-based gaming portal Randombet.com. Randombet.com will get a 5 percent interest in Interspace Enterprises in return; financial terms of the agreement were not disclosed. The partnership will help both companies market to U.K. and international consumers.
The Way of the RivTrend
|
June 29 |
July 6 |
% Change |
| North America Index |
141.9 |
139.31 |
-1.8% |
| EuroAustralasia Index |
111.42 |
116.41 |
+4.47% |
| Global Index |
114.05 |
118.38 |
+3.8% |
TAB Queensland to Buy South Australian TAB
The South Australian state government selected TAB Queensland (TQL) as the preferred buyer of the South Australian Totalisator Agency Board (SA TAB). The sale is subject to final discussions between the SA government and the SA Racing Industry regarding a restructure of payments to the latter.
Like many wagering businesses in Australia, SA TAB has had difficulty in recent years and is increasing commission rates to offset declining revenues. In 2000 SA TAB's turnover was flat at $620 million and net profit before tax was similarly flat at $56 million. TQL is remaining aggressive;
it recently bought Northern Territory's TAB and installed cost-cutting technology.
Stanley Leisure Shares Up
London's Sunday Telegraph reported that Stanley Leisure (SLY) shares ended last week at 288p, a 77 percent rise from six months ago. On Thursday, results from the company are expected to show a fall in pre-tax profits to about £25 million from £31 million this year, which reflects a difficult first half. The action to end betting duty later this year is already affecting the share price, as are talks to purchase Coral, a rival bookmaking chain.
CryptoLogic Now on Chicago Board Options Exchange
The Chicago Board Options Exchange is listing four new stock options as of July 9, and one of them is CryptoLogic Inc. (CRYP) of Toronto. The software development company's initial strike prices were set at 20, 22-1/2 and 25. The other three companies to be listed were Heidrick & Struggles, an executive search firm, Longs Drug Stores Corp. and Packaging Corp. of America.
My Casino Parts with Internet Casino Assets
Last Wednesday My Casino Ltd. (MYC.AX) announced a conditional sale of its Internet casino assets in Vanuatu.
My Casino will sell its subsidiary International Data Processing for the consideration of 1.5 million new shares in Southern Equity Holdings (SEQ.AX) valued at 20c per share. The agreement is subject to Southern Equity's purchase of all the issued capital of WaterhouseBet Ltd from Bill and Robert Waterhouse. Grants Waterhouse Agencies, owned by WaterhouseBet, is a chain of betting shops in Fiji. The sale of International Data is also conditional on the required governmental and shareholder approvals.
My Casino's chairman said the deal will allow the company to participate in any future increases in the Internet casino assets and at the same time free My Casino from management and strategic roles and financial commitments. My Casino finished Monday's trading at 0.049--5.3 percent lower than Friday
's close--and at lower end of its yearlong range of 0.023 to 0.140. In other Waterhouse news, it recently announced the listing of its betting operation on the Australian Stock Exchange.