TORONTO — CryptoLogic (NASDAQ:CRYP; TSX:CRY.TO), a leading supplier to the Internet gaming and e-commerce industries, announced today the appointment of Lewis Rose as the Company’s Interim President and CEO. Rose is a results-driven executive with two decades of experience in the consumer product, entertainment and financial services sectors. He replaces Jean Noelting, who resigned today after a year and a half as CEO.
Mr. Rose has demonstrated his strategic management skills with many prominent companies. He served as President of Alliance Atlantis Communications Inc., President of Maple Leaf Foods’ Grocery Products Division, and Chief Financial Officer of Maple Leaf Foods Inc. Earlier in his career, he worked in mergers and acquisitions at CIBC World Markets. Since 2000, he has been the CEO of E-tv Interactive Technologies, a provider of commerce-enabled interactive television and Internet services.
“As one of North America’s fastest growing companies, CryptoLogic faces a new set of Toto SGP challenges and opportunities, and Lewis Rose has the skills we need to succeed,” said Dennis Wing, the Company’s Chairman. “In addition to his strong background in corporate finance, Mr. Rose’s entertainment industry experience and understanding of consumer needs are a great combination for CryptoLogic. We were attracted by his track record of turning business challenges into business success.”
Mr. Wing noted CryptoLogic’s many accomplishments during the past year and a half. The Company has applied for certification in key regulatory jurisdictions, strengthened its operations in Europe, signed important new licensees, and made the transition from its entrepreneurial founders to professional management. He thanked Mr. Noelting for his services during this busy and challenging period.
Mr. Rose is a chartered accountant with a reputation for delivering strong results and profitable growth. In 1998, he led the structure and financing of the reverse takeover of Alliance Communications by Atlantis Communications to form the largest film entertainment company in Canada, with a market capitalization of more than $600 million. At Maple Leaf Foods, he spearheaded the profitable turnaround of the branded grocery products business. His extensive experience in mergers and acquisitions will be particularly valuable to CryptoLogic, a well-capitalized player in an industry that should see significant consolidation in the years ahead.
“I’m very pleased to have the opportunity to take CryptoLogic to the next level,” Mr. Rose said. “My priorities include broadening the electronic payment options available to players at our licensees’ casinos, strengthening our European focus, and continuing to be a leader in the global trend toward safe, secure and regulated Internet gaming.”
The board of directors also appointed Robert Stikeman as Vice-Chairman today. As a highly-respected lawyer, Mr. Stikeman will provide valuable leadership on the Company’s regulatory compliance strategy as more and more jurisdictions see the value of legalizing and regulating Internet gaming.
