The Canadian-based online gaming software developer has extended to January 2012 its current commercial agreement with its largest licensee, Overseas Internet Gaming Entertainment, the owner of InterCasino, one of the world\’s largest online casinos, and InterPoker.
“By reaffirming a long term relationship with our largest customer, we are following CryptoLogic\’s guiding principle of achieving the highest “ROE” – what we call “return on effort” – from our customers, products and projects,” said Lewis Rose, CryptoLogic\’s President and CEO. “CryptoLogic\’s ROE strategy has seen us refine our licensee base since 2003, and the result has been record performance with revenue and earnings growing 95% and 117% respectively during that same period. We aim to continue to deepen our relationships with our major customers, while continuing active discussions with select new prospects that will enhance our roster of blue-chip global gaming and entertainment brands.”
In separate news, the Ritz Club London Online has decided to cease its relationship with CryptoLogic\’s wholly-owned subsidiary, WagerLogic, effective on or prior to October 28, 2006. This decision will have no material impact on CryptoLogic\’s financial results as the Ritz accounts for less than two per cent of CryptoLogic\’s revenue.
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