Toronto, ON – CryptoLogic, a leading software developer to the Internet gaming and e-commerce industries, confirmed today the appointment of Lewis Rose as the company’s President and CEO. Since Rose joined CryptoLogic as interim CEO in July 2002, CryptoLogic has achieved key business and financial milestones.
"Lewis Rose has achieved immediate results since taking the helm of CryptoLogic," said Dennis Wing, CryptoLogic's Chairman. "CryptoLogic has secured Isle of Man regulatory certification of its gaming software, achieved a license as an approved provider in the strictly regulated Alderney jurisdiction, released new products, expanded its suite of electronic payment options, launched new international brand-name customers and met financial targets. In times of new challenges and opportunities, we need a leader with vision, discipline, accountability and performance, and we've found those qualities in Lewis Rose."
"CryptoLogic's strong financial foundation, our status as one of the world's few regulated Internet gaming companies and our roster of blue-chip international customers set us apart," Rose said in accepting the permanent appointment. "With these strengths, a talented team and a culture of integrity and innovation, we can move to profitable growth. And we are a leader in the global trend towards safe, secure and regulated online gaming."
Rose said that CryptoLogic will continue to capitalize on the potential of online gaming – one of the few Internet business segments making money and showing solid growth. The company’s focus for 2003 includes considering a European listing for its shares, expanding its European and Asian customer base, offering new payment options for players, and diversifying its product offerings (both as to type of games and languages in which they are offered). In addition, CryptoLogic will consider selective acquisitions to advance growth with a cash-generative and accretive focus as well as improve customer profitability.
CryptoLogic's 2003 plan builds on the company’s successes of the past six months. The company has eliminated redundancies to reduce its costs of operation, established a European operation, stabilized its cash flow, met its sales targets and grown its business from existing customers. CryptoLogic has also made progress on the regulatory compliance front.
"At CryptoLogic, we believe that strictly regulated Internet gaming is the best option for everyone," Rose added. "This industry is moving into the sunlight, and CryptoLogic is leading the way. Our major customers are household names in their markets, and they depend on us for software that players can trust. By working closely with regulators, CryptoLogic is sending a message that our business is first and foremost one of trust and verification."
Rose is a results-driven executive with two decades of experience in the consumer product, entertainment and financial services sectors in leadership roles at some of North America's best-known 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., as well as in mergers and acquisitions at CIBC World Markets. Before joining CryptoLogic, Rose was the CEO of E-tv Interactive Technologies, a provider of commerce-enabled interactive television and Internet services.
Rose is a Chartered Accountant with a reputation for delivering strong results and profitable growth. His extensive experience in mergers and acquisitions is particularly valuable to CryptoLogic, a well-capitalized player in an industry that should see significant consolidation in the years ahead.