ONLINE POKER ROOM PARBET.COM SOLD TO CRYPTOLOGIC
11 January 2007
CryptoLogic enters the acquisition market by agreeing to buy the poker brand and assets of Parbet.com, a Scandanavian based online poker room. The deal will be brokered using WagerLogic, a division of CryptoLogic, whereby $9 million euro will be paid for Parbet brand and assets and an additional amount no greater than $4 million euro upon improved performance of assets after 6 months. CryptoLogic projects this action will add approximately $2 million to this year’s earnings.