U.K. patent claim settledCryptoLogic Subsidiary Announces Settlement In U.K. Patent Claim
TORONTO--(BUSINESS WIRE)--July 15, 2003--CryptoLogic Inc.:
All Dollar Amounts In US$
William Hill, WagerLogic Ltd. and Dr. Julian Menashe announced
today that they have reached a settlement in a U.K. patent claim. The
terms of the settlement are confidential, but include an agreement
that William Hill and WagerLogic Ltd., a subsidiary of CryptoLogic
Inc., will license Dr. Menashe's patented online gaming technology.
"We are pleased to have settled the claim," said Bill Haygarth,
Managing Director of E-Commerce for William Hill. "We can now focus
exclusively on the growth of our Internet businesses."
Lewis Rose, President and CEO of CryptoLogic Inc., added that its
subsidiary is also pleased to reach an amicable agreement on terms
favourable for all parties, and which will benefit WagerLogic's
current and future licensees.
When asked to comment on the settlement Dr. Menashe said, "I am
delighted that the matter has been resolved on terms fair to everyone
concerned, avoids further expense and allows all parties to capitalize
on the growth of the Internet gaming market."