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27 February
2009 CryptoLogic
Discloses Letter To Ex-CEO Concerning EGM
Request The
Online
Casino Software
provider Cryptologic
is filing with US and Canadian regulatory
authorities the letter sent to ex-CEO Javaid Aziz
that details the deficiencies in his requisitions
for an extraordinary general meeting
(EGM). The letter also
outlines the board of directors' issues and
concerns with Mr. Aziz's conduct during and after
his tenure as CEO and the reasons behind the
board's view that he is not suitable for a position
on the board of CryptoLogic. CryptoLogic sent
the letter to Mr. Aziz on February 22 and provided
him until 5pm on February 23 to advise the company
of how he intended to address the deficiencies in
his requisitions. At the time of
writing, the company has not received a
response. The letter also
expresses the board's strong view that an EGM -
with its substantial distraction and expense - is
not in the best interests of shareholders at a time
when the board and management are focusing on
returning the company to profitability. CryptoLogic's new
business strategy is in the advanced stages of
implementation and shareholders will have an
opportunity to evaluate the company's progress at
an annual general meeting expected in late May or
early June. Cryptologic's
Online
Casino Games
can be played at Intercasino |
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