Cryptologic Corp. announce that it has entered into a non-binding letter of intent with Wayland Group relating to a proposed acquisition of Wayland's Canadian business, including its Langton, Ontario production facilities, and the assumption of liabilities related to Wayland's Canadian business. It is expected that, subject to and following closing of the proposed transaction, the Company will be led by a management team including Jordan Greenberg, the current Chief Financial Officer of the Corporation, acting as Chief Executive Officer, and Matthew McLeod, the current Chief Executive Officer of Wayland, acting as President of Cryptologic.

The management team is also expected to include other senior members of the existing management teams of Cryptologic and Wayland. It is proposed that, upon the successful completion of the proposed transaction, John Kennedy FitzGerald will step down as Chief Executive Officer of Cryptologic and transition leadership of the Company to Mr. Greenberg.