If You Can't Be With The Stock You Love, Love The Stock Your With!! (ci)
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HEY GANG @@@@@@@@@
Thanks for the warm welcome gang! Anyone here play FLTT??
Ironwill Where u buy in at if u don't mind me asking?
See that Nil, Love to see her just bust out. Need some News to send it over the edge.
HEY GANG, Anyone buy that Pullback this morning??
Holding steady now .0095 hmmmm
No problem buddz anytime :D
Any you WILD MEN holding FLTT by any chance??
I would love to try and swap an CYPW engine in my Hyundai lol
Feed it anything
Wish volume was better though but love the co and story
FLTT Has to hold .0071 or goin to 5's again imo
Profit taking last pop no doubt, have to see performance from here.
Overall i still think it pushes through but whens anyones guess.
Everytime she pulls back buyers come in so sentiment is strong still.
IHSN Holding .0026 where i got her lol, lets GO
Ironwill! Hey budz, as far as im concerned most of these stocks play out on news, sentiment and hype with technicals being last.
This co happens to be shareholder friendly which is rare with alot of OTC companies these days.
I think sometime soon they will do an acquisition or merger of some sort reflecting the reason for float increase to raise capital.
Its a fun stock to trade and i can exit fairly easy if need be.
Till the buzz is gone and the company messes up i will be a fan of FLTT. My opinion of course
Hey whats shakin gang!!!!!!
First time here, thx for the invite teaks
Flint Telecom Group CEO Interviewed on StockGoodies.com
OVERLAND PARK, KS--(Marketwire - 07/13/10) - Flint Telecom Group, Inc. (OTC.BB:FLTT - News), (http://www.flinttelecomgroup.com), an International Telecoms Technology and Services Organization, today announces that CEO Vincent Browne will be the featured guest interview on the fastest growing Stock Trading community, StockGoodies.com. The interview will be held today, Tuesday, July 13th at 8:00 p.m. EDT.
The interview can be heard at http://www.blogtalkradio.com/stockgoodies. The archived version can be found on the homepage of www.StockGoodies.com.
About Flint Telecom Group, Inc.
Flint Telecom Group Inc. is a fast growing Telecoms Technology Organization with a portfolio of companies that deliver next-generation IP communications Products and Services. The Company was founded by telecom and technology entrepreneurs with a proven track record in building global technology companies. Flint Telecom has grown both organically and through corporate activity and is traded on the OTC Bulletin Board® (OTCBB) under the ticker FLTT.OB. Additional information may be found at www.flinttelecomgroup.com
About StockGoodies
StockGoodies is a leading publisher of news, perspective, and marketing intelligence on all forms of equity trading: pennies, micro-cap, mid and large cap and options. The company's vision is to empower self-directed investors by narrowing the gap between individual traders and professionals. Additional information and archived recordings may be found at www.StockGoodies.com
This press release contains forward-looking statements, which are made pursuant to the Safe-Harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "expects", "intends", "believes", and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, the ability to secure additional sources of finance, the ability to reduce operating expenses, and other factors described in the Company's filings with the Securities and Exchange Commission. The actual results that the Company achieves may differ materially from any forward-looking statement due to such risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
Contact:
Investor Relations Contact:
Steve Keaveney
phone: 404-254-6980 begin_of_the_skype_highlighting 404-254-6980 end_of_the_skype_highlighting
Contact for StockGoodies.com:
Mike Johnson
Director of Marketing
Market Awareness Division
352-586-2524 begin_of_the_skype_highlighting 352-586-2524 end_of_the_skype_highlighting
Email Contact
Flint to Enter Rapidly Growing Prepaid Wireless Communications Market
'Flint Mobile' to Introduce Innovative Nationwide and International Calling Services for the United States Market
OVERLAND PARK, KS--(Marketwire - 08/17/10) - Flint Telecom Group, Inc. (OTC.BB:FLTT - News), a Telecoms Technology and Services Organization, today announces that following completion of strategic partner agreements and systems integration it will enter the rapidly growing U.S. Prepaid Wireless Communications market. This will allow Flint Telecom to offer nationwide cell phone services in the United States -- including Voice, Text and Data -- as an MVNO (Mobile Virtual Network Operator) under the 'Flint Mobile' brand.
According to Ovum, a leading independent global research company: The total mobile revenue in North America today is approximately $189 Billion, of which $41 Billion is prepaid, represented by more than 39 million customers. By 2015, they estimate that the total mobile revenue in North America will be $208 Billion, $52 Billion of which will come from Prepaid. The Telecommunications Industry Association (TIA) states that the US prepaid Calling Card market generates $1.9 Billion annually, of which over 70% is international calling.
The wireless plans offered by Flint will be based on both SIM and CDMA technologies, providing ultimate flexibility in creating innovative products.
Flint expects to bring an innovative new approach by allowing customers to make domestic & international calls at the same rates as calling cards on mobile phones that do not require a credit check and relieve the consumer of the need to dial cumbersome access numbers and codes.
CEO Vincent Browne said today: "We are very excited with this latest development set to enhance our existing product line in the markets we address in the Unites States. When starting out, MVNO companies usually face expensive and time consuming brand building and customer acquisition costs. Our substantial local market knowledge and existing distribution channels will allow us get better and faster results at significantly less costs, giving us greater profit margins. We expect the first handsets to ship in Q4 this year. In addition, based on market research conducted through our existing channels, we believe our target of over 50,000 handset sales by the end of our current fiscal year in June 2011 is fully obtainable. We look forward to our formal launch later in the year."
About Flint Telecom Group, Inc.
Flint Telecom Group Inc. is a fast growing Telecoms Technology Organization with a portfolio of companies that deliver next-generation IP communications Products and Services. The Company was founded by telecom and technology entrepreneurs with a proven track record in building global technology companies. Flint Telecom has grown both organically and through corporate activity and is traded on the OTC Bulletin Board® (OTCBB) under the ticker FLTT.OB. Additional information may be found at www.flinttelecomgroup.com
This press release contains forward-looking statements, which are made pursuant to the Safe-Harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "intends," "believes," and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, the ability to secure additional sources of finance, the ability to reduce operating expenses, and other factors described in the Company's filings with the Securities and Exchange Commission. The actual results that the Company achieves may differ materially from any forward-looking statement due to such risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
Contact:
Investor Relations Contact:
Tony Muratore
Email Contact
Form 8-K for FLINT TELECOM GROUP INC.
25-Aug-2010
Unregistered Sale of Equity Securities, Financial Statements and Exhibit
Item 3.02 Unregistered Sales of Equity Securities.
Subsequent to a special meeting of the majority shareholders of Flint Telecom Group, Inc. (the "Company"), held on August 10, 2010, which authorized an increase in the Company's total authorized common shares to 900 million shares, the Company issued a total of 99,135,000 shares of common stock to ten investors as a result of conversions of all of the principal and accrued interest in a previously issued and outstanding convertible promissory note, converting a total of $54,981 of existing debt into shares of the Company's common stock.
We believe our offering and sale of the securities in the above transaction, made to accredited investors and certain persons outside of the United States, was exempt from registration under Section 4(2) of the Securities Act and Regulation D and Regulation S, promulgated thereunder.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
4.1 Form of Convertible Promissory Note
UPDATE: Flint Telecom Group Signs $10 Million Reserve Equity Financing Line With AGS Capital Group
Press Release Source: Flint Telecom Group, Inc. On Friday June 25, 2010, 7:38 am EDT
OVERLAND PARK, KS--(Marketwire - 06/25/10) - Flint Telecom Group, Inc. (http://www.flinttelecomgroup.com/) (OTC.BB:FLTT - News), an International Telecoms Technology and Services Organization, today announces that it has completed a Reserve Equity Finance Agreement with New York based AGS Capital Group, LLC (http://www.agscapitalgroup.com). AGS has committed to purchase, over a period of two years, shares of the Company's common stock for cash consideration up to an aggregate of $10 million.
The Reserve Equity Financing provided by AGS Capital Group is a cost effective and flexible financing that places Flint Telecom in control of how and when it raises equity and debt. In order to utilize the agreement, Flint must increase its total authorized common shares and have an effective registration statement in place, both of which are in progress. Flint Telecom can then sell its common shares when the price is attractive to the Company or issue debt to AGS. The Agreement does not prohibit the Company from raising additional debt or equity financings, other than financings similar to this agreement.
Full details of the agreements and conditions are disclosed in the Company's SEC Form 8-K filed June 23, 2010 with the SEC.
Allen Silberstein, Principal at AGS Capital Group, added, "We are very excited to be working with Flint Telecom as they have a very well thought out strategy with the opportunity to grow significantly in a trillion dollar industry. We look forward to providing them with the necessary capital and support to achieve this potential in the coming years."
Vincent Browne, Chairman and CEO of Flint Telecom Group, commented, "This agreement is a very significant step for the Company that, along with recent debt reduction and restructuring, underpins operations going forward. I believe it will provide the necessary growth capital to allow us to accelerate our growth, both organically and through M&A activities, in the rapidly expanding VoIP (Voice over Internet Protocol), and wireless technology services markets globally. AGS is a strong financial partner and we look forward to working closely with them to build sustainable value for our shareholders in a significant global business."
About Flint Telecom Group, Inc.
Flint Telecom Group, Inc. is a fast growing Telecoms Technology Organization with a portfolio of companies that deliver next-generation IP communications Products and Services. The Company was founded by telecom and technology entrepreneurs with a proven track record in building global technology companies. Flint Telecom has grown both organically and through corporate activity and is traded on the OTC Bulletin Board® (OTCBB) under the ticker FLTT.OB. Additional information may be found at www.flinttelecomgroup.com
About AGS Capital Group, LLC
AGS Capital Group provides flexible debt and equity financing solutions for growth-stage and mature public companies as well as private companies looking to go public. With offices in New York, Hong Kong and India, AGS Capital Group has facilitated the growth of companies within the U.S. and those domiciled in foreign markets around the globe. AGS Capital Group invests in public companies listed on all exchanges. We perform fundamental analysis including credit risk, technical analysis of market trends and industry, evaluation of management team experience and corporate structure evaluation. AGS Capital Group invests in Fixed Income and offers the Reserve Equity Financing. Additional information may be found at www.agscapitalgroup.com
This press release contains forward-looking statements, which are made pursuant to the Safe-Harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "intends," "believes," and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, the ability to secure additional sources of finance, the ability to reduce operating expenses, and other factors described in the Company's filings with the Securities and Exchange Commission. The actual results that the Company achieves may differ materially from any forward-looking statement due to such risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
Contact:
Investor Relations Contact:
Steve Keaveney
phone: 404-254-6980
THANKS Killa squid on your recommendation of $IHSN
Glad i grabbed at .0026 :D
$FLTT pullinback to .0011 before the push forward?
Think she blows past resistance .00134 this week but crystal ball isn't workin.
THANKS Killa squid on your recommendation of $IHSN
Glad i grabbed at .0026 :D
Thanks NILBUD Would be nice you hang out here more with us more often!
Cool Beans
Green dreams
$FLTT pullinback to .0011 before the push forward?
Think she blows past resistance .00134 this week but crystal ball isn't workin.
HEY GANG!! WHATS SHAKIN??
Yeah Teaks maybe she pullsback for ya.
Look at the other days .0071 pullback
Good luck to ya
Trying for 1.64 and order for 1.62
See what happens
MISSED MY ORDER 1.61 dammit
Hate the volume but what a nice little lottery ticket, just have to be patient imo
MANICS PICKS I'm Watching for the Week !
CROX, AXL, TER and AMD
Crocs, Inc.
(NasdaqGS: CROX)
Yes those ugly shoes lol, Rumor was this stock tanked on bad earnings from scketchers. Bottomed out at 10.46 closing up friday at 11.13
I am in this stock and see 11.85 - 12.00 imo
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American Axle & Manufacturing H
(NYSE: AXL)
Back last month 8/25-9/2 she bounced long a 8.30-8.50 range, Took off to a high of 9.43 before retreating to present close friday at 8.55. Setting up for another run imo. She may pullback more 8.30 being present support but trend is positive until broken. Could see a dollar upside imo.
ONE Bio CEO Interviewed on StockGoodies Radio Show
http://finance.yahoo.com/news/ONE-Bio-CEO-Interviewed-on-iw-924402939.html?x=0&.v=1
MANICS PICKS I'm Watching for the Week !
CROX, AXL, TER and AMD
Crocs, Inc.
(NasdaqGS: CROX)
Yes those ugly shoes lol, Rumor was this stock tanked on bad earnings from scketchers. Bottomed out at 10.46 closing up friday at 11.13
I am in this stock and see 11.85 - 12.00 imo
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American Axle & Manufacturing H
(NYSE: AXL)
Back last month 8/25-9/2 she bounced long a 8.30-8.50 range, Took off to a high of 9.43 before retreating to present close friday at 8.55. Setting up for another run imo. She may pullback more 8.30 being present support but trend is positive until broken. Could see a dollar upside imo.
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Zanett Inc.
(NasdaqCM: ZANE)
This stock is insane the way it trades. Nilbud and myself have been watching this one for sometime now yet have not tried her out.
This stock just consolidates and bases and then shoots up and then back down rinse and repeat.
All time high of 3.74 on 4/6/10 trading down to 1.09 as present support for stock.
Im thinking of getting some around 1.60 area, maybe get lucky with some cheaper but i'd like to be in this thing when it goes insane.
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Teradyne, Inc. Common Stock
(NYSE: TER)
This stock has been beat up for a while and i missed it EOD friday the big gap up to 9.54 ugh! Still like the chart at that price but pray she pullsback some before pushing forward.
Nice upside here
LISTEN DON'T FORGET TO NEVER INVEST MORE THAN YOU ARE WILLING TO LOSE AND ALWAYS DO YOUR DUE DILLIGENCE!
CRYP is Ripe for some love imo
Short term maybe 1.50?
CRYP is on HIGH ALERT lol Love this chart set up!! Like the stock too lol
Looks like shes ready here soon imo
CryptoLogic Unveils Instant Click and Signs Licensing Deal With Tain
DUBLIN, IRELAND--(Marketwire - 07/19/10) - CryptoLogic Limited (TSX:CRY - News)(TSX:CXY - News)(NASDAQ:CRYP - News)(LSE:CRP - News), a global developer of branded online betting games and Internet casino software, announces the launch of a new gaming package, Instant Click, which has been licensed to Tain AB (Tain), a leading European provider of e-gaming technology infrastructure licensed in Malta.
Instant Click is the latest innovation from CryptoLogic that enables rapid deployment of a range of titles from its complete suite of more than 300 online games, by online operators and technology providers on their own e-gaming infrastructure and electronic cashier systems. As a result, CryptoLogic's Instant Click package can now be integrated and made available to players in just a few weeks.
Tain, whose e-gaming platform is used by more than a dozen prominent online operators, is the first company to license Instant Click, for an initial three years. CryptoLogic will derive a share of wagering revenues generated by its games, in line with its existing business model.
Christer Fahlstedt, Tain CEO, said: "Instant Click is a technology platform provider's dream. It enables CryptoLogic's highly sought-after games to be rolled out swiftly to the online player community by leveraging operators' existing infrastructure at little additional cost. As a result we are hugely excited to introduce this product to our customer base."
Brian Hadfield, President and CEO of CryptoLogic, said: "Instant Click has been designed in response to market need and is a solution for online operators who want CryptoLogic's innovative gaming content but do not require its full hosting casino platform. Its launch not only boosts CryptoLogic's addressable market but also complements our branded games licensing strategy. For the first time in the Company's history we now have a range of products that suits the needs of most operators worldwide and enables them to differentiate themselves with the adoption of our proven content."
About CryptoLogic® (www.cryptologic.com)
Focused on integrity and innovation, CryptoLogic Limited is a leading public developer and supplier of Internet gaming software. With more than 300 games, CryptoLogic has one of the most comprehensive casino suites on the Internet, with award-winning games featuring some of the world's most famous action and entertainment characters. The company's licensees include many top Internet gaming brands, including the "big four" international operators. CryptoLogic's leadership in regulatory compliance makes it one of the few companies with gaming software certified to strict standards similar to land-based gaming. WagerLogic® Limited, a wholly-owned subsidiary of CryptoLogic, is responsible for the licensing of gaming software and services to blue-chip customers that offer their games to non-U.S. based players around the world. For information on WagerLogic, please visit www.wagerlogic.com.
CryptoLogic's common shares trade on the Toronto Stock Exchange (CRY, CXY), the NASDAQ Global Select Market (CRYP) and the Main Market of the London Stock Exchange (CRP).
About Tain AB
Tain, founded in 2001, is a proven gaming infrastructure software provider that provides products to a number of casino and poker operators.
Products include Tain Commons Platform (TCP) - a back office platform with seamless integration to a number of gaming systems, and Tain Payment Gateway (TPG) - a top tier payment gateway supporting 20+ payment methods. Tain Operations, the operational arm of Tain AB, offers a full range of hosting and support services in multiple jurisdictions including Malta, Kahnawake and Curacao. Currently seventeen operators are live using the Tain TCP/TPG systems.
CRYPTOLOGIC FORWARD LOOKING STATEMENT DISCLAIMER:
This press release contains forward-looking statements within the meaning of applicable securities laws. Statements in this press release, which are not historical are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words "believe", "expect", "anticipate", "estimate", "intend", "may", "will", "would" and similar expressions and the negative of such expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are based on certain factors and assumptions including expected growth, results of operations, performance, business prospects and opportunities, foreign exchange rates and effective income tax rates. While the company considers these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking statements involve known and unknown risks and uncertainties that may cause actual results, performance or achievements of the company to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Risks related to forward-looking statements include, without limitation, risks associated with the company's financial condition, prospects and opportunities, legal risks associated with Internet gaming and risks of governmental legislation and regulation, risks associated with market acceptance and technological changes, risks associated with dependence on licensees and key licensees, risks relating to international operations and risks associated with competition. Additional risks and uncertainties can be found in the company's Form 20-F for the fiscal year ended December 31, 2009 under the heading "Item 3 - Key Information - Risk Factors" and in the company's other filings with the US Securities and Exchange Commission and Canadian provincial securities commissions. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking statements are given only as at the date of this release and the company disclaims any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by law.
Contact:
Contacts:
CryptoLogic
Stephen Taylor
Chief Financial Officer
+353 1 234 0415 begin_of_the_skype_highlighting +353 1 234 0415 end_of_the_skype_highlighting
Corfin Public Relations
Neil Thapar, Alexis Gore or Harry Chathli
(UK media only)
+44 207 596 2860 begin_of_the_skype_highlighting +44 207 596 2860 end_of_the_skype_highlighting
Tain
Christer Fahlstedt
Chief Executive Officer
+46 8 462 16 00 begin_of_the_skype_highlighting +46 8 462 16 00 end_of_the_skype_highlighting
CryptoLogic Announces Q2 2010 Results, Further Restructuring and Management Changes
DUBLIN, IRELAND--(Marketwire - 08/12/10) - CryptoLogic (TSX:CRY - News)(TSX:CXY - News)(NASDAQ:CRYP - News)(LSE:CRP - News), a global developer of Internet casino and branded gaming software, announces its financial results for the second quarter ended June 30, 2010. Additionally, the Company announces further restructuring and management changes.
Results Summary:
-- Total revenues declined to $6.7 million (Q1 2010: $7.6 million)
reflecting a change in accounting estimate relating to the amortization
of certain pre-paid royalties and continued difficult trading
-- Hosted casino revenue at $5.8 million (Q1 2010: $5.8 million).
Amortization of royalties and games now reported separately and no
longer charged against casino revenues
-- Branded games revenue increased to $1.5 million (Q1 2010: $1.3 million)
-- Poker and other revenues were $0.7 million (Q1 2010: $1.3m)
-- Amortization of royalties and games increased to $1.2 million (Q1 2010:
$0.7 million) as a result of a change in accounting estimate relating to
the amortization of certain prepaid amounts
-- Operating, general & administrative and amortization costs amounted to
$12.9 million (Q1 2010: $11.0 million)
-- Non-recurring costs of $7.3 million, comprising a non-cash impairment of
intangible assets of $3.6 million, impairment of capital assets of $2.1
million and reorganization costs, including an additional provision of
$1.7 million for the restructuring plan
-- Net loss of $12.7 million (Q1 2010 Loss: $3.2 million)
-- Net cash at June 30, 2010: $17.4 million (Q1 2010: $19.7 million)
Further Restructuring and Outlook:
-- Implementing a further restructuring plan to lower significantly the
cost base, including a reduction in workforce by the end of Q4 2010
-- Commenced implementation of measures advised by external industry
consultants to improve hosted casino
-- Outlook remains challenging and the Board continues to pursue avenues to
enhance the Company's strategy in the interests of stakeholders
Management Changes:
-- After working with the Board on the restructuring plan, Brian Hadfield,
Chief Executive Officer, has decided to leave the Company and resign as
a Director. David Gavagan, the Chairman, assumes the role of CEO on an
interim basis
-- As announced previously, Huw Spiers has joined the Company and will
assume the role of Chief Financial Officer from August 15
Overview
Q2 2010 results were disappointing as slow progress was made amid continued challenging trading conditions to turn round the Company's performance. Overall revenues declined to $6.7 million (Q1 2010: $7.6 million). The Company amortized the cost of certain prepaid royalties on a straight line basis, reducing overall revenues by $0.6m in the quarter. In addition, some licensees experienced a decline in contribution from higher margin slot games and some negative impact from the World Cup. Excluding the impact of the change in accounting estimate for prepaid royalties, revenues from both the hosted casino and branded games licensing business were up sequentially.
The Company incurred $7.3 million non recurring costs, comprising a non-cash impairment of intangible assets of $3.6 million, impairment of capital assets of $2.1 million and reorganization costs, including an additional provision of $1.7 million in respect of a further restructuring to reduce its cost base.
Further restructuring
In the light of continuing difficult trading conditions, a further restructuring is being implemented to reduce significantly the cost base including a reduction in the total workforce by the end of Q4 2010.
Following a review by a leading firm of industry consultants announced previously, a number of measures are being implemented to improve the performance of the hosted casino business.
Management Changes
After working with the Board on the restructuring plan, Brian Hadfield, Chief Executive Officer, has decided to leave the Company and resign as a Director. David Gavagan, the Chairman, assumes the role of CEO on an interim basis.
As announced previously, Huw Spiers has joined the Company and will assume the role of Chief Financial Officer from August 15.
Operating Review
Hosted Casino
Revenue from fully hosted virtual casino rooms provided to online gaming brand operators was $5.8 million in Q2 2010 (Q1 2010: $5.8 million). Amortization of royalties and games now reported separately and no longer charged against casino revenues. CryptoLogic's fully hosted casino suite was launched recently by Betsafe.com under a multi-year licensing deal signed last year. Betsafe is a leading online gaming operator with a customer base of over 400,000 players.
Branded Games
Branded casino games delivered further growth as operators continued their rollout of CryptoLogic games. Revenues from this segment increased to $1.5 million in Q2 2010 (Q1 2010: $1.3 million), despite some licensee sites being impacted by lower wagering activity caused by the World Cup.
51 new branded games were launched in the quarter taking the total number of games rolled out by licensees and generating revenues to date to 150, with a further backlog of approximately 41games expected to go live in 2010. CryptoLogic's games are licensed to many of the world's leading online gaming operators such as 888.com, Betfair, GalaCoral, and PartyGaming.
Since June 30, three clients have been signed for CryptoLogic's new casino offering, Instant Click. They are Tain AB, SkillonNet and Nyx Interactive. This product is aimed at expanding the Company's addressable market and shortening the time required to implement these new games on customers' networks.
Amortization of Royalties
The Company licenses various royalty rights from several owners of intellectual property rights for use in the Hosted Casino and Branded Games. Generally the arrangements require material prepayments of minimum guaranteed amounts which have been recorded as prepaid expenses. These prepaid amounts are amortized over the life of the arrangement as gross revenue is generated or on a straight line basis if the underlying games are expected to have an effective royalty rate greater than the agreed amount. The amortization of these amounts is recorded as a reduction in revenue. In Q2 2010 the Company revised its accounting estimate in respect of the amortization of certain prepaid royalties so that substantially all royalties are now being amortized on a straight line basis. Amortization of royalties and games now reported separately and no longer charged against casino revenues.
Balance Sheet and Cash Flow
At June 30, 2010, the Company ended the quarter with $17.4 million of net cash, which consists of cash and cash equivalents and security deposits, or $1.26 of net cash per diluted share (March 31, 2010: $19.7 million or $1.42 per diluted share). The decrease in net cash during Q2 2010 of approximately $2.3 million is due to the cash impact of operating losses of $3.1 million and purchase of capital assets of $0.4 million, and a decrease in trade accounts payable of $1.2 million, partially offsetting this is a decrease in accounts receivable of $2.0 million, decrease in prepaid expenses $0.2 million and a $0.2 million increase in income taxes payable. The Company continues to be debt free.
Outlook:
Outlook remains challenging and the Board continues to pursue avenues to enhance the Company's strategy in the interests of stakeholders.
CRYPTOLOGIC FORWARD LOOKING STATEMENT DISCLAIMER:
This press release contains forward-looking statements within the meaning of applicable securities laws. Statements in this press release, which are not historical are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words "believe", "expect", "anticipate", "estimate", "intend", "may", "will", "would" and similar expressions and the negative of such expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are based on certain factors and assumptions including expected growth, results of operations, performance, business prospects and opportunities, foreign exchange rates and effective income tax rates. While the company considers these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking statements involve known and unknown risks and uncertainties that may cause actual results, performance or achievements of the company to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Risks related to forward-looking statements include, without limitation, risks associated with the company's financial condition, prospects and opportunities, legal risks associated with Internet gaming and risks of governmental legislation and regulation, risks associated with market acceptance and technological changes, risks associated with dependence on licensees and key licensees, risks relating to international operations and risks associated with competition. Additional risks and uncertainties can be found in the company's Form 20-F for the fiscal year ended December 31, 2009 under the heading "Item 3 - Key Information - Risk Factors" and in the company's other filings with the US Securities and Exchange Commission and Canadian provincial securities commissions. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking statements are given only as at the date of this release and the company disclaims any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by law.
About CryptoLogic® (www.cryptologic.com)
Focused on integrity and innovation, CryptoLogic Limited is a leading public developer and supplier of Internet gaming software. With more than 300 games, CryptoLogic has one of the most comprehensive casino suites on the Internet, with award-winning games featuring some of the world's most famous action and entertainment characters. The company's licensees include many top Internet gaming brands. CryptoLogic's leadership in regulatory compliance makes it one of the few companies with gaming software certified to strict standards similar to land-based gaming. WagerLogic® Limited, a wholly-owned subsidiary of CryptoLogic, is responsible for the licensing of gaming software and services to blue-chip customers that offer their games to non-U.S. based players around the world. For information on WagerLogic, please visit www.wagerlogic.com.
CRYPTOLOGIC LIMITED
CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars)
As at As at
June 30, December 31,
2010 2009
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(Unaudited) (Audited)
ASSETS
Current assets:
Cash and cash equivalents $ 17,153 $ 23,447
Security deposits 250 250
Accounts receivable and other 4,831 7,972
Income taxes receivable 611 681
Prepaid expenses 9,522 9,426
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32,367 41,776
User funds held on deposit 7,274 7,929
Future income taxes 1,261 1,549
Capital assets 5,011 7,774
Intangible assets 100 4,342
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46,013 63,370
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities 14,801 13,156
Income taxes payable 977 2,157
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15,778 15,313
User funds held on deposit 7,274 7,929
Future income taxes 16 384
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23,068 23,626
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Minority interest 1,584 2,948
Shareholders' equity:
Share capital 34,108 33,916
Stock options 7,903 7,633
Deficit (20,650) (4,753)
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21,361 36,796
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$ 46,013 $ 63,370
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CRYPTOLOGIC LIMITED
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
(In thousands of U.S. dollars, except per share data)
(Unaudited)
For the three months For the six months
ended June 30, ended June 30,
2010 2009 2010 2009
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Revenue $ 6,739 $ 10,140 $ 14,380 $ 20,274
----------------------------------------------------------------------------
Expenses
Operating 9,508 9,895 17,594 18,094
General and
administrative 2,637 2,200 4,815 5,324
Reorganization 1,670 155 1,699 687
Impairment of intangible
assets 3,566 - 3,566 -
Impairment of capital
assets 2,058 - 2,058 -
Impairment of long-term
investments - 3,961 - 3,961
Finance 17 26 32 47
Amortization 739 1,199 1,479 2,504
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20,195 17,436 31,243 30,617
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Loss before undernoted (13,456) (7,296) (16,863) (10,343)
Interest income 17 122 59 293
----------------------------------------------------------------------------
Loss before income taxes
and minority interest (13,439) (7,174) (16,804) (10,050)
Income taxes:
Current 98 (583) (9) (743)
Future 44 (278) 274 (1,620)
----------------------------------------------------------------------------
142 (861) 265 (2,363)
----------------------------------------------------------------------------
Loss before minority
interest (13,581) (6,313) (17,069) (7,687)
----------------------------------------------------------------------------
Minority interest (931) (122) (1,172) (200)
----------------------------------------------------------------------------
Loss and comprehensive
loss $ (12,650) $ (6,191) $ (15,897) $ (7,487)
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Loss per common share
Basic $ (0.98) $ (0.46) $ (1.24) $ (0.56)
Diluted $ (0.98) $ (0.46) $ (1.24) $ (0.56)
CRYPTOLOGIC LIMITED
CONSOLIDATED STATEMENTS OF (DEFICIT)/RETAINED EARNINGS
(In thousands of U.S. dollars)
(Unaudited)
For the six months ended
June 30,
2010 2009
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(Deficit)/Retained earnings, beginning of
period $ (4,753) $ 32,032
Loss (15,897) (7,487)
Dividends paid, excluding those paid to CEC
shareholders - (764)
(Deficit)/Retained earnings, end of period $ (20,650) $ 23,781
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CRYPTOLOGIC LIMITED
CONSOLIDATED STATEMENTS OF CASHFLOWS
(In thousands of U.S. dollars)
(Unaudited)
For the For the
three months six months
ended June 30, ended June 30,
2010 2009 2010 2009
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----------------------------------------------------------------------------
Cash flows from (used in):
Operating activities:
Loss $ (12,650) $ (6,191) $ (15,897) $ (7,487)
Adjustments to reconcile loss
to cash provided by (used in)
operating activities:
Amortization 739 1,199 1,479 2,504
Unrealized loss/gain on
forward contract 26 (9) (46) (136)
Reorganization costs to be
paid 3,925 155 3,925 687
Impairment of intangible
assets 3,566 - 3,566 -
Impairment of capital assets 2,058 - 2,058 -
Impairment of long-term
investments - 3,961 - 3,961
Future income taxes 44 (278) 274 (1,620)
Minority interest (931) (122) (1,172) (200)
Stock options 98 275 270 595
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(3,125) (1,010) (5,543) (1,696)
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Change in operating assets and
liabilities:
Accounts receivable and other 1,954 (578) 3,141 (1,328)
Prepaid expenses 247 (1,637) (49) (1,937)
Accounts payable and accrued
liabilities (1,159) 336 (2,280) (2,441)
Income taxes payable 239 (712) (1,107) (915)
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(1,844) (3,601) (5,838) (8,317)
----------------------------------------------------------------------------
Financing activities:
Dividends paid including
those to CEC shareholders - (829) - (829)
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- (829) - (829)
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Investing activities:
Purchase of capital assets (413) (191) (456) (307)
Purchase of other investments - (277) - (477)
Decrease in restricted cash - - - 2,175
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(413) (468) (456) 1,391
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Decrease in cash and cash
equivalents (2,257) (4,898) (6,294) (7,755)
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Cash and cash equivalents,
beginning of period 19,410 33,491 23,447 36,348
----------------------------------------------------------------------------
Cash and cash equivalents, end of
period $ 17,153 $ 28,593 $ 17,153 $ 28,593
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Contact:
Contacts:
CryptoLogic
David Gavagan
Chairman
+353 (0) 1 234 0400 begin_of_the_skype_highlighting +353 (0) 1 234 0400 end_of_the_skype_highlighting begin_of_the_skype_highlighting +353 (0) 1 234 0400 end_of_the_skype_highlighting
Corfin Public Relations
Neil Thapar, Alexis Gore or Harry Chathli
(UK media only)
+44 207 596 2860 begin_of_the_skype_highlighting +44 207 596 2860 end_of_the_skype_highlighting
Looks like were the first to be here in a while !! Watch Out!!
Think ive found a new home