Cryptologic Releases 2020 Fourth Quarter Financial Results

Cryptologic Releases 2020 Fourth Quarter Financial Results

TORONTO, March 12, 2021 (GLOBE NEWSWIRE) — Cryptologic Inc. (“Cryptologic” or the “Company”) (CSE:CRY) today announces its financial results for the quarter and year ended December 31, 2020. Selected financial information of the Company for the three and twelve months ended December 31, 2020 and 2019 is set forth below:

Three Months Ended December 31, Year Ended December 31,
 2020  2019  2020  2019
Net income (loss) and comprehensive income (loss) from continuing operations $ 524,421 $ (9,718,160 ) $ 23,563,577 $ (16,962,291 )
Net income (loss) and comprehensive income (loss) 132,509 (13,590,497 ) 22,002,353 (11,722,599 )
Total assets 8,106,844 15,581,954 8,106,844 15,581,954
Total liabilities 298,957 38,847,679 298,957 38,847,679
Basic and diluted net income (loss) and comprehensive income (loss) per common share from continuing operations $ 0.02 $ (0.76 ) $ 0.77 $ (1.33 )
Basic and diluted net income (loss) and comprehensive income (loss) per common share $ 0.00 $ (1.07 ) $ 0.72 $ (0.92 )

The Company reported a net income of $0.52 million for the quarter ended December 31, 2020 as compared to net loss of $9.72 million for the same quarter in the previous year. The Company reported a net income of $23.56 million for the year ended December 31, 2020 as compared to a net loss of $16.96 million for the same period in the previous year.

As of end of day March 11, 2021, the company had cash and cash equivalents of approx. $7.3 million, unrecorded sales tax receivable of approximately $1M, and payables of $0.27 million.

The financial statements for the three and twelve months ended December 31, 2020 and the related management’s discussion and analysis (“MD&A”) are available on Cryptologic’s SEDAR profile at www.sedar.com.

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For information or interview please contact:

Joshua Lebovic
Chief Financial Officer
(647) 715-3707

About Cryptologic Inc.

Cryptologic Corp. is currently a cryptocurrency mining company that is focused on divesting its crypto mining assets and exploring acquisition opportunities in sectors outside of cryptocurrency mining.

Cautionary Note Regarding Forward-Looking Information

Certain statements in this press release, including statements with respect to the Company’s position to enter other aspects of cryptocurrency mining, contain forward-looking information which can be identified by the use of forward looking terminology such as “believes”, “expects”, “may”, “desires”, “will”, “should”, “projects”, “estimates”, “contemplates”, “anticipates”, “intends”, or any negative such as “does not believe” or other variations thereof or comparable terminology. No assurance can be given that potential future results or circumstances described in the forward-looking statements will be achieved or will occur. By their nature, these forward-looking statements necessarily involve risks and uncertainties, including the risk that costs will be higher than anticipated reducing margins, that expense reductions will not be realized, the risk that the price of power to the Company increases and other risks and uncertainties discussed herein, that could cause actual results to significantly differ from those contemplated by these forward-looking statements. Such statements reflect the view of the Company with respect to future events and are based on information currently available to the Company and on assumptions, which it considers reasonable. Management cautions readers that the assumptions relative to the future events, several of which are beyond management’s control, could prove to be incorrect, given that they are subject to certain risk and uncertainties, and that actual results may differ materially from those projected. Other factors which could cause results or events to differ from current expectations include, among other things, the impact of general economic, industry and market conditions. Management disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information. The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.

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