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CryptoLogic Limited (TSX: CRY)(TSX: CXY)(NASDAQ: CRYP)(LSE: CRP), a global developer of branded online betting games and Internet casino software, announces that arbitration proceedings have been formally commenced by WagerLogic Ltd. (a wholly owned subsidiary of CryptoLogic Limited) against Marvel Enterprises Inc. and Marvel Enterprises B.V. (collectively "Marvel"), under the JAMS Comprehensive Rules in New York City, USA.
These proceedings concern WagerLogic Ltd.'s claims that Marvel has committed material breaches of certain provisions of its agreement with WagerLogic Ltd. relating to the licensing of Marvel comic book characters to WagerLogic Ltd. While CryptoLogic had sought to resolve the issue without resorting to arbitration, the Company has been left with no alternative to taking this step to protect its licensing rights and commercial interests.
