Another misleading press release and investors lost big time again!
"Together, we will work to advance the certification of our software by Australian government authorities for that market and apply for Jupiters.com's regulatory approval."
Cryptologic issued this press release in February 14, 2000 about Jupiters Limited of Australia.
http://www.cryptologic.com/investor...feb14_2000.html
We strongly feel the press release is misleading, because Cryptologic gambled with the shareholders’ money on the probability of getting the software approved by the Australian government, and on getting an Australian Internet gaming license for Jupiter.
Both of these are not simple formalities. The risk of never getting the software approved is extremely high, and so is the approval for an Internet gaming license. The Australian government is still trying to ban Internet gambling, and nobody knows for sure if they will succeed. The last vote of 33 for and 33 against was very close.
In the meantime, Cryptologic got richer by selling 2.1 million shares a month earlier, but for the poor shareholders who bought on the news, hoping for some significant impact on Cryptologic earnings as a result of this new licensee, reality is a different story.
The Jupiter casino is not live eight months later, there are no approval for the software or the gaming license, no news from Cryptologic, but look at this chart, and see the massive losses a shareholder was exposed to after mid February 2000.
http://finance.yahoo.com/q?s=CRY.TO&d=2y
Always the same who get screwed, it’s either the shareholders, the licensees or the players, and most of the time it’s the three of them, but never the company!
