Javaid Aziz, the ex-Chief Executive Officer for CryptoLogic, the well-known online casinos software company, has been trying to ensure a change in control of the company.  Should a change in control take place before May 2009, he stands to gain more than a million dollars, as per his departure agreement with CryptoLogic.

Aziz and Cede & Co. have contacted the Board of Directors of CryptoLogic requesting an EGM (extraordinary general meeting) which would be held for CryptoLogic’s shareholders.¬† Calling an EGM requires that at least 10 percent of voting shareholders place the request.¬† Aziz and Cede & Co. have been buying up shares as they could over the past year in order to increase their percentage of shares owned in the software company.

CryptoLogic has not only denied the request for the EGM, but have begun legal proceedings against Mr. Aziz as they feel that he has failed to “adhere to his obligations” set out in his departure agreement and that he “has been damaging to the company and its shareholders.”

CryptoLogic is working very hard to once again become the profitable company that they were before Aziz was at the helm.  In order to do so, they have drastically cut spending and are ensuring that they offer their customers new and exciting online casino software to keep at the top of the online casino software market.

CryptoLogic has projected that they will receive $9 Р$10 million in net profits for this year, 2009.  They are concentrating on delivering value for both shareholders and customers.