Options include disposal of part of business
* Says no certainty any offer will be forthcoming
* Hires Deloitte Corporate Finance as financial adviser
* Nasdaq-listed shares up 44 percent
* Shares rise as much as 40 pct in Toronto (Updates share movement)
March 25 - Canadian gaming software maker CryptoLogic said it has initiated a strategic review of its business, including a possible sale of the company or a disposal of part of the business, sending its shares up 40 percent.
"The board wishes to stress that there can be no certainty that any offer will be forthcoming, the company said in a statement.
CryptoLogic, a developer of branded online betting games and internet casino software, said it had hired Deloitte Corporate Finance as financial adviser to assist with the process.
Shares of the company were up 37 Canadian cents at C$1.57 on Friday morning on the Toronto Stock Exchange. Its Nasdaq-listed shares rose 44 percent to $1.73, but pared some gains and were trading at $1.60.
Earlier this week, CryptoLogic, which has licensed its games to e-gaming operators such as 888.com and Betfair, posted a fourth-quarter loss of $0.8 million, but said total expenses fell by 69 percent.
In February, it served notice to terminate an agreement with a "significant supplier of games" after the supplier sent it an arbitration notice.
The Dublin, Ireland-based company's 2010 revenue fell to $26.0 million from $39.8 million a year ago.
Last year, CryptoLogic cuts jobs by 47 percent to 111 as part of a restructuring plan to reduce its cost base, and its chief executive had resigned.
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