|Chartwell Technology Inc.
INTERIM REPORT AND CORPORATE UPDATE
Calgary, AB …
October 2, 2000,
Chartwell Technology Inc. (CWH.V) a leading developer of games and entertainment content for the Internet, today announced its financial results for the nine months ended July 31, 2000.
“Although we are a relative newcomer to this industry
we have developed a premier product and unique business model aimed at
positioning our technology in front of what we believe will be a tremendous
growth phase for both Internet gaming and pure entertainment content”,
states Darold H. Parken, President and CEO of Chartwell. “We expect
consolidations in some market segments and significant expansion in others
such as Europe and Asia. We intend to capitalize on both trends through
our dedication to leading-edge technology development and the powerful
relationships we are establishing.”
During the first quarter of fiscal 2000 Chartwell developed a unique business model and plan for the Internet gaming and entertainment software business which we originally entered in fiscal 1999. Our successful equity financings, completed in the second quarter, have permitted the planned expansion phase of our business during the third quarter which in turn has produced the product base and strong team of people required to achieve our sales and strategic alliance objectives for the fourth quarter.
Chartwell posted a loss of $1,609,045 for the period
compared with a loss of $1,334,091 in the corresponding period of the prior
year. A significant portion of our loss for the period represents
an investment in software development which expenses are not
Andrew brings a wealth of technical and software development expertise to the Chartwell team. From his extensive background as a System Architect, Technical Lead and Project Manager in numerous Internet based projects and products, Andrew has developed an acknowledged leadership in many of the key technologies employed by Chartwell including Java, communications, security, and object oriented software development techniques. In his role as Technical Director, Andrew will lead Chartwell's technical direction and will play a significant role in building on Chartwell's leadership position in gaming and entertainment software.
Software Product Development
Game play has been greatly enhanced through the addition of dealer callouts, detailed game tips, online help and audio features. Players will also enjoy a richer graphic experience on all games along with superior game animation.
We have also made advances in our systems architecture resulting improved system security, reliability and performance. Chartwell games and casino sites are fully customizable and can be seamlessly integrated with existing corporate systems and web sites. These are key elements to our marketing strategy.
We are nearing the commercial release of our Java
Bingo product which includes such features as; multi-play chat, progressive
jackpots, bingo caller, up to 100 cards per player and more. The
first two licenses of this new product have been completed and a
Chartwell plans to license its Java Bingo as a stand alone product which will provide additional revenue from licensing and royalties. The online bingo market is currently experiencing exponential growth. We plan to capture a significant portion of this tremendous market with our premier bingo product.
Chartwell has also developed an online version of
Lotteria, a very popular Latin American pictorial version of bingo.
The beta release of this new product has been completed and a master licensing
agreement has been concluded to facilitate the Version 1.0 release of Lotteria
during the fourth quarter.
Chartwell will also be attending the Virtual Gaming
and Wagering Forum on October 2-3, 2000 and the European Interactive Gaming
2000 conference on November 29-30, both in London, England.
These exhibitions are part of our strategy to expand our
We are confident that the fourth quarter will see the completion of several other important contracts for Chartwell resulting in relationships and key market penetration which will provide a strong base for our planned expansion.
Chartwell invites you to preview and play our games at: www.chartwelltechnology.com.
For further information, please contact:
Chartwell Technology Inc.
David Bajwa, Investor Relations
The Canadian Venture Exchange has neither approved nor disapproved the
information contained herein. This press release contains “forward-looking
statements” including management’s beliefs, expectations or projections
related to the Company’s business prospects, capital raising and secondary
markets for the Company’s securities. Actual results could differ
materially from those set forth in forward-looking statements. You