Source: Chartwell Technology Inc.CHARTWELL TECHNOLOGY ANNOUNCES FISCAL 2000 RESULTS
Chartwell Technology Inc. (CWH.V) a leading developer
of Java based games and
Revenues for the fiscal year ended Oct. 31, 2000
were $1,421,289, representing an increase of 441% over the previous year.
The majority of revenues were generated through software development and
licensing fees. Operating expenses for the period were
Chartwell posted a loss of $2,625,306 for the year compared with a loss of $2,123,084 in the previous year. A significant portion of our loss represents an investment in software development attributable to the launch of our Version 2.0 Chartwell Online Games product. Working capital at the end of the period was $9,052,077 giving us a strong balance sheet to fund future growth.
During fiscal 2000 we were very pleased to have been
selected by Harrah’s Entertainment, Inc. to build and maintain their branded
on line Play for Fun casino which represents a strong endorsement of our
software. Our joint venture with the hugely popular
Recent development efforts have produced a new web based version of Chartwell’s CyberBoss administration utility. The CyberBoss V2.0 product offers extensive casino and bingo administration and management through a secure, browser-based interface.
Chartwell’s Online Games have now been ported to
the Linux and Solaris operating systems, to accommodate the requirements
of large-scale Chartwell clients that have an existing UNIX-based infrastructure.
Taking advantage of Java’s multi-platform capabilities,
Chartwell will continue to add significant new features to the CyberBoss product during this fiscal year. To support the demands of the global marketplace, Chartwell is also adding multi-language capabilities to its suite of games.
Chartwell will soon be releasing new Flash-based
versions of some of its existing Java-based games, as well as a number
of new casino games which will be added to the Chartwell Online Games suite.
With the tremendous growth the I-gaming industry
is experiencing, Chartwell looks to further expand its operations on a
global scale. Looking forward to fiscal 2001 we anticipate continued growth
of our market share in both the Play for Fun and Play for Real
Chartwell Technology Inc. specializes in the development
of leading edge games and entertainment content for interactive websites
and virtual communities. Chartwell’s Java based software products and games
are designed for deployment in gaming, entertainment, advertising and promotional
applications. Chartwell’s team of 40 highly trained professionals
is committed to delivering the highest quality software and maintaining
Chartwell invites you to preview and play our games at: www.chartwelltechnology.com
For further information, please contact:
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