Source: Chartwell Technology Inc.
CHARTWELL TECHNOLOGY ANNOUNCES FISCAL 2000 RESULTS

Calgary, Canada 
March 20, 2001

    Chartwell Technology Inc. (CWH.V) a leading developer of Java based games and
entertainment content for the Internet, today announced its financial results for the fiscal year ended Oct 31, 2000.  All figures are expressed in Canadian dollars.

Highlights

  • Revenue increased to $1,421,289 for the period ending Oct. 31, 2000 compared to $262,342 for fiscal year end Oct. 31, 1999.
  • Strategic business relationships formed with brand name clients in North America (Harrah’s Entertainment, Lasvegas.com) and Europe (Victor Chandler International).
  • Completion of an equity financing to fund the future growth of the company based on a solid balance sheet and strong revenue growth.
  • Completion and launch of our Version 2.0 Java based gaming software, including Bingo.


Financial Results

    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
$4,046,595, an increase of  79% over the prior year. The increase in expenses is attributed to a significant ramp up in operations concentrated on research and development, sales and marketing and increases in operational staff. 

    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. 

Business Development

    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
entertainment portal site, lasvegas.com, represents an additional dimension in the expansion of our Play for Fun strategy. Our selection as software supplier to the Victor Chandler International Group, for their Play for Real application, further endorses our unique product and business model. These contracts and our business model based on custom development evidence our unique capability to deploy our software within large established organizations with diverse hardware platforms, operating systems and management software.
   

Product Development

    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 now offers its Java-based game products on all popular UNIX server platforms.

    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.
 

Outlook 

    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
applications of our technology.  We will continue to develop strategic alliances with brand name licensee’s in North America, Europe and Asia and to focus on growing our revenues to achieve the tremendous profit potential which our industry position presents.  We
will continue to enhance our product line through the development of new games and features, which include multi-player capabilities, and Flash enabled games and through the continued development of our comprehensive casino administration software.
 

    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 its
leading edge through continuous development and unparalleled customer support.
 

Chartwell invites you to preview and play our games at: www.chartwelltechnology.com

For further information, please contact:
Chartwell Technology Inc.
Darold H. Parken, President
(877) 261-6619 or (403) 261-6619
dhp@chartwelltechnology.com

David Bajwa, Investor Relations
(877) 669-4180 or (604) 669-4180
info@chartwelltechnology.com

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 are cautioned against placing undue reliance on the forward-looking statements
 


 

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