Tuesday April 4, 2000 – CALGARY, CANADA: Chartwell Technology Inc. (CWH) has posted revenues of $548,027 for the three month period ending January 31, 2000, an increase of 436% over the same period of last year. Chartwell’s complete quarterly report and management discussion can be viewed at www.chartwelltechnology.com
This revenue growth reflects the ability of Chartwell’s products to capture increasing market share in the explosive internet entertainment and gaming industries. Chartwell maintains a competitive advantage with its state of the art JAVA based entertainment software which satisfies the demand of Internet users for instant gratification. The ability to access our games with no downloading and begin playing in minutes sets our products apart from those of our peers. The performance of Chartwell’s software is superior to any comparable product on the market today. With the recent closing of a $10,075,000 equity financing, Chartwell is in a strong financial position to continue the successful implementation of our business model and we are confident that our revenue growth and increasing market share will continue.
Chartwell is developing state-of-the-art, permission-based database marketing solutions for brand name advertisers and online retailers and continues the aggressive development of its JAVA based Internet games and gaming software, including the deployment of new games, languages and multi –player tournament applications
Chartwell specializes in the development of leading edge JAVA based entertainment software for Internet and Intranet deployment by operators of interactive entertainment websites and virtual communities. Chartwell’s goal is to become the premier provider of Internet entertainment content and systems.
Chartwell invites you to preview and play the games at www.chartwelltechnology.com
| For further information, please contact: | |
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Chartwell Technology Inc.
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| Darold H. Parken, President | David Bajwa, Investor Relations |
| (877) 261-6619 or (403) 261-6619 | (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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CHARTWELL TECHNOLOGY INC. |
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CONSOLIDATED STATEMENTS OF OPERATIONS AND DEFICIT |
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FOR THE THREE MONTHS ENDED JANUARY 31 |
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(UNAUDITED) |
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(Revised) |
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2000 |
1999 |
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Revenue: |
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Revenue |
$ |
528,309 |
$ |
102,192 |
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Interest and other income |
19,718 |
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548,027 |
102,192 |
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Expenses: |
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Software development and support |
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139,199 |
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124,611 |
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Business development |
198,611 |
26,197 |
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General and administrative |
169,055 |
175,444 |
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Depreciation, depletion and amortization |
9,648 |
4,642 |
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Amortization of deferred software costs |
22,015 |
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538,528 |
330,894 |
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Net income (loss) for the period |
9,499 |
(228,702) |
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Deficit, beginning of period |
(2,760,961) |
(1,075,383) |
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Deficit, end of period |
$ |
(2,751,462) |
$ |
(1,304,085) |
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