C h a r t w e l l T e c h n o l o g y I n c .
PRESS RELEASE
CHARTWELL TECHNOLOGY ANNOUNCES FISCAL 2000 RESULTS
Chartwell Technology Inc. CWH
Calgary, Canada March 20, 2001, Chartwell Technology Inc. (CWH) 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.