CHARTWELL APPOINTS NEW CFO
Chartwell Technology Inc. TSX-VEN: CWH
Calgary, Canada, July 7, 2003, Chartwell Technology Inc. (TSX-VEN: CWH)
a leading provider of gaming systems and entertainment content to the online
gaming industry is pleased to announce the appointment of Mr. Don Gleason as
Chief Financial Officer effective June 9, 2003.
Mr. Gleason, a CGA, joins Chartwell with seventeen years experience in the information
technology industry, focused on financial management and business operations
within both large multinational and smaller technology companies. During the
past nine years Mr. Gleason led EFA Software in the development and execution
of the company's financial plan where revenues grew from $2.6 million in 1996
to $40 million prior to Mr. Gleason successfully negotiating EFA's buyout by
Basis 100. In addition to delivering EFA's financial roadmap, Mr. Gleason was
instrumental in EFA's major financings, acquisitions and dispositions.
"Our history of software research and development combined with our focused
marketing plan has now brought Chartwell to the targeted profitability point",
stated Darold H. Parken, President and CEO of Chartwell. "The always dynamic
and rapidly expanding gaming industry represents tremendous organic growth opportunities
for Chartwell as well as significant diversification options through the development
of new vertical markets. The addition of Don Gleason as CFO strengthens our
overall management team and his particular expertise will be a valuable asset
as Chartwell continues its growth with major business expansion plans, stronger
revenues and profits."
Mr. Gleason has been granted an option to purchase 100,000 common shares. In
addition, Mr. Dave Acorn, Vice President, Software Development and Mr. Don Harold,
Vice President, Operations, have been granted options to purchase 50,000 and
25,000 common shares respectively. All of the options were granted pursuant
to the Company's Stock Option Plan and have five year terms.
About Chartwell
Chartwell Technology Inc. specializes in the development of leading edge gaming
applications and entertainment content for the Internet and wireless platforms.
Chartwell's Java and Flash based software products and games are designed for
deployment in gaming, entertainment, advertising and promotional applications.
Chartwell does not participate in the online gaming business of its clients.
Chartwell's team of 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.
David Bajwa, Investor Relations
(877) 261-6619 or (403) 261-6619 (877) 699-4180 or (604) 669-4180
dhp@chartwelltechnology.com info@chartwelltechnology.com
The TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical fact are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays in testing and evaluation of products, regulation of the online gaming industry, and other risks detailed from time to time in Chartwell's filings with the Securities & Exchange Commission. We assume no responsibility for the accuracy and completeness of these statements and are under no duty to update any of the forward-looking statements contained herein to conform these statements to actual results. This is not an offer to sell or a solicitation of an offer to purchase any securities.