Calgary, Canada, November 16, 2004, Chartwell Technology Inc. (TSX:CWH) a leading provider of gaming software systems and entertainment content to the online and remote gaming industry has filed its revised audited financial statements for the three years ended October 31, 2003, 2002 and 2001. The filing of the statements follows the adoption of a change in revenue recognition policy as previously announced in the Company’s September 29th press release. As anticipated at that time, the change is not adversely material to the financial statements. The statements can be viewed on SEDAR. The unaudited interim financial statements for the third quarter of 2004 reflected the change in policy.

The Company, after consultation with its independent auditors, KPMG LLP, concluded that it was appropriate to revise its accounting policy for set-up fee revenue and related direct and incremental costs to the method described in note 1(e) to the audited financial statements. This accounting policy change, which has been adopted retroactively, affects the timing of recognition of set-up fee revenue and the allocation of that revenue and associated costs to reporting periods but does not affect the cumulative revenue or gross margin that the Company will realize from its software licensing contracts. In addition, the policy change does not impact the Company’s past or present cash flow, future business plans or prospects or the Company’s recurring revenue from ongoing license fees. These ongoing license fees represented 92% of revenue for the nine months ended July 31, 2004.

The changes to audited amounts previously reported for Canadian generally accepted accounting principles purposes for the years ended October 31, 2003, 2002 and 2001 are as follows:

2003	As previously reported	As revised	Changed
Software set-up fees revenue Software development expenses Income tax recovery Net income Net income per share – basic Future income taxes Deferred set-up expense Deferred revenue  Deficit	$     943,395 3,272,353 520,000 1,610,852 0.11 520,000 – 343,311 (6,480,170)	$     919,892 3,288,164 630,000 1,681,538 0.12 630,000 209,842 1,687,935 (7,504,952)	$      (23,503) 15,811 110,000 70,686 0.01 110,000 209,842 1,344,624 (1,024,782)
2002
Software set-up fees revenue Software development expenses Net loss Net loss per share – basic Deferred set-up expense Deferred revenue Deficit	$     789,197 2,651,335 (1,431,282) (0.11) 91,629 – (8,091,022)	$     896,560 2,648,223 (1,320,807) (0.10) 317,283 1,321,122 (9,186,490)	$     107,363 (3,112) 110,475 0.01 225,654 1,321,122 (1,095,468)
2001
Software set-up fees revenue  Software development expenses Net loss  Net loss per share - basic Deferred set-up expense Deferred revenue Deficit	$  1,928,696 2,013,601 (835,967) (0.06) – – (6,659,740)	$     803,990 1,857,580 (1,804,652) (0.14) 222,542 1,428,485 (7,865,683)	$ (1,124,706) (156,021) (968,685) (0.08) 222,542 1,428,485 (1,205,943)

About Chartwell

Chartwell Technology Inc. specializes in the development of leading edge gaming applications and entertainment content for the Internet and wireless platforms and other remote access devices. 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 Games is the worldwide licensing, marketing and business development operation, and is a wholly-owned subsidiary of Chartwell Technology Inc.

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

For further information, please contact: Chartwell Technology Inc.

The TSX 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.