$10,000,000 Special Warrant Financing

Chartwell Technology Inc. CWH

Calgary, AB … February 4, 2000, Chartwell Technology Inc. (CWH) announces a restructuring of its previously announced Special Warrant Private Placement (September 7, 1999). The restructured private placement will be lead by Canaccord Capital Corporation and will consist of up to 3.1 million Special Warrants at a price of $3.25 each. Each Special Warrant will entitle the holder to receive, at no additional cost, one common share and one half common share purchase warrant. One whole warrant will entitle the holder to purchase one common share at a price of $3.80, exercisable for a period of one year from the date of issue. The Company will agree to use its best efforts to file a prospectus for the purpose of qualifying the Special Warrants within 120 days of closing.

This Special Warrant Financing enables Chartwell to:

• Become a premier supplier for the Internet’s leading interactive entertainment communities, offering users the ability to compete for prizes and cash by playing "multi-player" real-time games. Chartwell intends to delivers state-of-the-art, permission-based database marketing solutions to brand name advertisers.

• Continue the aggressive development of its JAVA based Internet games and gaming software, including the deployment of new games, languages and multi –player tournament applications.

• Execute an extensive online and conventional marketing and strategic alliance campaign for its Internet games and gaming software.

Chartwell Technology Inc. is a leading provider of JAVA based in-browser, Internet based gaming software, services and e-commerce solutions. Chartwell’s suite of JAVA based games provide instant access, require no downloading and presently support both English and Chinese. The games presently offered are: BlackJack, Roulette, Craps, Caribbean and Pai-Gow Poker, Sic-Bo, Baccarat, Four Video Poker Games, Eight Slot Machine Games and Multi-card, Multi-player BINGO. Chartwell’s software products and games are designed for deployment in wagering, entertainment, advertising and promotional applications.

Chartwell invites you to preview and play the games at www.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.