12 April 99
N E W S R E L E A S E
5 Internet Gaming Licensees Under Contract
Chartwell Technology Inc.(CWH-ASE) is pleased to announce that, through its wholly owned subsidiary, Gateway Technology Inc., it has under contract five licensees for its Internet gaming software, CasinoCasino with several others under negotiation.
Chartwell Technology Inc.(CWH-ASE) is an Internet based e-commerce, software technology and service company which specializes in online gaming software and video conferencing. Their customized, full service, Internet gaming system includes, twelve casino games, a backend administrative utility with remote access, I.P. Tracking, E-Commerce software and technical support. The Licensees' customers are able to place wagers via a secure online financial transaction system that is customized for the Licensee anywhere in the world they choose.
The Licensees that are presently online are: http://www.casinogrande.com, http://www.777casino.net, and http://www.truebet.com. The licensees which will be online shortly are: www.oldvegas.com and www.instacash.com
Chartwell intends to aggressively market its turnkey Internet gaming technology world wide. Chartwell's goal is to have 24 licensees' under contract by the end of the year. As part of the licensing agreement the Company receives an initial licencing fee together with a percentage of its Licensees' revenues, which should considerably impact the revenues of Chartwell.
Proceeds from Chartwell's recently announced $1 million proposed private placement will be used to formally launch the turnkey Internet gaming solution and to develop new revenue sources based on its proprietary technology.
The CasinoCasino software requires no downloading and provides the instant gratification that is demanded by the vast and untapped population of worldwide Internet players. The JAVA based CasinoCasino software allows Internet users instant access, even via AOL (NYSE:AOL) and WEB TV. Peer Internet based online gaming companies include Cryptologic (TSE:CRY), Starnet Communications International Inc.(OTC BB:SNMM), Atlantic International Entertainment Ltd. (OTC BB: AIEE), Multimedia Games Inc.(OTC BB:MGAM), Virtual Gaming Technologies (OTC BB:VGTI), IGN Internet Global Network Inc.(OTC BB:IGNIF & VSE:IGN), GLC Ltd.(Nasdaq:GLCCF), Global Intertainment (OTC BB:GGNC), in what PC Computing Magazine & UK's Financial Times estimates to be an $8-billion (U.S.) industry by 2004.
Chartwell's CorelVIDEO solution was developed by the Corel Corporation (TSE:COS) and provides video conferencing through any phone line, in any office, anywhere. It is now a business tool that is about to become as commonplace as the telephone. Industry estimates show a 35 per cent yearly growth in the video conferencing equipment market. A report commissioned by Forward Concepts of Tempe, Ariz. predicts that the market will reach $5-billion (U.S.) by 2003. Peer companies in this sector include Multimedia Access (Nasdaq:MMAC), Picturetel Corporation (Nasdaq:PCTL), Polycom Inc.(Nasdaq:PLCM) and Vtel Corporation (Nasdaq:VTEL)
For further information, please contact:
Darold H. Parken
President
877-261-6619 or 403-261-6619
dhp@chartwelltechnology.comDavid Bajwa
Investor Relations
877-669-4180 or 604-669-4180
info@chartwelltechnology.comFor more information about Chartwell Technology Inc. please see www.chartwelltechnology.com/Stock.html