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100% of Chartwell Technology Warrants Exercised

The Warrants were exercised at a price of $2.50 per common share for gross proceeds of $1,375,000. Chartwell's existing working capital position is approximately $10,500,000 which will be used to further develop our software products and business.

Chartwell's strong financial position and successful implementation of its business model will assure growth and market share in the rapidly developing entertainment and gaming industry.

Chartwell is developing state-of-the-art, permission-based database marketing solutions for brand name advertisers and online retailers and continues the aggressive development of its JAVA based Internet games and gaming software, including the deployment of new games, languages and multi-player tournament applications.

Chartwell Technology Inc. specializes in the development of leading edge games and entertainment content for Internet and Intranet deployment by operators of interactive websites and virtual communities. Chartwell's software products and games are designed for deployment in gaming, entertainment, advertising and promotional applications.

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