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Chartwell Reports Increased Revenue

Total revenues for the second quarter of 2002 increased 44% to $865,810 compared to $601,817 in the same period of 2001. For the six months ended April 30, 2002, the Company's total revenues increased 22% to $1,273,153 compared to $1,044,355 for the prior year period. The Company's focus on attracting established gaming clients, particularly in Europe, has had a very positive effect on the recurring license fee component of total revenue. License fee revenue for the second quarter rose 243% to $538,403 compared to $157,185 in the same quarter of 2001. For the six months ended April 30, 2002, the Company's license fee revenue was $876,305 representing a 123% increase over the prior year period. Recurring revenue increased 59% on a quarter on quarter basis.

Expenses for the second quarter were up 65% to $1,434,034 compared to $867,348 in the same period of 2001. For the six months ended April 30 2002, expenses increased 37% to $2,618,223. The increases in expenses are attributed to continued development of the Company's casino gaming systems including the release of our newest Flash games. Higher expenses also reflect software development costs related to our new multiplayer games; bingo and poker for expansion into new gaming verticals, regulatory compliance related software development projects and R&D in the field of new games, systems and platforms to maintain the Company's lead in providing the most flexible software solutions available.

The loss for the period was $568,224 a decrease of 27% compared with our loss in the previous quarter. Chartwell ended the quarter with a strong working capital position of $ 6,130,496.

"We are beginning to see the results of our focused campaign to attract the larger, established gaming companies," states Darold H. Parken, President and CEO of Chartwell. "As these clients continue to establish their brands online and as we continue add more established gaming clients, we anticipate strong growth in the recurring revenue component of our total revenue stream. The outlook for the remainder of 2002 remains very positive and our new development initiatives in the wireless and interactive TV areas represent tremendous potential for Chartwell's future."

Chartwell Technology Inc. specializes in the development of leading edge custom 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 to fully empower its clients and to maintain its leading edge through continuous development and unparalleled customer support.

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