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Chartwell Reports Loss for First Quarter

First quarter revenues were CND$442,538, an increase of 134% over the corresponding period of the previous year. The majority of revenues were generated by our subsidiary company, GamingTech through software licensing and development fees. Expenses for the period were CND$1,039,007, an increase of 93% over the prior year. The majority of these expenses related to research and development and sales and marketing.

Chartwell posted a loss of CND$596,469 for the period compared with a loss of $349,607 in the corresponding period of the prior year. As in previous quarters, a significant portion of our loss for the period represents an investment in software development.

Chartwell's focus for the first quarter was marketing and market development of our new software products. Versions 2.0 of our Java Casino software and our Java Bingo product have been successfully implemented in the three new market areas that we have targeted.

This new version of our software has been implemented in the Harrahs.com play for fun casino representing our entry into the land based casino market, in Thespinroom.com, a Victor Chandler International site representing our entry into the online sportsbetting industry and the Lasvegas.com site representing our entry into the entertainment portal site business. The initial penetration of these market areas was a fundamental part of our business plan. Having successfully accomplished our market entry, we are now focused on increasing our market share; revenue growth and profitability while we continue to add new games, features and functionality to our industry leading Java based gaming systems.

Chartwell Technology Inc. specializes in the development of leading edge games and entertainment content for interactive websites and virtual communities. Chartwell's Java based software products and games are designed for deployment in gaming, entertainment, advertising and promotional applications. Chartwell's team of 40 highly trained professionals is committed to delivering the highest quality software and maintaining its leading edge through continuous development and unparalleled customer support.

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