Chartwell Technology Inc.
By Linda
Calgary, Canada September 10, 2002, Chartwell Technology Inc. (TSX-VEN: CWH)

a leading provider of gaming and information systems for companies engaged

in the Internet gaming industry, announces financial results for the third

quarter and the nine months ended July 31, 2002.


Total revenue for the third quarter of 2002 increased 20% to $1,117,939

compared to $928,663 in the same period of 2001. For the nine months ended

July 31 2002, the Company's total revenues increased 21% to $2,391,092

compared to $1,973,018 for the corresponding period of the previous year.


'Consistent with our business strategy, during the quarter the company has

continued to focus on attracting established gaming clients, primarily in

Europe', states Darold H. Parken, President and CEO of Chartwell. ' Steady

growth in our market share and the recurring revenue component of our total

revenue has resulted in an average 30% quarter on quarter revenue growth

since entering the software development business. Our objective is to

continue this trend.'


Expenses for the third quarter were $1,131,736 compared to $926,911 for the

corresponding period of the previous year. Expenses decreased $302,298 from

the previous quarter. For the nine months ended July 31 2002 expenses were

$3,749,959 compared to $2,833,266 in the corresponding period in the

previous year. This increase is reflected in the continued development of

our industry-leading choice of gaming options including casino, bingo and

poker room games, now available in download, in-browser and wireless options

giving an unprecedented level of access flexibility while using a wide range

of currencies and languages. Consistent with our proactive expansion into

new regulated markets, the Company has increased its compliance expenditures

for its certification in these regulated markets.


The loss for the quarter was $13,797 or $0.00 per share compared to $568,224

or $0.04 per share in the previous quarter. Working capital at the end of

the quarter was $6,159,960.


'We are seeing continued growth in Europe with the opportunity to break into

new verticals', states Darold H. Parken, 'Poker, Bingo, and Wireless gaming

are all new opportunities for revenue growth, both within our existing

client base and with new licensees'. 'Our unique business model along with

our dedication to software development and un-paralleled customer support

enables our existing and future clients in Europe and other regulated

markets to depend upon us as a truly independent technology partner with no

potential conflict of interest'.


About Chartwell Technology Inc. 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.


Chartwell invites you to preview and play our games at:

www.chartwelltechnology.com


For further information, please contact: Chartwell Technology Inc.


Darold H Parken, President David Bajwa,

Investor Relations

(877) 261-6619 or (403) 261-6619 (877) 699-4180 or

(604) 669-4180

dhp@chartwelltechnology.com info@chartwelltechnology.com


The TSX Venture Exchange has neither approved nor disapproved the

information contained herein.


Safe Harbor Statement under the Private Securities Litigation Reform Act of

1995: The statements contained herein which are not historical fact are

forward-looking statements that are subject to risks and uncertainties that

could cause actual results to differ materially from those expressed in the

forward-looking statements, including, but not limited to, certain delays in

testing and evaluation of products, regulation of the online gaming

industry, and other risks detailed from time to time in Chartwell's filings

with the Securities & Exchange Commission. We assume no responsibility for

the accuracy and completeness of these statements and are under no duty to

update any of the forward-looking statements contained herein to conform

these statements to actual results. This is not an offer to sell or a

solicitation of an offer to purchase any securities.

 
 
 
 
 
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