Chartwell Technology Announces First Quarter Results.

Business Editors

CALGARY, Alberta--(BUSINESS WIRE)--April 22, 2002

Chartwell Technology Inc. (CDNX: CWH) a leading provider of interactive media and information systems for companies engaged in the Internet gaming industry, announces first quarter results for the three month period ended January 31, 2002.

Total revenues for the three-month period were $407,343 a decrease of 8% over the corresponding period of the previous year. License fee revenue for the period was $337,902 compared to $284,873 in the fourth quarter of 2001 and $235,838 in the prior year comparative period. Expenses for the period were $1,184,189 a decrease of 4% from the previous quarter and an increase of 14% over the prior year comparative period. The loss for the period was $776,846 compared with a loss of $596,469 in the corresponding period of the prior year. As in previous quarters, a significant portion of the loss for the period represents an investment in software development. Working capital at the end of the period was $6,669,214.

The quarter on quarter decrease in total revenues reflects a number of factors including a reorganization of Chartwell's client base, weaker overall market conditions and Chartwell's revenue recognition policy which does not allow the recording of initial development fees as revenue until the complete software system has been delivered to the client. Over the past three months important new license agreements were completed with key branded European clients which Chartwell is confident will contribute to monthly reoccurring revenue growth.

Chartwell's continued development efforts include new games and improved management and reporting functionality as well as our newest wireless gaming systems first demonstrated jointly with Motorola at the World Gaming Congress in October, 2001. Chartwell continues to use Java extensively but has also incorporated other technologies, such as Flash and Shockwave, in response to market demand and as a result of the enhanced capabilities of these technologies.

Chartwell has devoted significant effort to the reorganization of its client base and the expansion of its products and services within the growing European segment of the online gaming industry. This sector of the market holds significant growth potential for Chartwell because of its unique technologies and business model.

About Chartwell Technology Inc.

Chartwell Technology Inc. specializes in the development of leading edge gaming applications and entertainment content for the Internet and wireless platforms. Chartwell's Java, Flash and Shockwave 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 and maintaining its leading edge through continuous development and unparalleled customer support.

Chartwell invites you to preview and play our games at: www.chartwelltechnology.com

The Canadian 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.