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Copyright 2005 PIMS Canada, Inc., doing
business as CCNMatthews
Canadian Corporate Newswire
May 27, 2005 Friday
HEADLINE: Chartwell Acquires Poker Software
Developer, MICROPOWER Corporation
BODY:
Chartwell Technology Inc. (TSX:CWH), a leading provider of gaming
software systems to the online and remote gaming industry is very
pleased to announce that it has completed the acquisition of one
of the premier online poker software developers, MICROPOWER Corporation
of Gibraltar, for approximately $4 million.
MICROPOWER Corp. was founded in 2003 and has quickly established
a brand that is synonymous with multi-player poker entertainment.
Some of the biggest names in the online and iTV worlds have chosen
MICROPOWER poker software including ESPN (Sports Television Network),
NTN (iTV Games Network), FHM (UK Men's Magazine), Easybets and
BoDog.com among others.
Chartwell is now able to offer this dynamic, multi-player
poker software solution complete with single and multi-table
tournament functionality, frequent player points, uploadable player
images and integrated player stats plus an array of unique features
including live dealers, in-game advertising and three to six table
play, all designed to increase player loyalty and length of play.
The new poker offering hosts an entire suite of today's most popular
poker card games including Texas
Hold'em, Omaha, Omaha
Hi/Lo, 7-Card Stud,
7-Card Hi/Lo, 5-Card
Stud and 5-Card Draw.
As with Chartwell's casino, mobile, bingo, kiosk and soft-game
line-up, the new poker offering is built on an expandable and
scalable platform, allowing for the integration of new games as
required.
In order to quickly achieve a stronger competitive position in
poker software development, Chartwell canvassed numerous acquisition
candidates and concluded that the MICROPOWER solution was the
best poker software system currently available. The MICROPOWER
multi-player poker solution is built around scalability, reliability
and security and has been proven in high traffic online environments.
"Growth of the online
poker market has been exceptional", states Darold Parken,
President and CEO of Chartwell, "strategic television marketing,
passage of the UK Gaming Act and the movement toward further regulation
in other jurisdictions will continue to drive the growth of this
market. We recognized that, while our overall product suite is
very strong, our poker software capabilities needed significant
enhancement to quickly capitalize on opportunities. Our acquisition
of MICROPOWER provides a huge boost to our software offering and
our future development capabilities. This acquisition will provide
the impetus for the next phase of Chartwell's growth. Equal in
importance to the new poker software product are the very talented
people that Chartwell has gained through this acquisition and
it is with great pleasure that I welcome over 20 key development
specialists to the Chartwell poker team. The combination of the
best available poker product and a talented development team with
Chartwell's trusted brand will enhance the suite of products we
are able to offer existing clients as well as provide an exciting
opportunity to expand our client base.
Available in all recognized languages, the new Chartwell multi-player
poker solution uses the latest in client/server encryption
and has been independently certified by the world's premier game-testing
laboratory -TST (Technical Systems Testing). Gameplay is effectively
maintained through a robust back office management system complete
with all the tools necessary to manage a successful poker game
environment. This new poker offering will seamlessly integrate
with the Chartwell gaming system and with existing client platforms
for stand-alone or community deployment allowing Chartwell to
remain a pure software provider to many of the world's largest
gaming brands.
The acquisition terms include contingent consideration based
upon certain new MICROPOWER business opportunities. The total
contingent consideration will not exceed $500,000 and 55,000 Chartwell
shares.
About Chartwell
Chartwell Technology Inc. specializes in the development of leading-edge
gaming applications and entertainment content for the Internet
and wireless platforms and other remote access devices. 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 and maintaining
its leading edge through continuous development and unparalleled
customer support.
Chartwell invites you to preview and play our games at http://www.chartwelltechnology.com
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
FOR FURTHER INFORMATION PLEASE CONTACT:
Chartwell Technology Inc.
Darold Parken
President and CEO
(877) 261-6619 or (403) 261-6619
Email: dhp@chartwelltechnology.com
or
Chartwell Technology Inc.
David Bajwa
Investor Relations
(877) 669-4180 or (604) 669-4180
Email: info@chartwelltechnology.com
Website: http://www.chartwelltechnology.com
The TSX does not accept responsibility for the adequacy or accuracy
of
this release.
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