April 20, 2010 09:53 ET

Chartwell Technology Inc. Announces Normal Course Issuer Bid

CALGARY, ALBERTA--(Marketwire - April 20, 2010) - Chartwell Technology Inc. ("Chartwell" or the "Corporation") (TSX:CWH), a leading provider of games, gaming systems and platform for the regulated online casino gaming industry announces that it has obtained acceptance from the Toronto Stock Exchange (the "TSX") for a normal course issuer bid (the "NCIB") for its Common Shares through the facilities of the TSX.

The Notice provides that Chartwell may, during the twelve-month period commencing April 21, 2010 and expiring April 20, 2011, purchase on the TSX up to 1,713,692 Common Shares, being approximately 10% of the "public float" (as defined in the policies of the TSX) as at the date of filing the Notice with the TSX. As at March 30, 2010, Chartwell had 18,431,923 issued and outstanding Common Shares. The price that Chartwell will pay for any such Common Shares will be the market price at the time of acquisition and any Common Shares purchased under the NCIB will be cancelled. The actual number of Common Shares that may be purchased and the timing of any such purchases will be determined by Chartwell. Chartwell's previous NCIB expired on March 25, 2010. Under the most recent NCIB the Corporation repurchased 19,200 Common Shares in the previous 12 months at a weighted average price of $1.16 per share.

The average daily trading volume of Chartwell over the previous six months (October to March, 2010) was 7,770 Common Shares (the "ADTV"). Under TSX rules, Chartwell may purchase up to 25% of the ADTV per trading day. Accordingly, daily purchases will be limited to a maximum of 1,942 Common Shares, other than purchases pursuant to block purchase exceptions.

Chartwell believes that its Common Shares currently trade in a price range that does not adequately reflect their underlying value based on Chartwell's assets and future business prospects. As a result, depending upon future price movements and other factors, Chartwell believes that its outstanding Common Shares represent an attractive investment and a desirable use of a portion of its available funds.

A copy of the Notice may be obtained by any shareholder of Chartwell, without charge, by contacting Chartwell's head office and will be available for reviewing on the SEDAR website at

About Chartwell

Chartwell specialises in the development of leading-edge games, gaming systems and platform for the regulated online casino gaming industry. Chartwell is certified or licensed to offer a range of services in all of the leading regulated online gaming markets. Chartwell is not a gaming operator; their clients own their own brands and databases entirely and exclusively. Chartwell's team of highly trained professionals is committed to delivering the highest quality software and maintaining its market edge through continuous development and unparalleled customer support.

Chartwell invites you to preview our company and gaming applications at

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain statements contained herein may constitute forward-looking statements. These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. We believe that the expectations reflected in the forward-looking statements are reasonable based upon management's current views but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. These statements speak only as of the date hereof. We do not intend, and do not assume any obligation, to update conclusions, forecasts or projections that may be contained in these forward-looking statements, whether as a result of new information, future events or otherwise. No assurance can be given that actual results, performance or achievement expressed in, or implied by these forward-looking statements will occur, or if they do, that any benefits may be derived from them. Past results have been applied in drawing a conclusion or making a forecast or projection set out in the forward-looking information.

Our actual results could differ materially from those anticipated in these forward-looking statements as a result of factors that may include, but are not limited to: the impact of government regulation, the impact of price competition, loss of business or credit risks associated with current and prospective major customers, general industry and market conditions and growth rates, currency rate fluctuations, the impact of consolidations in the online gaming industry and other risks detailed from time to time in Chartwell's Annual Information Form and Management's Discussion and Analysis, both of which may be found at

The TSX does not accept responsibility for the adequacy or accuracy of this release.

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