Chartwell Technology Inc. (CA: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.
source: Chartwell
