SURREY, British Columbia — iCrystal Inc. (OTCBB:ICRS), a Surrey, Canada-based designer, developer and worldwide licensor of Internet-based lottery and casino gaming software is please to announced the successful release of the newest version of its virtual casino gaming software, “iCrystal Virtual Casino 4.01.”
iCrystal’s virtual casino licensees have reported an approximate 20% increase in revenues since upgrading to Version 4.01.
“The Company’s launch of this new version of its software to the existing licensees earlier this year has resulted in more attractive and entertaining gaming sites, which has increased the bottom line for our customers, which in turn, has increased iCrystal’s bottom line,” stated Derek Bodnarchuk, president.
“We are proud to be providing our new Version 4.01 software and are excited about the positive responses received from our licenses. The new version makes our licenses’ Web sites more entertaining and our licensees are reporting a substantial increase in revenues,” stated Larry Hrabi, CEO.
Management anticipates these encouraging results will facilitate negotiations with other potential licensees and substantially increase revenues.
iCrystal Inc. is a designer, developer and licensor of Internet-based lottery, roulette and casino gaming software. iCrystal provides its licensees with complete turn-key solutions to the Internet gaming industry. Its casino software features include integrated secure credit card processing and user friendly reporting tools. Through iCrystal’s Master Licensee, the Company can assist in providing its licensees with hosting and effective marketing strategies. The Company’s reliable and timely solutions tailored to ease of use and customized gaming variety has contributed to the ability of iCrystal’s software packages to generate immediate revenue.
To date, the Company has invested over $5,000,000.00 (US) in the research, development and acquisition of state-of-the-art gaming software and technologies geared towards the Internet. Our primary focus is to supply the demand for superior products targeted towards specific niche markets and ultimately provide the customer with a unique and memorable gaming experience.
Chartwell Reports Increased Revenue
CALGARY,Canada — 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 three and six months ended April 30, 2002.
Total revenues for the second quarter of 2002 increased 44% to $865,810 compared to $601,817 in the same period of 2001. For the six months ended April 30, 2002, the Company’s total revenues increased 22% to $1,273,153 compared to $1,044,355 for the prior year period. The Company’s focus on attracting established gaming clients, particularly in Europe, has had a very positive effect on the recurring license fee component of total revenue. License fee revenue for the second quarter rose 243% to $538,403 compared to $157,185 in the same quarter of 2001. For the six months ended April 30, 2002, the Company’s license fee revenue was $876,305 representing a 123% increase over the prior year period. Recurring revenue increased 59% on a quarter on quarter basis.
Expenses for the second quarter were up 65% to $1,434,034 compared to $867,348 in the same period of 2001. For the six months ended April 30 2002, expenses increased 37% to $2,618,223. The increases in expenses are attributed to continued development of the Company’s casino gaming systems including the release of our newest Flash Slot Online games. Higher expenses also reflect software development costs related to our new multiplayer games; bingo and poker for expansion into new gaming verticals, regulatory compliance related software development projects and R&D; in the field of new games, systems and platforms to maintain the Company’s lead in providing the most flexible software solutions available.
The loss for the period was $568,224 a decrease of 27% compared with our loss in the previous quarter. Chartwell ended the quarter with a strong working capital position of $ 6,130,496.
“We are beginning to see the results of our focused campaign to attract the larger, established gaming companies,” states Darold H. Parken, President and CEO of Chartwell. “As these clients continue to establish their brands online and as we continue add more established gaming clients, we anticipate strong growth in the recurring revenue component of our total revenue stream. The outlook for the remainder of 2002 remains very positive and our new development initiatives in the wireless and interactive TV areas represent tremendous potential for Chartwell’s future.”