[C#] Simple form application using timers to dynamically change text on screen

Program.cs

using System;
using System.Drawing;
using System.Windows.Forms;

namespace Game
{
    public class Form1 : Form
    {
        // Declare the objects we will use
        public Button button1;
        public Label label1;
        public Label label2;
        public Label timeLabel;
        public int timerTimeLeft;
        public int waitingTime;
        public Timer timer1;
        public Timer timer2;

        public Form1()
        {
            // Define our PLAY button
            button1 = new Button();
            button1.Size = new Size(100, 50);
            button1.Location = new Point(30, 30);
            button1.Text = "PLAY";
            button1.Click += new EventHandler(button1_Click);

            // Define our STATUS label, which is constant
            label1 = new Label();
            label1.Size = new Size(100, 30);
            label1.Location = new Point(50, 100);
            label1.Text = "STATUS:";

            // Define our actual status message, which will change over time
            label2 = new Label();
            label2.Size = new Size(100, 30);
            label2.Location = new Point(150, 100);
            label2.Text = "Waiting to start...";

            // Define our timer label, which will display the remaining time for each operation
            timeLabel = new Label();
            timeLabel.Size = new Size(100, 30);
            timeLabel.Location = new Point(150, 150);
            timeLabel.Text = "---";

            // Define the waiting time that we are going to wait before changing the state
            waitingTime = 5; // Waiting time, in Seconds

            // Define the first timer, responsible for the state change [Verifying] -> [ConnectionFailed-Attempt2]
            timer1 = new Timer();
            timer1.Interval = (1000); // timer ticks every 1 second
            timer1.Tick += new EventHandler(timer1_Tick);

            // Define the second timer, responsible for the state change [ConnectionFailed-Attempt2] -> [ConnectionSuccesfull]
            timer2 = new Timer();
            timer2.Interval = (1000); // timer ticks every 1 second
            timer2.Tick += new EventHandler(timer2_Tick);

            // Adding the buttons and labels to the form
            this.Controls.Add(button1);
            this.Controls.Add(label1);
            this.Controls.Add(label2);
            this.Controls.Add(timeLabel);
        }

        private void timer1_Tick(object sender, EventArgs e)
        {
            if (timerTimeLeft > 0)
            {
                // Count down the time at every tick, if timerTimeLeft is more than zero
                timerTimeLeft = timerTimeLeft - 1;
            }
            else
            {
                // When the timerTimeLeft is 0, we stop the timer and make the changes we want
                timer1.Stop();
                label2.ForeColor = Color.Red;
                label2.Text = "Connection Failed. Attempt 2";

                // Now we set a new amount of time to wait (in the variable timerTimeLeft), and start the second timer
                timerTimeLeft = waitingTime;
                timer2.Start();
            }
            // Display the new time left by updating the Time Left label.
            timeLabel.Text = timerTimeLeft + " seconds remaining";

        }

        private void timer2_Tick(object sender, EventArgs e)
        {
            if (timerTimeLeft > 0)
            {
                // Display the new time left by updating the Time Left label.
                timerTimeLeft = timerTimeLeft - 1;
                timeLabel.Text = timerTimeLeft + " seconds remaining";
            }
            else
            {
                // When the timerTimeLeft is 0, we stop the timer and make the changes we want
                timer2.Stop();
                label2.ForeColor = Color.Lime;
                label2.Text = "Connection Succesful!";

                // Since we are done, set the timeLabel to show something neutral
                timeLabel.Text = "---";
            }
        }
        private void button1_Click(object sender, EventArgs e)
        {
            // When the button is clicked, we show a messagebox to the user with a warning
            MessageBox.Show("Click OK to start the connection!");
            // Then we disable the button
            button1.Enabled = false;
            // Change the status label to show the state we are
            label2.Text = "Verifing...";
            // Prepare the timer by setting an amount of time to wait and starting the timer
            timerTimeLeft = waitingTime;
            timer1.Start();
        }

        [STAThread]
        static void Main()
        {
            // Run the application
            Application.EnableVisualStyles();
            Application.Run(new Form1());
        }
    }
}