PEMBROKE PINES, Fla., July 31, 2003 (PRIMEZONE) -- AngelCiti Entertainment, Inc. (OTCBB:AGLC) announced that it will be initiating operations of a Chinese-based language online casino, and will be adding additional Asian language-based websites.
"We are near completion on translating SharkCasino.com into Chinese," remarked AngelCiti COO Wilson Lee who formerly headed up WebVenture Asia, "and will soon create game-specific websites targeted directly at the immense Chinese gambling market. Shares in Chinese web portals such as China.com (Nasdaq:CHINA) and Sina Corp (Nasdaq:SINA), which have risen dramatically this year, have given clear indication that the capital markets agree this is a strong direction for AngelCiti to take. Given the immense size of the Chinese-speaking markets, and the Asian markets on the whole, we anticipate this strategic move will have a dramatic impact on our revenues for the remainder of 2003 and beyond."
The Chinese Market
Existing land-based casinos in China, isolated solely in Macau, generate in excess of $2 billion in revenues per year. Mr. Zongjian Cai, Chief Operating Officer of China-based 17173.com, stated, "China is the fastest-growing online market in the world ... exceeding US$1.2 billion in 2002." That does not even include the lucrative Chinese-speaking populations in Hong Kong and Taiwan.
China is on track to become the world's largest Internet market within the next four years. AustralianIT News reported that there were roughly 68 million internet users in China at the end of June 2003, putting the world's most populous nation second behind the United States in terms of people online. The number of internet users in China grew by 15.1 per cent or 8.9 million people in the first six months of 2003, according to the twice-yearly survey by the China Internet Network Information Centre (CNNIC). According to IDC, by 2006, China will make up 53.1% of Asia's Internet Users, 51.2% Internet buyers, and 48.6% of ecommerce.
The Industry
A Bear Stearns report for the industry pegs annual revenue at $4.2 billion for 2003, while Christiansen Capital Advisors predicts a slightly more rosy picture pointing to an estimated $4.5 billion in revenue for calendar year 2002, saying 2005 revenue could exceed $10 billion. InformaMedia Group, which tracks electronic gambling, predicts that online gaming revenue will even reach $14.5 billion by 2006.
The Company
Worldwide Management provides gaming software to over a dozen gaming websites. AngelCiti's current websites include SharkCasino.com, The HouseWins.com, AngelCitiCasino.com, VacationCasino.com, StarbrightCasino.com, WelcomeToOurCasino.com, QuePasaCasino.com, UrlaubCasino.com, LuckyDogCasino.com and many others.
This news release contains forward-looking statements regarding AngelCiti's business strategies and future plans of operations. Forward-looking statements involve known and unknown risk and uncertainties. The company's risks and uncertainties include: intense price competition, economic, political and regulatory uncertainties, the need to raise additional capital for growth and expansion and its reliance on the internet as a means for promoting the software it sublicenses. The forward-looking statements contained in this news release speak only as of the date hereof and AngelCiti disclaims any obligation to provide public updates, revisions or amendments to any forward-looking statements made herein to reflect changes in AngelCiti's expectations or future events.