PEMBROKE PINES, Fla., August 4, 2003 (PRIMEZONE) -- AngelCiti Entertainment, Inc. (OTCBB:AGLC) provided a general address from the company president, George Gutierrez, to shareholders:
AngelCiti Entertainment, Inc. is in the online gaming business through its wholly owned subsidiary Worldwide Management, SA. The online gambling market has been booming since it's inception and current developments in the marketplace have created significant opportunities for an industry leader. AngelCiti is pursuing a twofold strategy to best take advantage of this market opportunity: (1) aggressively marketing AngelCiti's licensed casinos, and (2) pursuing a classic roll-up strategy in acquiring the licensing rights to privately owned online casinos.
It is estimated that in excess of a trillion dollars is wagered annually worldwide on the various forms of gambling. The growth of the Internet has far exceeded the growth of any other communication medium in the 20th century. In just under four years the Internet has reached penetration rates that took the television 13 years to reach and the radio over 30 years.
Christiansen Capital Advisors, a New York consulting firm that tracks the gaming industry, stated that gambling Web sites took in $3.5 billion in revenue during 2001. This year Christiansen expects that number to rise to $4.5 billion and, by 2005, to top $10 billion. Business Week noted that "web surfers will wager an estimated $11.4 billion this year" and that "All over Europe, Internet surfers are visiting gambling and gaming sites in record numbers, helping online betting become one of the fastest growing businesses on the Net." It's in AngelCiti's business plan to obtain about 2% of the overall online gaming market within the next 4 years and achieve gross revenues in excess of US$175 million.
The next big evolution is the adaptation of the wireless internet over the next several years. Moreover, online gambling has continued to grow internationally as even more people gain access to the internet. These two events will materially increase our opportunities to reach the gaming public and convert even more users toward AngelCiti powered Casinos.
AngelCiti's Casinos provide exciting entertainment and work just like the live land based casinos you might play at in Las Vegas, Atlantic City or on a riverboat in the Mississippi. We offer standard casino games including Blackjack, Roulette, Craps, 10 different types of Slot Machines, Caribbean Stud, Video Poker, Keno, Baccarat, Pai Gow Poker, Let 'em Ride, and many more, with the same true odds that would be expected in a live casino. Players simply sign-up, deposit funds and within minutes they can be playing with us on the net. It's fast, easy to use, secure and people get the opportunity to play from the comfort of their own home.
AngelCiti's Casinos have been voted best Online Casino in the Insider's Betting Digest, Best New Online Casino in Gambling Online Magazine and have been featured in Casino Player Magazine.
Worldwide Management has grown dramatically since inception in May of 2002, with May through July Net Handle growing over 323% and Net Win jumping more than 811% in 2003 as compared to 2002. Given the Company's current growth to date, projected growth of the internet and internet gaming in general, our projected expansion into the Asian and European online gaming markets, and prospective acquisitions, management feels comfortable providing the following guidance for the next 4 years.
Fiscal Year Fiscal Year Fiscal Year Fiscal Year
2004 2005 2006 2007
Revenue $16,041,716 $41,802,189 $105,978,357 $175,427,229
Expenses $11,701,176 $27,799,403 $65,367,212 $73,446,183
EBITDA $4,340,540 $14,002,786 $40,611,145 $55,903,461
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, its ability to acquire other companies at reasonable prices, its ability to hire and retain qualified employees to implement its business strategy, 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. The representations of net handle, gross net win, projected revenues and expenses in this press release are presented as measures and/or prospective measures of performance for the company that may be different from those presented in the Company's income statement in accordance with Regulation G promulgated by the Securities and Exchange Commission and are not to be considered as revenue or a GAAP related financial disclosure criteria.