PEMBROKE PINES, Fla., August 8, 2003 (PRIMEZONE) -- AngelCiti Entertainment, Inc. (OTCBB:AGLC) announced that it has entered into a Letter of Intent with World Information Technology, Inc. (OTCBB:WRLI), a key Taiwanese-based e-commerce company with its focus on Chinese e-commerce, pursuant to which WRLI will drive traffic to AngelCiti's Chinese branded websites. Land-based Chinese casinos generated over $2 billion in revenues last year, with online casinos adding dramatically to those numbers.
"This major step fast-tracks AngelCiti in accessing the vast Chinese gaming market," remarked AngelCiti president George Gutierrez. "The Chinese-speaking market presents a multi-billion-dollar opportunity and there are relatively few companies aggressively seeking these online players. Internet growth in China is skyrocketing as exemplified by the recent huge run-ups in the stock prices of Chinese web portals such as China.com (Nasdaq:CHINA) and Sina Corp (Nasdaq:SINA), which only adds fuel to the dramatic returns we expect to receive from our entrance into that market. This deal should be worth millions of dollars of additional revenue to the company."
"We feel that this partnership provides a unique opportunity to enter into the virgin Chinese online gaming markets," stated WRLI president Hsueh Chu Lin. "China has the fastest-growing online population and our unique ability to tap into the Chinese-speaking population through our e-commerce operations, enables us to leverage our database and drive significant traffic to this joint venture. AngelCiti's current international presence, makes it the ideal partner for this venture."
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 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.
About WRLI
World Info China has introduced Taiwan to its first all-around online video streaming solution for integrated TV postproduction live custom programming. The company has developed proprietary interactive real-time two-way data communications. The company has set up various online shopping channels and has become a dominant force in e-commerce in Taiwan. The company provides fully integrated services and creates a 24-hour online shopping environment. The Chinese company's Web site is: http://www.24hh.com. World Info China's objective is to be the Republic of China's leading member-created online community for people on the Web.
This news release contains forward-looking statements regarding AngelCiti's business strategies and future plans of operations. Forward-looking statements involve known and unknown risks 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.