PEMBROKE PINES, Fla., Aug. 26, 2003 (PRIMEZONE) -- AngelCiti Entertainment's (OTCBB:AGLC) wholly owned subsidiary Worldwide Management announced that with the success of SharkCasino, it entered into an agreement to launch SharkPoker.com. The new poker site, utilizes the latest state-of-the-art online poker software, and is intended to capture the dramatic trend and growth of poker in general.
The Travel Channel's 13-week WORLD POKER TOUR series has been a ratings success on television, quickly becoming the highest-rated programming on the network in 2003, highlighting poker's growth and popularity. The show continues to capture new fans, as well as to captivate many of the nation's 50 million poker enthusiasts. This year's World Series of Poker attracted a record 839 players and $2.5 million was won by a player who qualified by winning an online tournament at PokerStars.com.
The new SharkPoker brand will feature the unique and popular "Shark Caricature" style as SharkCasino with the addition of more stunning graphics and animation, intended to tap into the profitability of that market. The live, multi-player environment, provides a unique niche that compliments the other real-time casino games offered by AngelCiti wholly owned subsidiary Worldwide Management.
Angelciti president George Gutierrez, stated, "We had such a great response on our customer surveys and research, that we wanted to provide a poker site and extend the successful Shark brand into other areas. This is a hot growth area for online gaming and our entrance reinforces our desire to be at the cutting edge of the industry. There are lots of ideas for tournaments and bonuses, and they will be launched in the coming weeks."
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.
This news release contains forward-looking statements regarding AngelCiti's business strategies, financial projections 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, capital market, political and regulatory uncertainties, the need to raise additional capital for growth, expansion and operations 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.