PEMBROKE PINES, Fla., Sept. 2, 2003 (PRIMEZONE) -- AngelCiti Entertainment, Inc. (OTCBB:AGLC) announced that the company's Board of Directors approved a modification of the par value of the Company's common stock from $.001 to $.00025, and a 4 for 1 forward split of the company's stock. The recapitalization will occur as promptly as can be effected by management and the effective date of the recapitalization will be announced in a subsequent press release as soon as a final date has been determined, but it is anticipated to occur prior to the end of September. The Company will be applying for a new CUSIP number in connection with the recapitalization.
In order to receive the additional shares, each shareholder must submit his or her current shares to the transfer agent of the Company, which will then re-issue a new certificate in the amount as reflected by the stock split and the revised par value of the Company's stock. For shares held by shareholders at a brokerage house, each shareholder must request that his or her broker submit the shares to the transfer agent, on his or her behalf. The Company will provide additional information on this process when an effective date for the stock split has been approved by the NASD.
"The Board of directors believes that this move is in the best interests of the shareholders," remarked AngelCiti president George Gutierrez. "Given the pending retirement of an additional 29 million common shares by our largest shareholder, Omega Ventures, and the 80 million shares that were retired on July 1, 2003, we feel that this recapitalization will result in a market value for the company that more accurately reflects the Company's current operations, prospects and potential."
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
AngelCiti's wholly owned subsidiary Worldwide Management provides gaming software to numerous online casinos including SharkCasino.com and TheHouseWins.com and currently services casinos in English, Spanish, German and Chinese.
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.