PEMBROKE PINES, Fla., Oct. 23, 2003 (PRIMEZONE) -- AngelCiti Entertainment, Inc. (OTCBB:AGEL) 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 its 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.
Worldwide Management has grown dramatically since inception in May of 2002, with May 1st through September 30th Net Handle growing over 137% and Net Win jumping more than 242% 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 Fiscal Fiscal Fiscal
Year 2004 Year 2005 Year 2006 Year 2007
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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
It is estimated that in excess of a trillion dollars is wagered annually worldwide on the various forms of gambling. Industry analyst Terri Walker indicates that online gambling turnover was $11.5 billion in 2000 and that volume increased to approximately $21.5 billion in 2002, with revenue equaling about $1.3 billion. Her Casino and Gaming Market Research Handbook further anticipates online wagering of over $30 billion by 2005. That report also notes that Datamonitor estimates the worldwide number of wireless gamblers will reach 500 million by 2006, generating $17.5 billion in revenue.
Business Week noted that "web surfers will wager an estimated $11.4 billion this year (2002)" 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.
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. Moreover, AngelCiti's software now include English, Spanish, German and Chinese versions with more languages in the pipeline for inclusion with AngelCiti's expansion
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.
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.