PEMBROKE PINES, Fla., Oct. 30 2003 (PRIMEZONE) -- AngelCiti Entertainment, Inc. (OTCBB:AGEL) announced that it's wholly owned subsidiary Worldwide Management has begun a marketing campaign targeting Chinese language players in more aggressively pursuing the multi-billion dollar Chinese gaming market.
"We are off to a very good start with our online Chinese language website and the time is right to more aggressively pursue these players with a targeted offline marketing campaign," remarked AngelCiti president George Gutierrez. "This market represents the fastest growing and largest market worldwide and we feel it will continue to fuel online gaming's extremely rapid growth. We intend to stay at the forefront of growth into the Asian markets and will continue to aggressively pursue additional opportunities."
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 $1.2 billion US 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 SINA.com, by 2006, China will make up 53.1% of Asia's Internet Users, 51.2% Internet buyers, and 48.6% of ecommerce, according to IDC.
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, SharkPoker.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 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 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 and gross net win in this press release are presented as measures of performance for the company that are different from those presented in the 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.