WESTON, Fla., Feb. 12, 2004 (PRIMEZONE) -- Wall Street News Alert's "stocks to focus on" this morning are: AngelCiti Entertainment Inc. (OTCBB:AGEL), PECO II Inc. (Nasdaq:PIII), Gemstar-TV Guide International Inc. (Nasdaq:GMST) and Electroglas Inc. (Nasdaq:EGLS).
Aggressive investors may be watching AngelCiti Entertainment Inc. (OTCBB:AGEL) again this morning! Yesterday after the markets closed, the company issued a press release announcing that it has entered into a Loan and Security Agreement for a Credit Facility of up to $2.43 million with Finanzinvest, Ltd., a Bermuda investment company. The company intends on using the funds for further development of its online casino and poker software and expansion into the European and Asian markets. "This Credit Facility is another strong step in the maturation of our Company," remarked AngelCiti president George Gutierrez. "We've moved from development stage to expansion and this Credit Facility will provide us with the additional tools necessary to become a leader in the online gaming industry."
There is more great news for investors! Earlier yesterday, the company also announced that its wholly-owned subsidiary, Worldwide Management, will split off its online poker operations into a separate unit to more fully exploit the meteoric growth of the online poker industry. While online gaming itself continues to grow at a dramatic pace, the online poker industry has more than tripled in the past year according to statistics provided by PokerPulse.com, with an estimated $16 billion to be wagered at online poker websites this year.
"The prospective growth opportunity in online poker is extensive," remarked AngelCiti president George Gutierrez, "and we have succeeded in successfully positioning our online casino operations into a high-growth mode. It is now time to take that same mandate into our online poker operations, whereby they will begin to provide a greater percentage of our overall operations and profits. Management is also considering splitting the online poker unit off into its own separate public company, as and when business continues to develop, to more fully exploit the opportunity for our investors."
Keep your eyes on this company! 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 stock closed yesterday at about Seven cents a share.
According to the press release (and describing the entire 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.
In case you are unfamiliar with 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, Chinese and Japanese.
Stocks showing interesting activity yesterday were: PECO II Inc. (Nasdaq:PIII) up 10.2% on 937,900 shares traded, Gemstar-TV Guide International Inc. (Nasdaq:GMST) up 13.4% on 14.9 million shares traded and Electroglas Inc. (Nasdaq:EGLS) up 7.9% on 998,300 shares traded.
Commentary:
"Manufactured Homes are finding additional sources of funding their mortgages with the help of lenders. Fannie Mae, the largest source of financing for any type of home mortgage, announced Tuesday that they have joined with nine lenders to provide buyers access to the 30-year mortgage with as little as 5 percent down. The three leading builders of manufactured homes are Champion Enterprises Inc., Cavalier Homes Inc., and Fleetwood Enterprises Inc." stated Sonja Rudd in Wall Street News Alert's daily commentary continued at: http://www.WallStreetNewsAlert.com.
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