DAVIE, Fla., Oct. 5, 2004 (PRIMEZONE) -- Midas Entertainment, Inc. (Pink Sheets:MDAS) announced that it has processed $849,535 in transactions and generated in excess of $180,000 in revenue during the month of September, the company's first full month of operations.
"The results of the first full month of operations headily exceeded our expectations," remarked Midas President George Gutierrez. "The online-poker market is red hot and the tremendous success of Midas out of the gate is a testament to our strategy in spinning off the online-poker company into its own separate operations. We are excited about the rapid start and look forward to continuing to grow the company."
The Industry
A Bear Stearns report for the industry pegged annual revenue at $4.2 billion for 2003, while Christiansen Capital Advisors predicts a slightly rosier picture pointing to an estimated $4.5 billion in revenue for calendar year 2002, saying 2005 revenue could exceed $10 billion. PokerPulse.com estimates that over $100 million is wagered at online poker sites during any given 24-hour period.
The Company
Midas' wholly-owned subsidiary, Creative Millenium Ventures, provides gaming software to online-poker sites including CityPoker.com and SharkPoker.com.
This news release contains forward-looking statements regarding Midas' business strategies and future plans of operations. Forward-looking statements involve known and unknown risks 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 Midas disclaims any obligation to provide public updates, revisions or amendments to any forward-looking statements made herein to reflect changes in Midas' 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.