DAVIE, Fla., Nov. 1, 2004 (PRIMEZONE) -- Midas Entertainment, Inc. (Pink Sheets:MDAS) announced that DesertPoker.com began operations last week and has over 8,000 player sign-ups and has processed over $1.84 million in transactions in its first two months of operations. DesertPoker.com is powered by Midas Entertainment. Midas was spun off from AngelCiti Entertainment, Inc. (OTCBB:AGCI) in July 2004.
"The addition of DesertPoker should add handsomely to our overwhelmingly rapid start," stated Midas President George Gutierrez. "Online Poker continues to grow at a torrid pace and we are benefiting tremendously as we emerge as a key player in the industry."
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 $3 billion will be wagered at online poker sites in the calendar year 2004.
The Company
Midas' wholly owned subsidiary, Creative Millenium Ventures, provides gaming software to online poker sites including CityPoker.com, BetUSPoker.com and DesertPoker.com with more additions soon to be announced.
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.