DAVIE, Fla., Nov. 11, 2004 (PRIMEZONE) -- Midas Entertainment, Inc. (Pink Sheets:MDAS) announced that KingMidas.com began operations this week. KingMidasPoker.com is operated by one of the internets' largest affiliate programs and its results are expected to hit the Company's bottomline almost immediately.
"The addition of our strong partner for KingMidasPoker.com should have a dramatic and marked impact over and above the Company's tremendous growth," noted Midas President George Gutierrez. "Online poker has grown faster than any other online gaming sector over the past year and projections indicate that this expansion should continue its meteoric pace well into the next few years."
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. Recent estimates from PokerPulse.com indicate over $5 billion will be wagered at online poker sites over the next year.
The Company
Midas' wholly owned subsidiary Creative Millenium Ventures provides gaming software to online poker sites including CityPoker.com, SharkPoker.com, KingMidasPoker.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.