DAVIE, Fla., Dec. 6, 2004 (PRIMEZONE) -- Midas Entertainment, Inc. (Pink Sheets:MDAS) announced that it has taken over $30 million in bets, processed more than $2.47 million in transactions and generated in excess of $556,000 in revenue during its initial three full months of operations -- more than $186,000 in November alone. To date, the company has acquired over 10,000 players playing through the Company's web portal licensees. The month-over-month revenue once again trended higher from October to November and the recent introduction of new portals is expected to continue to accelerate that trend.
"The growth we have experienced is pretty incredible," remarked Midas President George Gutierrez, "and mirrors what is happening industry wide. Sportingbet.com's recent acquisition of Paradise Poker for almost $300 million is indicative of the type of activity we continue to anticipate as the industry grows and evolves. Midas plans to focus on core growth and will continue to explore all opportunities as they present themselves."
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 note that over $140 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, KingMidasPoker.com, DesertPoker.com and SharkPoker.com. Midas' operations were spun-off from AngelCiti Entertainment, Inc. (OTCBB:AGCI) and into Midas in July 2004.
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.