DAVIE, Fla., Jan. 14, 2005 (PRIMEZONE) -- Midas Entertainment, Inc. (Pink Sheets:MDAS), an online poker software company, announced today it has taken over $32.6 million in bets, processed more than $3.2 million in payments, and generated $712,000 in gross revenue during its initial four and a half months of operations. To date, the company has acquired over 10,500 players playing through the Company's web portal licensees.
Midas Entertainment's President, George Gutierrez, remarked, "We continue to be amazed by the rapid start we've experienced in growing our user base, processing transactions and generating revenue. The online poker market has grown over 700% this past year and continues to expand dramatically. We are projecting continued growth for both the industry and our company as we look forward to pursuing many exciting opportunities in 2005."
About Midas Entertainment, Inc.
Midas' wholly owned subsidiary, Creative Millennium 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. AngelCiti owns 4.6 million shares in Midas Entertainment.
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.