PEMBROKE PINES, Fla., Aug. 16, 2005 (PRIMEZONE) -- AngelCiti Entertainment (OTCBB:AGCI) announced an update to keep shareholders apprised of its ongoing corporate developments.
AngelCiti noted an upturn in its core business in July 2005 with a Net Win of $95,967 as compared $76,140, $59,844, $74,668 the prior 3 months and that upturn seems to be continuing with over $56,000 in Net Win through August 15th. Since inception in May 2002, AngelCiti has had 192,800 downloads of its software and has netted over $4.34 million in Net Win.
AngelCiti also continues to move forward aggressively in its acquisition of the Turks & Caicos' largest gaming company Carib Gaming. AngelCiti acquired a 10% stake on June 13, 2005 and has had meetings in London, New York, Los Angeles and San Diego piquing additional investor interest in completing the acquisition. Management has made completion of acquisition a key priority.
"We are excited by the recent upturn in business, as online casino gaming has been somewhat adversely impacted by the rapid growth of online poker. However, since we continue to own a significant stake in Midas Entertainment (a publicly traded online poker company) we have been able to experience the upside of that component of the industry as well," remarked AngelCiti president George Gutierrez. "We are also in the midst of some additional hires that we feel will begin to impact the corporate bottom line. Finally, we are very excited about the positive response we have received regarding our acquisition of Carib Gaming and look forward to more fully integrating that company within our corporate structure."
The Industry
A recent Article in the Toronto Globe and Mail estimates that in the past five years, on-line gambling has grown three-fold, into a $12-billion-a-year business and InformaMedia Group, which tracks electronic gambling predicts that online gaming revenue will even reach $14.5 billion by next year.
The Company
AngelCiti's wholly owned subsidiary Worldwide Management provides gaming software to online casinos including SharkCasino.com, and currently services casinos in English, Spanish, German, Chinese and Japanese.
This news release contains forward-looking statements regarding AngelCiti's business strategies and future plans of operations. Forward-looking statements involve known and unknown risk 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 AngelCiti disclaims any obligation to provide public updates, revisions or amendments to any forward-looking statements made herein to reflect changes in AngelCiti's 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.