PEMBROKE PINES, Fla., Sept. 22, 2005 (PRIMEZONE) -- AngelCiti Entertainment, Inc. (OTCBB:AGCI), an online software licensor, has updated shareholders regarding the upcoming dividend of shares in Midas Entertainment, Inc. (Pink Sheets:MDSE), held by the company, to shareholders. The Company has elected to effect the stock dividend to allow shareholders the added benefit of direct share ownership in the meteoric growth of the online poker industry. Midas Entertainment is an online poker software company whose software fuels such sites as CityPoker.com, SkinPoker.com, DesertPoker.com and SharkPoker.com.
Midas recently effected a 20-for-1 forward split of its common shares. The previously announced dividend by AngelCiti was one share of Midas Entertainment for every seven shares of AngelCiti owned by a shareholder. The dividend which will now occur with a record date on the close of trading on October 25, 2005, and a payment date on October 27, 2005, with shareholders receiving 20 shares of Midas for each 7 shares owned in AngelCiti. Subsequent to the dividend AngelCiti will still own approximately 17 million shares in Midas Entertainment. This dividend comes on the heels of recent successful IPOs by PartyPoker.com and EmpirePoker.com which have generated tremendous interest in the financial community for this industry.
The Industry
Revenues from online gambling are expected to soar from $12 billion this year to $24.5 billion in 2010, according to Christiansen Capital Advisors, a Maine-based consulting firm. A recent article in the Toronto Globe and Mail estimates that in the past five years, online gambling has grown threefold, 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 sub-licenses. 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.