DAVIE, Fla., Sept. 1, 2005 (PRIMEZONE) -- Midas Entertainment, Inc. (Pink Sheets:MDSE) announced that it has completed a 20-for-1 forward split of its stock and has begun trading under the ticker symbol MDSE.
"The company recently switched to a better software platform and with the stock split is positioning itself for anticipated future growth in the industry and the company itself," remarked Midas President George Gutierrez. "Shareholders with shares at their brokers will automatically receive their shares into their brokerage accounts. Shareholders with shares in certificate form will have their additional shares automatically registered at the transfer agent without any further need to do or receive anything for the company."
The Industry
Poker's tremendous growth and attraction has been evidenced by such shows as Celebrity Poker and the Travel Channel's 13-week World Poker Tour series, which was a huge ratings success on television, quickly becoming the highest-rated programming on that network in 2003. Last year's World Series of Poker attracted a record number of players and the winner walked away with a world record prize of over $5 million, out of $49 million in total prizes, more than doubling the prize values awarded in 2003. The last two World Series of Poker Champions earned their entry by winning online poker tournaments. 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 public offerings from PartyPoker.com and EmpirePoker.com on the London Stock have been extremely well received and have helped to fuel the boom in the industry.
The Company
Midas' wholly owned subsidiary Creative Millenium Ventures provides gaming software to online-poker sites including CityPoker.com, KingMidasPoker.com, SkinPoker.com DesertPoker.com and SharkPoker.com. 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.