PEMBROKE PINES, Fla., Sept. 24, 2003 (PRIMEZONE) -- AngelCiti Entertainment, Inc. (OTCBB:AGLC) announced that it will be attending the upcoming Gaming and Casinos World Asia Pacific Conference in Singapore on October 1st and 2nd. AngelCiti executives will then continue on to Hong Kong and Macau for meetings to bolster and explore additional partnership and marketing opportunities, as part of the company's overall initiative to expand into one of the fastest growing Internet and gaming markets in the world.
"We have already developed our Chinese language website and have Japanese in development, with plans of expanding into Korean as the company continues to progress," remarked AngelCiti president George Gutierrez. "We strongly believe that the Asian markets provide the largest untapped resource in online gaming and this trip is designed to further our relationships and create new ones as we continue to expand."
The Chinese Market
Existing land-based casinos in China, isolated solely in Macau, generate in excess of $2 billion in revenues per year. Mr. Zongjian Cai, Chief Operating Officer of China based 17173.com stated, "China is the fastest growing online market in the world...exceeding $1.2 billion US in 2002." That does not even include the lucrative Chinese speaking populations in Hong Kong and Taiwan.
China is on track to become the world's largest Internet market within the next four years. AustralianIT News reported that there were roughly 68 million Internet users in China at the end of June 2003, putting the world's most populous nation second behind the United States in terms of people online. The number of Internet users in China grew by 15.1 per cent or 8.9 million people in the first six months of 2003, according to the twice-yearly survey by the China Internet Network Information Centre (CNNIC). According to SINA.com, by 2006, China will make up 53.1% of Asia's Internet Users, 51.2% Internet buyers, and 48.6% of e-commerce, according to IDC.
The Company
AngelCiti's wholly owned subsidiary Worldwide Management provides gaming software to numerous online casinos including SharkCasino.com and TheHouseWins.com and currently services casinos in English, Spanish, German and Chinese.
This news release contains forward-looking statements regarding AngelCiti's business strategies, financial projections 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, capital market, political and regulatory uncertainties, the need to raise additional capital for growth, expansion and operations 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.