PEMBROKE PINES, Fla., June 14, 2004 (PRIMEZONE) -- AngelCiti Entertainment, Inc. (OTCBB:AGEL) announced that it has entered into an agreement to purchase control of Midas Entertainment, Inc., a publicly traded company, for the spin off of its online poker operations. Midas will have an independent management team dedicated to growth and operations of the company. The online poker industry has grown over 700% in the past year according to statistics provided by PokerPulse.com, with billions of dollars to be wagered at online poker websites this year.
"This is the first step in fully separating the Company's two distinct businesses," remarked AngelCiti president George Gutierrez. "The Company is close to finalizing material financing dedicated to the growth and development of the online poker company, which has proven attractive to investors given poker's astounding popularity. Midas will begin a major marketing campaign this fall to capitalize on the peak months for online gaming to significantly grow the company's presence. Management anticipates that Midas Entertainment will generate millions of dollars in revenues over the next 12 months as a stand alone company, materially enhancing AngelCiti's market value and market exposure."
The Travel Channel's 13-week WORLD POKER TOUR series in 2003 was a huge ratings success on television, quickly becoming the highest-rated programming on the network, highlighting poker's growth and popularity. The show captivated many of the nation's 50 million poker enthusiasts. Last year's World Series of Poker attracted a record 839 players and $2.5 million was won by a player who qualified by winning an online tournament at PokerStars.com. The 2004 winner of the World Series of Poker 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 2004 tournament also logged a record number of players from around the world.
The Industry
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. PokerPulse.com estimates that approximately $46,237,221 is wagered at online poker sites during any given 24 hour period.
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, Chinese and Japanese and provides software for the online poker site Sharkpoker.com.
This news release contains forward-looking statements regarding AngelCiti's 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 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.