PEMBROKE PINES, Fla., July 8, 2004 (PRIMEZONE) -- AngelCiti Entertainment, Inc. (OTCBB:AGEL) announced that management has decided to dividend out a portion of the shares to be held by the company in Midas Entertainment, Inc. as a result of the spin-off of the company's online poker operations. The Midas Entertainment acquisition is anticipated to close by the third week in July. 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.
"We have received a tremendous amount of feedback from the shareholders indicating their interest in owning shares in both companies," noted AngelCiti President George Gutierrez. "This is a unique opportunity for our shareholders to own a position in two companies with high growth and return potential in a very hot segment of the market. The two separate companies will provide the market with even better information and we should be rewarded with a higher stock price and higher shareholder value, as both separate companies continue to markedly improve their performance."
Poker's tremendous growth and attraction has been evidenced by such show's 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 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. Movie star Ben Affleck recently won $356,400 at a Commerce Casino poker tournament that earned him a seat in next year's World Poker Tour Championship.
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.