PEMBROKE PINES, Fla., Jan. 11, 2005 (PRIMEZONE) -- AngelCiti Entertainment, Inc. (OTCBB:AGCI), an online casino software licensor, announced today that it had received a $300,000 loan from a private investor to help fund the Company's growth. AngelCiti intends to use the funds for ongoing technical development of its online casino software and online marketing, thus furthering its expansion in the online gaming sector.
AngelCiti president George Gutierrez, stated, "We've had the availability of these funds through an ongoing credit facility and have recently come across several interesting opportunities and feel this is the perfect time to begin putting these funds to work. The industry is evolving positively and dramatically and we believe the market is ripe for our corporate growth at this juncture."
About AngelCiti Entertainment Inc.
AngelCiti Entertainment is focused on acquiring interests in companies that provide software to the online gaming industry. The online gambling market has been booming since its inception and continues to expand at a rapid pace. Industry experts estimate that total gaming revenues could grow from $4.5 billion in 2002 to more than $10 billion by 2005 (source: Christiansen Capital Advisors). 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. For more information, visit www.angelciti.com. AngelCiti owns 4.6 million shares in Midas Entertainment, Inc. a publicly traded online poker software company (Ticker Symbol: MDAS). Recent Estimates from industry insider PokerPulse.com note that over $5 billion is anticipated to be wagered at online poker sites in 2005.
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 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. 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.