PEMBROKE PINES, Fla., Oct. 18, 2005 (PRIMEZONE) -- AngelCiti Entertainment, Inc. (OTCBB:AGCI), an online casino software company, announced today that it had a gross net win of $270,841 and an overall handle of $6,994,216 for the third quarter of 2005 as compared to a gross win of $210,654 and an overall handle of $5,189,873 for the 2nd quarter of 2005.
"We're pleased to again be showing a positive trend from our core operations and fully expect to continue to carry that trend into the fourth quarter," remarked George Gutierrez. "The tide of the meteoric rise of online poker seems to have subsided, resulting in players returning to their old forms of online entertainment, such as online casinos. That, combined with re-focused marketing efforts and new games provided by our software seems to be garnering additional customers and play to our platform."
The Industry
Revenues from online gambling are expected to soar from $12 billion this year to $24.5 billion in 2010, according to Christiansen Capital Advisors, a Maine-based consulting firm. A recent article in the Toronto Globe and Mail estimates that in the past five years, online gambling has grown threefold, into a $12 billion-a-year business, and InformaMedia Group, which tracks electronic gambling, predicts that online gaming revenue will even reach $14.5 billion by next year.
The Company
AngelCiti's wholly owned subsidiary, Worldwide Management, provides gaming software to online casinos including SharkCasino.com and currently services casinos in English, Spanish, German, Chinese, and Japanese.
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.