PEMBROKE PINES, Fla., Oct. 1, 2003 (PRIMEZONE) -- AngelCiti Entertainment, Inc. (OTCBB:AGLC) announced that the company will effect a 4 for 1 forward stock split effective for trading on October 16, 2003. The record date for the stock split is for shareholders of record at the end of trading on October 15, 2003. The company has also elected to change the par value of the shares and has obtained a new CUSIP number in connection with this transaction. Shareholders or their brokers will therefore be required to return existing share certificates to receive the benefit of the stock split.
"We are excited about the company's continued performance and continue to believe there is a bright outlook for our company and the industry as a whole," remarked AngelCiti president George Gutierrez. "While we are a bit disappointed at the recent performance of the company's stock price, management feels that the stock split combined with focus on performance and growth, will force the market to attribute a valuation for the company more in line with management's expectations."
The Industry
A Bear Stearns report for the industry pegs annual revenue at $4.2 billion for 2003, while Christiansen Capital Advisors predicts a slightly more rosy picture pointing to an estimated $4.5 billion in revenue for calendar year 2002, saying 2005 revenue could exceed $10 billion. InformaMedia Group, which tracks electronic gambling predicts that online gaming revenue will even reach $14.5 billion by 2006.
The Company
AngelCiti's wholly owned subsidiary Worldwide Management provides gaming software to numerous online casinos including SharkCasino.com, SharkPoker.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 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.