PEMBROKE PINES, Fla., Oct. 28, 2003 (PRIMEZONE) -- AngelCiti Entertainment's (OTCBB:AGEL) wholly owned subsidiary Worldwide Management announced that gross net win was up more than 102% at $355,478 in 2003 as compared to $175,451 for third quarter 2002 and net handle was up almost 53% at $10,536,663 as compared to $6,906,734.
"We pulled through with strong results during the slowest quarter of the year," remarked AngelCiti president George Gutierrez, "and have built up nice momentum as we head into the traditionally stronger months for the industry. Moreover, we have added additional revenue streams in the form of online Poker, The HouseWins.com and Gamblepack, which are not reflected in the foregoing results. We expect those sectors and our expansion into the Asian markets to have a greater impact on our overall revenue through the remainder of 2003 and into 2004."
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.