PEMBROKE PINES, Fla., Feb. 3, 2004 (PRIMEZONE) -- AngelCiti Entertainment's (OTCBB:AGEL) wholly owned subsidiary Worldwide Management announced that gross net win was up more than 73% in 2003 as compared to the same period of operations in 2002. Worldwide had a total gross net win of over $1.56 million on a net handle of $54.48 million for 2003.
Worldwide initiated operations May 1, 2002 and the 73% increase in gross net win is comparing May through December results for the two years. In comparing 2003 operations overall to 2002, AngelCiti's increase in results is actually up over 127%.
"We ended 2003 on a very high note and are looking forward to further expansion in 2004," stated AngelCiti president George Gutierrez. "In 2002 we began and stabilized operations and in 2003 we paid off all of our corporate debt, achieved materially higher results, and began more of a focus on our future. We look forward to 2004 as a year of achieving the potential that this huge growth industry affords and moving ourselves to the forefront."
The Industry
A Bear Stearns report for the industry pegged annual revenue at $4.2 billion for 2003, while Christiansen Capital Advisors estimated 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, 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.