PEMBROKE PINES, Fla., March 24, 2004 (PRIMEZONE) -- AngelCiti Entertainment's (OTCBB:AGEL) wholly owned subsidiary Worldwide Management announced that it has added many new games to its online gaming sites, including several large progressive pot slot machines and new variations of its exciting video poker and online slot machines. The fun and excitement of these games has helped increase AngelCiti's net hold percentage to 4.4% to date in 2004, as compared to a net win of only 2.4% of play in calendar year 2003.
"We are experiencing amazing traction on several of these new games as people continue to enjoy the excitement of online gaming," remarked AngelCiti president George Gutierrez. "Our numbers are up markedly over last year and we have some other corporate developments under way that we hope to be able announce soon, which management feels are in the best interests of both the Company and shareholders."
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, 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.