PEMBROKE PINES, Fla., July 26, 2004 (PRIMEZONE) -- AngelCiti Entertainment, Inc. (OTCBB:AGEL) announced that it has closed on the purchase of Midas Entertainment, Inc., which will license online poker software to online poker site operators. AngelCiti owns and controls approximately 85% of the issued and outstanding shares in Midas, which will soon be publicly trading under its own separate ticker symbol. The online poker industry has grown over 700% in the past year according to statistics provided by PokerPulse.com, with billions of dollars to be wagered at online poker websites this year.
"This acquisition is a major event for the company," stated AngelCiti President George Gutierrez, "as we continue to follow up on our commitments to shareholders and take steps to grow the company. Online Poker is a huge industry and we have hired a separate operational team to fully pursue that opportunity, while we maintain focus on expanding the online casino operations. We look forward to posting some incredible numbers in the near future as a result of this new focus."
Poker's tremendous growth and attraction has been evidenced by such show's as Celebrity Poker and the Travel Channel's 13-week WORLD POKER TOUR series, which was a huge ratings success on television, quickly becoming the highest-rated programming on that network in 2003. Last year's World Series of Poker attracted a record 839 players and $2.5 million was won by a player who qualified by winning an online tournament at PokerStars.com. The 2004 winner of the World Series of Poker walked away with a world record prize of over $5 million, out of $49 million in total prizes, more than doubling the prize values awarded in 2003. The 2004 tournament also logged a record number of players from around the world. Movie star Ben Affleck recently won $356,400 at a Commerce Casino poker tournament that earned him a seat in next year's World Poker Tour Championship.
The Industry
A Bear Stearns report for the industry pegged annual revenue at $4.2 billion for 2003, while Christiansen Capital Advisors predicts a slightly rosier picture pointing to an estimated $4.5 billion in revenue for calendar year 2002, saying 2005 revenue could exceed $10 billion. PokerPulse.com estimates that approximately $46,237,221 is wagered at online poker sites during any given 24 hour period.
The Company
AngelCiti's wholly owned subsidiary Worldwide Management provides gaming software to numerous online casinos including SharkCasino.com and TheHouseWins.com, and currently services casinos in English, Spanish, German, Chinese and Japanese and provides software for the online poker site Sharkpoker.com.
This news release contains forward-looking statements regarding AngelCiti's business strategies and future plans of operations. Forward-looking statements involve known and unknown risks 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.