PEMBROKE PINES, Fla., Sept. 8, 2005 (PRIMEZONE) -- AngelCiti Entertainment, Inc. (OTCBB:AGCI) announced that Midas Entertainment, in which it now owns over 67 million shares, completed a 20-for-1 forward split last week and has begun trading under the ticker symbol MDSE (Pink Sheets:MDSE). In connection with the stock split, Midas retired over 10 million common shares (which would have been 200 million post split), thereby bringing AngelCiti's stake back up to approximately 15 percent of Midas Entertainment.
"Midas' stock split provides a unique opportunity insofar as such moves are typically accompanied by increased liquidity and exposure," remarked Midas president George Gutierrez. "We will soon further announce how the Midas stock split will impact AngelCiti's upcoming dividend of Midas shares and expect to also soon provide additional details regarding the acquisition of Carib Gaming."
The Industry
Revenues from online gambling are expected to soar from $12 billion this year to $24.5 billion in 2010, according to Christiansen Capital Advisors, a Maine-based consulting firm. A recent article in the Toronto Globe and Mail estimates that in the past five years, online gambling has grown three-fold, into a $12-billion-a-year business, and InformaMedia Group, which tracks electronic gambling, predicts that online gaming revenue will even reach $14.5 billion by next year.
The Company
AngelCiti's wholly owned subsidiary Worldwide Management provides gaming software to online casinos including SharkCasino.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.