PEMBROKE PINES, Fla., Oct. 16, 2003 (PRIMEZONE) -- AngelCiti Entertainment, Inc. (OTCBB:AGEL) announced that it will be attending the upcoming European Interactive Gaming Congress & Expo 2003 in Barcelona, Spain, November 11th - 12th. Issues on the agenda include advanced payment processing solutions, insights into European online gaming markets and expansion of the Internet in the ECU.
"We made a considerable amount of progress attending the recent conference in Singapore," remarked AngelCiti president George Gutierrez, "and fully expect to achieve the same results in Europe. This major event sponsored by the European I -- Gaming Conference and Expo, is one of the pre-eminent online gaming conferences and provides a unique opportunity to network with the top industry players in shaping the global deals on which we are working."
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 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, financial projections 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, capital market, political and regulatory uncertainties, the need to raise additional capital for growth, expansion and operations 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.