PEMBROKE PINES, Fla., June 15, 2004 (PRIMEZONE) -- AngelCiti Entertainment's (OTCBB:AGEL) wholly owned subsidiary, Worldwide Management, announced that it had a gross win of more than $809,000 in the first five months of 2004 on a net handle of more than $18 million, continuing AngelCiti's double-digit expansion over 2003.
"AngelCiti continues to emphasize expansion of core operations even as we expand into other market areas," remarked AngelCiti president George Gutierrez. "This continued growth, combined with our ongoing developments into online poker software, should increase the company's profitability and make the capital markets take notice of what we consider our undervalued stock price, as evidenced by management's recent acquisition of a controlling stake in the company."
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.