PEMBROKE PINES, Fla., Aug. 26, 2004 (PRIMEZONE) -- AngelCiti Entertainment, Inc. (OTCBB:AGEL) announced that it has selected a dividend date of 4 pm Eastern on September 22, 2004 and a payment date of 4 pm Eastern on September 24, 2004 for the dividend out of shares in Midas Entertainment, Inc. Each shareholder of AngelCiti Entertainment will receive one share of Midas for each share owned by the shareholder on the dividend date.
Midas has recently begun operations with CityPoker.com and has also recently become publicly traded. Shareholders who hold physical certificates of the company's shares will receive a certificate in Midas Entertainment from the company's transfer agent via mail and shareholders who hold shares in DTC through a brokerage account will automatically receive shares into their brokerage account.
"This completes our announced commitment to shareholders of the spin-off of the online poker operations," stated AngelCiti President George Gutierrez. "Both companies can now more effectively operate under separate management teams, which we strongly feel is in the best interests of each company and of the shareholders."
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.