PEMBROKE PINES, Fla., Dec. 6, 2004 (PRIMEZONE) -- AngelCiti Entertainment's (OTCBB:AGCI) SharkCasino.com was a recipient of numerous awards recently including being rated as one of the top online casinos and one of the most reputable online casinos by industry expert Gambling.com as well as garnering distinction as a top new casino by Gambling Online Magazine in their 2004 Award Special.
"We take great pride in the way that our casino licensees operate and this notable industry recognition serves as a testament to the hard work and effort our management puts into running the company," remarked AngelCiti president George Gutierrez. "It also confirms our business strategy of focusing AngelCiti's expansion in online casino operations while maintaining a presence in the online poker industry through our investment in Midas Entertainment. Midas has grown significantly since our online poker operations were spun off into Midas in July 2004 and AngelCiti's shareholdings of 4,600,000 shares in Midas represent a value of over $20 million."
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, 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.