PEMBROKE PINES, Fla., June 2, 2005 (PRIMEZONE) -- AngelCiti Entertainment, Inc. (OTCBB:AGCI), an online casino software company, announced today that it has entered into a Business Consulting Agreement with Basic Investors and has agreed to a term sheet providing $3 million in funding towards the Company's slated acquisition of Carib Gaming. Carib Gaming is the largest gaming operator on the fast growing Turks and Caicos Islands and has operations in 23 locations island-wide.
AngelCiti President George Gutierrez stated, "We are ecstatic as we take our next key step towards completing our acquisition, which will instantly make the company quite profitable. This also serves as the future model for other similar acquisitions, for which we have recently been offered as well. Finally, we are proud to announce that the financing will be upon terms we consider quite favorable and which will preserve and enhance shareholder value both in the short and long term. The financing and acquisition are truly landmark next steps in the positive evolution of our company."
About AngelCiti Entertainment, Inc.
AngelCiti Entertainment is focused on acquiring interests in companies that provide software to the online gaming industry. The online gambling market has been booming since its inception and continues to expand at a rapid pace. Industry experts estimate that total gaming revenues could grow from $4.5 billion in 2002 to more than $10 billion by 2005 (source: Christiansen Capital Advisors). AngelCiti's wholly-owned subsidiary Worldwide Management provides gaming software to online casinos including SharkCasino.com, and currently services casinos in English, Spanish, German, and Chinese. For more information, visit http://www.angelciti.com. AngelCiti owns 3.1 million shares in Midas Entertainment, Inc. (Pink Sheets: MDAS), a publicly traded online poker software company. Recent estimates from industry insider PokerPulse.com note that over $200 million is wagered at online poker sites daily.
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.