PEMBROKE PINES, Fla., June 13, 2005 (PRIMEZONE) -- AngelCiti Entertainment, Inc. (OTCBB:AGCI) announced that it has initiated acquisition of Carib Gaming, pursuant to an Acquisition Agreement signed late last week. Pursuant to the terms of the Agreement, AngelCiti has purchased a 10% interest in Carib for cash and a note and will seek to complete the purchase by November 15, 2005. AngelCiti is continuing to move forward in getting the books and records for Carib audited to enable the next phase of the acquisition pursuant to which AngelCiti will purchase up to 75% of Carib, with a 12 month right to purchase the remaining 25%. Carib's books and records must be audited for AngelCiti to acquire a stake of 20% or greater in Carib. Carib Gaming is the largest gaming operator on the fast growing Turks and Caicos Islands and has operations in 23 locations island-wide.
"This acquisition has required a lot of hard work and resources but was well worth the energy and corporate resources as it enables us to evolve as a company," stated AngelCiti president George Gutierrez. "The acquisition of Carib sets the stage for near term corporate profitability and also provides a model for doing like acquisitions of profitable gaming companies at attractive multiples, but with revenues that have them fall below the radar screen of larger gaming operators. We are excited to move forward on this transaction and to continue adding value to our shareholders."
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.