PEMBROKE PINES, Fla., Sept. 12, 2005 (PRIMEZONE) -- AngelCiti Entertainment's (OTCBB:AGCI) wholly owned subsidiary, Worldwide Management, announced that it had a gross win of more than $106,510 in August 2005 coming on the heels of $100,974 in the month of July noting material improvement already exceeding the gross win of the second quarter of just $206,512. The trend has continued into September as well with $24,500 in gross win through the first week of the month.
"We have regained our focus on core operations after experiencing a very challenging second quarter from an administrative standpoint," remarked George Gutierrez. "We were losing some customers due to the huge growth of online poker, while simultaneously benefiting from that growth via our share ownership in Midas Entertainment, an online poker company. At the same time we were focusing a lot of corporate energy toward the Carib Gaming acquisition. We have now turned the corner back into an area of stronger operations and are looking to have our strongest quarter of the year during what is typically the weakest time of the year for online gaming."
The Industry
Revenues from online gambling are expected to soar from $12 billion this year to $24.5 billion in 2010, according to Christiansen Capital Advisors, a Maine-based consulting firm. A recent article in the Toronto Globe and Mail estimates that in the past five years, online gambling has grown threefold, into a $12 billion-a-year business, and InformaMedia Group, which tracks electronic gambling, predicts that online gaming revenue will even reach $14.5 billion by next year.
The Company
AngelCiti's wholly owned subsidiary, Worldwide Management, provides gaming software to online casinos including SharkCasino.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.