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Copyright 2004 PrimeZone Media Network,
Inc.
PrimeZone Media Network
July 27, 2004 Tuesday 4:00 AM EST
HEADLINE: AngelCiti's First Half Results Up
More than 11% over 2003
BODY:
AngelCiti Entertainment's (OTCBB:AGEL) wholly
owned subsidiary, Worldwide Management, announced that it had
a gross win of more than $901,000 in the first half of 2004 on
a net handle of more than $20.3 million, an increase of more than
11% over 2003.
"We continue with our improved results
from operations, even as we focus on spin-off and expansion of
the online poker operations, digest the acquisition of Midas Entertainment
and prepare for the dividend of Midas shares to investors,"
remarked AngelCiti president George Gutierrez. "Management
took a big step in acquiring a controlling stake in the company
this past spring and we are confident that the measures we are
taking will result in increased shareholder value as the markets
and shareholders to digest the positive ongoing developments of
the company."
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, SharkPoker.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.
CONTACT:
AngelCiti Entertainment, Inc.
Evelyn Fallas
(800) 908-9574
Evelyn@angelciti.com
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