PEMBROKE PINES, Fla., August 11, 2003 (PRIMEZONE) -- AngelCiti Entertainment's (OTCBB:AGLC) wholly owned subsidiary Worldwide Management announced that gross net win was up more than 741% at $150,244 in comparison to $17,859 from July of 2002 and net handle was up over 56% at $3,067,404 as compared to $1,962,699.
"Our business is very seasonal, with the busy season set to kick off in September," remarked AngelCiti president George Gutierrez. "We're up over 225% in net handle and over 714% in gross net win in May through July 2003 as compared to 2002. If that trend keeps up, we will blow last years numbers out of the water and be well on our way to handily exceed projections."
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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
Worldwide Management provides gaming software to over a dozen gaming websites. AngelCiti's current websites include SharkCasino.com, TheHouseWins.com, AngelCitiCasino.com, VacationCasino.com, StarbrightCasino.com, WelcomeToOurCasino.com, QuePasaCasino.com, UrlaubCasino.com LuckyDogCasino.com and many others.
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.