AngelCiti Completes Retirement Of Additional 29 Million Shares In Agreement With Single Largest Shareholder


PEMBROKE PINES, Fla., Sept. 4, 2003 (PRIMEZONE) -- AngelCiti Entertainment, Inc. (OTCBB:AGLC) announced that effective close of business on September 3, 2003, it has completed the retirement of additional 29 million common shares to treasury by its largest shareholder Omega Ventures, Inc., in exchange for 2,000 Preferred "Series A" shares.

The Series "A" shares are solely voting shares at 5,000 votes per share, and are not transferable into common shares of the Company.

This reduces the company's issued and outstanding common shares to approximately 41 million shares. Based upon recent closing prices for the stock, the Company is currently only trading at approximately 4.25 times next year's projected earnings.

"Management feels we have gotten our market capitalization to a strong point from which we can make greater efforts to grow the Company," remarked AngelCiti President George Gutierrez. "We are still very actively pursuing several fundings and anticipate having something constructive to announce, in part as a result of our recent recapitalization."

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 and TheHouseWins.com and currently services casinos in English, Spanish, German and Chinese.

This news release contains forward-looking statements regarding AngelCiti's business strategies, financial projections 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, favorable capital markets, 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.

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