Third Quarter Results up More Than 102% for AngelCiti Subsidiary Worldwide Management
October 27 2003 - 4:01PM
PR Newswire (US)
Third Quarter Results up More Than 102% for AngelCiti Subsidiary
Worldwide Management PEMBROKE PINES, Fla., Oct. 27
/PRNewswire-FirstCall/ -- AngelCiti Entertainment's (BULLETIN
BOARD: AGEL) wholly owned subsidiary Worldwide Management announced
that gross net win was up more than 102% at $355,478 in 2003 as
compared to $175,451 for third quarter 2002 and net handle was up
almost 53% at $10,536,663 as compared to $6,906,734. "We pulled
through with strong results during the slowest quarter of the
year," remarked AngelCiti president George Gutierrez, "and have
built up nice momentum as we head into the traditionally stronger
months for the industry. Moreover, we have added additional revenue
streams in the form of online Poker, The HouseWins.com and
Gamblepack, which are not reflected in the foregoing results. We
expect those sectors and our expansion into the Asian markets to
have a greater impact on our overall revenue through the remainder
of 2003 and into 2004." 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 and Chinese. 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. 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. AngelCiti
Entertainment, Inc. Evelyn Fallas, 800/908-9574 DATASOURCE:
AngelCiti Entertainment, Inc. CONTACT: Evelyn Fallas, AngelCiti
Entertainment, Inc. +1-800-908-9574, or Web site:
http://www.angelciti.com/
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