AngelCiti Enters Into $2.43 Million Credit Facility Agreement
PEMBROKE PINES, Fla., Feb. 12, 2004 -- AngelCiti Entertainment entered into a Loan and Security Agreement for a Credit Facility of up to $2.43 million with Finanzinvest, Ltd., a Bermuda investment company.
The Company intends on using the funds for further development of its online casino and poker software and expansion into the European and Asian markets. The agreement provides for a Credit Facility of up to $2.43 million, to be provided in increments, on a best efforts basis, with initial funding anticipated within 30 days.
'This credit facility is another strong step in the maturation of our Company,' remarked AngelCiti president George Gutierrez. 'We've moved from development stage to expansion and this Credit Facility will provide us with the additional tools necessary to become a leader in the online gaming industry.'
The Industry
A Bear Stearns report for the industry pegged 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. PokerPulse.com estimates that more than $16 billion will be wagered at online poker sites in 2004.
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.
CONTACT: AngelCiti Entertainment, Inc.
Evelyn Fallas
(800) 908-9574
Evelyn@angelciti.com
