MATRIX Penny Stocks

[provbay]

Tuna-Just Gambling ! question does this bother either of you:

In December 2003 AngelCiti Entertainment, Inc. (the “Company”) entered into a Loan and Security Agreement (the "Loan Agreement") with an unrelated third party (the “Lender”) that provided for a credit facility of up to $2,430,000 (the “Loan”) secured by 49,020 Series “B” Preferred Shares of the Company. On or about December 17, 2004, the Company had reached agreement with the Lender to receive a $300,000 installment under the Loan Agreement and has provided the Lender with permission to convert 12,555 of the Series “B” Preferred Shares securing the Loan into 28,320,000 common shares that will now secure the Loan. The $300,000 in funds was advanced to the Company on January 7, 2004 and as a result of this transaction there are 31,561,421 outstanding shares of common stock in the Company, 28,320,000 of which are held by the Lender as security for the Loan. On March 4, 2005, the Company entered into an Agreement with the Lender to retire the remaining 36,675 Series “B” Preferred shares held by the Lender as additional collateral for the Loan.

That dilution all for 300 grand!

TIA