| AngelCiti to Redeem Outstanding Loan and Retire Collateral Shares |
AngelCiti Entertainment, Inc., an online casino software company, announced today that the Company has reached agreement with its lender to retire the outstanding $300,000 loan under its Revolving Credit Agreement, plus all interest and any other amounts accrued thereunder. In addition, AngelCiti will retire 25.6 million of the shares that had been held as collateral in conjunction with that loan. The result of this transaction will leave AngelCiti with approximately 6.5 million common shares issued and outstanding. The effective date of this transaction is May 20, 2005.
AngelCiti President George Gutierrez stated, "This immediately eliminates all but deminimus debt from our balance sheet and further eliminates the uncertainty of having a large block of shares outstanding collateralizing the loan. This is the first step in our progress toward completing the acquisition of Carib Gaming and we anticipate providing investors with additional information on that transaction in the near future."
About AngelCiti Entertainment, Inc.
AngelCiti Entertainment is focused on acquiring interests in companies that provide software to the online gaming industry. The online gambling market has been booming since its inception and continues to expand at a rapid pace. Industry experts estimate that total gaming revenues could grow from $4.5 billion in 2002 to more than $10 billion by 2005 (source: Christiansen Capital Advisors). AngelCiti's wholly owned subsidiary Worldwide Management provides gaming software to online casinos including SharkCasino.com, and currently services casinos in English, Spanish, German, and Chinese. For more information, visit http://www.angelciti.com . AngelCiti owns 4.6 million shares in Midas Entertainment, Inc. (Pink Sheets:MDAS), a publicly traded online poker software company. Recent Estimates from industry insider PokerPulse.com note that over $200 million is wagered at online poker sites daily.
CONTACT: AngelCiti Entertainment, Inc.
Source: PrimeZone
Wednesday, 27 April 2005
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