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AngelCiti Entertainment, Inc. (BB.AGCI) |
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AngelCiti Entertainment, Inc. (BB: AGCI) is an online casino software licensor that is focused on acquiring interests in companies that provide software to the online gaming industry. The online gaming market has been booming since its inception and continues to expand at a rapid pace, particularly the online poker market that has grown more than 1000% in the past 20 months and represents a greater that $5 billion industry. AngelCiti currently retains 3.1 million shares of Midas Entertainment (PK: MDAS). Midas is part of the Prima Poker Network, and since Midas joined Prima Poker, Prima has moved up from about the 7th or 8th position to a very solid 3rd industry position. Party Poker and PokerStars remain the industry leaders. The recent announcement by PartyPoker.com to explore the possibility of going public at a valuation to be more than $4 billion, and the acquisition of ParadisePoker.com by Sportingbet.com for over $300 million continues to create excitement to online companies like AngelCiti. AngelCiti continues to pursue opportunities in its core online casino software business, which represented a Net Win of over $3.89 million on more than $125 million in wagers since its inception two and a half year ago. It has a pending acquisition of Carib Gaming, the largest land-based gaming operator in the Turks & Caicos Islands with slot machines in over 22 locations and is projected to add in excess of $3 million in annual revenue to the Company in 2005. The acquisition would provide a synergistic combination of online and land based gaming, and would help AngelCiti achieve a listing on the Amex or Nasdaq small cap stock exchange. AngelCiti entered into a Letter of Intent to acquire Carib Gaming in January 2005, and entered into a definitive Merger Agreement in March 2005. An update on this acquisition is expected soon. The Company currently provides software to casinos in languages including English, Spanish, German, Chinese, and soon French (see announcement on May 24). AngelCiti has also recently added multi-currency wagering options to casino players so they can universally enjoy their online entertainment without currency confusion. From inception in May 2002 though September 30, 2004, AngelCiti has had more than 156,000 downloads of its software, signed up over 58,000 players, and has garnered over 2,000 affiliates to drive traffic to its customers websites as part of its aggressive affiliate program. Moreover, AngelCiti operated casinos have been voted Best Online Casino in the Insider’s Betting Digest, voted Best New Online Casino in the Gambling Online Magazine, and featured in Casino Player Magazine. |
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