Thursday 12th February 2004 AngelCiti spins off online poker division
Worldwide Management, the subsidiary of AngleCiti has announced that it will split off its online poker operations into a separate unit, to capitalize on the surge of interest in online poker. AngelCiti's wholly owned subsidiary, Worldwide Management, provides gaming software to online casinos including SharkCasino.com, SharkPoker.com and TheHouseWins.com, now believes online poker could be a big money spinner for it.
In a recent report from PokerPulse.com the online poker industry has more than tripled in 2003 with an estimated $16 billion to be wagered at online poker websites in 2004 and in the U.S alone there are an estimated 50 million poker enthusiasts. PokerPulse.com estimates that approximately $46,237,221 is wagered at online poker sites during any given 24 hour period.
Recent TV success like the Travel Channel's 13-week World Poker Tour which became the highest-rated programming on the network in 2003, highlights America’s new obsession with poker. The show drew in a record 839 professional poker players trying their talent on $2.5 million.
‘The prospective growth opportunity in online poker is extensive. It is now time to take that same mandate into our online poker operations, whereby they will begin to provide a greater percentage of our overall operations and profits,’ says AngelCiti President George Gutierrez. The management disclosed that is also considering splitting the online poker unit off into it's own separate public company if business continues to develop and reaches critical mass in the next few quarters.
In a related announcement AngelCiti disclosed that it has 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.
Source: OnlineCasinoNews
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