Gambling.co.uk: Gambling News Archive

AngelCiti purchases company from investors

AngelCiti Entertainment’s management has purchased a controlling stake in the company.

Wednesday 9th June 2004

AngelCiti Entertainment’s management has purchased a controlling stake in the company, which was previously owned by an investment company. President of the company George Gutierrez issued the following statement to accompany the announcement: “We strongly believe in the growth and development of the company, and have aligned our interests with those of the shareholders. This measure affirms our conviction in the future of this company and we look forward to making it achieve its full potential”.

AngelCiti is a holding company, which acquires providers of software to online casinos. The company is anticipating further growth in accordance with the predicted growth for the industry as a whole. A report by Bearns Stearns on the economic growth of the online gaming industry, places annual revenue for 2004 at US$4.2billion, while InformaMediaGroup predicts that revenue will reach US$14.5 billion by 2006.

The press release issued by AngelCiti does also cite possible threats to their development as a company, although the overall tone is an optimistic and forward looking one. Among the potential risks they perceive as a company operating within the online gambling sector, are industry specific factors such as regulatory and licensing uncertainty, as well as the obvious heavy reliance on the internet as an advertising tool. Alongside these concerns they have also listed more usual ones such as competition within a very aggressive market, and the necessary further growth of capital which would allow further augmentation of the company.




Source: OnlineCasinoNews