Reformed turnkey provider Angelciti has acquired a new cash facility
that will enable it to expand operations and go after the burgeoning
online poker sector.
Subsidiary Worldwide Management announced this week that it will split
off its online poker operations into a separate unit, to capitalize
on the surge of interest in online poker. The company provides gaming
software to online casinos including SharkCasino.com, SharkPoker.com
and TheHouseWins.com, and believes online poker could be a big money
spinner.
Quoting a recent report from PokerPulse.com Angelciti's release says
that 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 claims 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.
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 intention is to use these new 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.