Here they are messing about with the voting powers of their shares. They can now sell stock with no fear that the shareholders will have any control over the company.
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Press Release Source: AngelCiti Entertainment, Inc.
AngelCiti Announces Significant Share Giveback and Re-Capitalization With Majority Shareholder
Wednesday May 21, 10:30 am ET
PEMBROKE PINES, Fla., May 21 /PRNewswire-FirstCall/ -- AngelCiti Entertainment, Inc. (OTC Bulletin Board: AGLC - News) announced that the company has entered into an agreement with Omega Ventures, Inc., the majority shareholder in AngelCiti, pursuant to which Omega will return 75 million common shares to the treasury of AngelCiti, approximating 52% of the current outstanding shares of the company. In exchange, Omega will receive 11,000 Preferred "Series A" shares, created by the Company, which shares shall solely be voting shares at 5,000 votes per share, and are not transferable into common shares of the Company. The re-structuring is anticipated to take effect on or about the week of June 30th.
"The Company has been actively pursuing several very attractive financing opportunities to fund the expedited growth of the Company," stated AngelCiti president George Gutierrez. "This transaction is a major demonstration of confidence in AngelCiti by Omega and one that we both feel will materially impact the Company's ability to grow, thrive and prosper."
"We are in this investment for the long haul," remarked Omega CEO Larry Hartman. "Despite AngelCiti's improving performance, the current capital structure was proving a slight impediment in attracting growth capital on attractive terms. This re-structuring will enable AngelCiti to grow that much more quickly, which we feel is in the best interests of the shareholders of both AngelCiti and Omega."
The Industry
A Bear Stearns report for the industry pegs annual revenue at $4.2 billion for 2003, while Christiansen Capital Advisors predicts a slightly more rosy picture pointing to an estimated $4.5 billion in revenue for calendar year 2002, saying 2005 revenue could exceed $10 billion. InformaMedia Group, which tracks electronic gambling, predicts that online gaming revenue will even reach $14.5 billion by 2006.
The Company
The Company's wholly owned subsidiary, Worldwide Management, provides gaming software to over a dozen gaming websites. AngelCiti's current websites include AngelCitiCasino.com, VacationCasino.com, StarbrightCasino.com, WelcomeToOurCasino.com, QuePasaCasino.com, UrlaubCasino.com LuckyDogCasino.com and many others.
This news release contains forward-looking statements regarding AngelCiti's business strategies and future plans of operations. Forward- looking statements involve known and unknown risk and uncertainties. The company's risks and uncertainties include: intense price competition, economic, political and regulatory uncertainties; the need to raise additional capital for growth and expansion and its reliance on the internet as a means for promoting the software it sublicenses. The forward-looking statements contained in this news release speak only as of the date hereof and AngelCiti disclaims any obligation to provide public updates, revisions or amendments to any forward-looking statements made herein to reflect changes in AngelCiti's expectations or future events.
Contact:
AngelCiti Entertainment, Inc.
Evelyn Fallas 800/908-9574
Evelyn@angelciti.com