|AngelCiti Entertainment, Inc, whose wholly owned subsidiary Worldwide Management provides gaming software to numerous online casinos including SharkCasino.com and TheHouseWins.com (as well as currently servicing casinos in English, Spanish, German and Chinese), announced that it has completed the retirement of additional 29 million common shares to treasury by its largest shareholder Omega Ventures, Inc., in exchange for 2,000 Preferred 'Series A' shares.|
The Series 'A' shares are solely voting shares at 5,000 votes per share, and are not transferable into common shares of the Company.
This reduces the company's issued and outstanding common shares to approximately 41 million shares. Based upon recent closing prices for the stock, the Company is currently only trading at approximately 4.25 times next year's projected earnings.
'Management feels we have gotten our market capitalization to a strong point from which we can make greater efforts to grow the Company,' remarked AngelCiti President George Gutierrez. 'We are still very actively pursuing several fundings and anticipate having something constructive to announce, in part as a result of our recent recapitalization.'