|AngelCiti Entertainment, an online casino software company, announced today that the Company has reached agreement with its lender to retire the outstanding $300,000 loan under its Revolving Credit Agreement, plus all interest and any other amounts accrued there under. |
In addition, AngelCiti will retire 25.6 million of the shares that had been held as collateral in conjunction with that loan. The result of this transaction will leave AngelCiti with approximately 6.5 million common shares issued and outstanding. The effective date of this transaction is May 20, 2005.
AngelCiti Entertainment is focused on acquiring interests in companies that provide software to the online gaming industry. Its wholly owned subsidiary, Worldwide Management, provides gaming software to online casinos including SharkCasino.com, and currently services casinos in English, Spanish, German, and Chinese.
'This immediately eliminates all but deminimus debt from our balance sheet and further eliminates the uncertainty of having a large block of shares outstanding collateralizing the loan,” stated AngelCiti President George Gutierrez, “This is the first step in our progress toward completing the acquisition of Carib Gaming and we anticipate providing investors with additional information on that transaction in the near future.'