Casinos.co.uk: Casino News Archive
Tuesday 27th July 2004
AngelCiti purchase of Midas is complete
AngelCiti Entertainment inc has announced that its purchase of Midas Entertainment Inc is now complete. AngelCiti now owns around 85% of Midas shares. Midas will soon be trading on the public market using its own identifying symbol.
AngelCiti already owns Worldwide Management- a company which provides gaming software to online casinos. Midas will now be licensing specifically online poker software to online poker sites. As online poker revenues continue to grow at a tremendous rate, it is a smart move by AngelCiti to purchase a company whose sole purpose is to feed that industry. The new acquisition allows them to develop their interests in the lucrative online poker market, whilst not diluting their focus on their current areas of interest in the online casino industry.
The President of AngelCiti Entertainment, George Gutierrez released a statement emphasising that it was significant progressive step for the company to make this deal; 'This acquisition is a major event for the company, as we continue to follow up on our commitments to shareholders and take steps to grow the company. Online Poker is a huge industry and we have hired a separate operational team to fully pursue that opportunity, while we maintain focus on expanding the online casino operations. We look forward to posting some incredible numbers in the near future as a result of this new focus.'
Source:OnlineCasinoNews
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