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AngelCiti Reaches Agreement with Lender

8 Mar 2005

PEMBROKE PINES, Florida – (PRESS RELEASE) -- AngelCiti Entertainment, Inc. (OTC Bulletin Board: AGCI), an online casino software company, announced today that the Company has reached an agreement with its lender to retire 36,675 Series "B" Preferred Shares that were held by the lender as collateral pursuant to the Loan and Security Agreement. AngelCiti was funded with $300,000 under that agreement earlier this year, targeting those funds for additional marketing and the pending acquisition. AngelCiti president George Gutierrez stated, "We were able to reach a favorable agreement with our lender that reduces corporate exposure and helps to strengthen our balance sheet, without adding on any additional risk or liability. We feel that our material improved corporate performance in 2005 indicates that drawing down on the credit facility was a wise move to help spur additional growth. We look forward to providing additional information on the pending acquisition shortly as things continue to develop."

 
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