It is no surprise to see a company from the casino online sector move into traditional operating waters to take over a land based casino company. An announcement by Fort Lauderdale company AngelCiti Entertainment, Inc. has been made about its signing of a Letter of Intent to acquire Carib Gaming, the largest casino company on the Turks and Caicos Islands. Carib Gaming owns and operates slot machine locations in several bars, restaurants and clubs. During the past year, Carib acquired the Islands' second-largest gaming operator, further cementing its position as the number one gaming company on the Islands.

AngelCiti President George Gutierrez said: "The acquisition of Carib Gaming will be a watershed event in the history of AngelCiti. Carib Gaming is profitable and will immediately add considerable revenues to the Company's top line. The marketing and management synergies provide a unique opportunity to leverage the benefits of online and land-based gaming to one company. "

Gutierrez further added that AngelCiti were hopeful of being able to complete the due diligence process, including all the necessary accounting and reporting requirements, within the next 90 days, and would be advising on further progress of the Carib Gaming transaction as it develops during the forthcoming weeks. AngelCiti Entertainment is focused on acquiring interests in companies that provide software to the online gaming industry, which has a market that promises to reach gross gaming revenues of US$10 billion by the end of the year. (E-02.03.05)

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