Universal Media Group Diversifies its’ Media Industry Service Offerings Through Acquisition of Epic Talent Services

Universal Media Group (UMG) announced today that it has entered into an agreement to purchase Epic Talent Services and certain related assets for a purchase price of $21,125,000 payable in cash and convertible, redeemable and callable preferred stock. The purchase is scheduled to close on or about March 25, 2004 upon redemption of the preferred stock.

“We're excited about the future because of the strong fit between our respective services and clients as well as the strong reputation both companies have built in the Industry. People need to recognize this acquisition is more than just a purchase--it represents a commitment to providing world class, innovative services to the media and entertainment industry.” said Scott Mitchell, CEO and Founder of Epic Talent Services, in a statement.

Nicholas Buczko, Chief Executive Officer for Universal Media Group said “it’s a great day in the history of our company. This deal goes so much further than a business transaction because this acquisition comes with so many intangible assets that cannot easily be valuated on a balance sheet. This deal is about more than just dollars and cents. It’s about our Company acquiring experience, skill, and knowledge. We’re flattered to have Scott Mitchell as a shareholder and to help direct our future.”

Under the terms of the agreement, Universal Media Group will acquire all contracts and clients of Epic Talent Services. The acquisition notably expands the client base and service offerings of Universal Media Group.

Universal Media Group (UMG) is an entertainment-production and media management company located in Los Angeles, CA. Universal Media Group is primarily involved in motion picture production, development and production of Special Events, Concerts, Music Festivals, Television, Casino Projects and Theme Park Attractions.

Note: Certain statements in this news release may contain "forward looking statements" within the meaning of Private Securities Litigation Reform Act of 1995. These statements are subject to the safe harbor created by those rules. This release is for information purposes only. Universal Media Group has neither approved nor disapproved this release. This release is not an offer or solicitation to buy securities. This information should not be considered to be any type of investment opinion or advice. These statements are not guarantees of future results of performance.