Advanced Knowledge Inc. Acquires Soccer Magic Inc.

Business Editors

ENCINO, Calif.--(BUSINESS WIRE)--March 20, 2000

Advanced Knowledge Inc. (OTCBB:AVKN) today announced that it has completed the acquisition of all of the outstanding common shares of Soccer Magic Inc., a privately owned Ontario corporation, in exchange for 10 million newly issued shares of Advanced Knowledge common stock.

Following the issuance of the 10 million shares to the shareholders of Soccer Magic, a total of 16 million shares of Advanced Knowledge common stock are outstanding.

Soccer Magic and its two operating subsidiaries are based in Ontario, Canada. Through its subsidiaries, Soccer Magic is engaged in the design, construction, ownership and operation of indoor soccer facilities. As a result of the acquisition, Soccer Magic is now a wholly owned subsidiary of Advanced Knowledge.

Concurrent with the closing of the acquisition, the directors and officers of Advanced Knowledge resigned and new directors and officers selected by Soccer Magic were appointed. Myron Grunberg, president of Soccer Magic, has been named to replace Buddy Young as the company's president. In addition, to better reflect the company's ongoing business plan, Advanced Knowledge has initiated the process of changing its name to Sporting Magic Inc.

Grunberg stated: "We are very pleased that this acquisition will give our company an immediate presence in the United States, where the popularity of soccer is increasing at a dramatic rate. Management is committed to capitalize on this opportunity by expanding its operations into this rapidly growing market."

Under the terms of the acquisition, all of Advanced Knowledge's assets and liabilities relating to its former business of producing and distributing workforce training videos have been transferred to an entity controlled by Buddy Young, Advanced Knowledge's former president and principal stockholder. In exchange for the assets, the entity assumed all of the related liabilities in Advanced Knowledge.

According to the unaudited balance sheet of Advanced Knowledge as of March 15, 2000, Advanced Knowledge had total assets of $118,974 and total liabilities of $305,849 at that date. The total liabilities as of such date included approximately $211,950 of principal and interest owed to Young under a secured promissory note.

The acquisition is subject to automatic rescission and unwinding on June 30, 2000 unless, prior to that date, the new management of Advanced Knowledge completes a private placement raising gross proceeds of at least $2.7 million and Advanced Knowledge is then current in its filing obligations with the SEC.

The Company's common shares are traded over-the-counter on the NASD's Bulletin Board system, under the symbol "AVKN."

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties, including uncertainties related to the successful raising of $2.7 million by June 30, 2000, operational and other risks, and uncertainties and factors described from time to time in the Company's publicly available SEC reports. In light of these risks and uncertainties, the forward-looking events described in this news release might not occur.