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Bridge Technology Group LLC Announces Investment Opinion on ACTV.

NEW YORK--(BUSINESS WIRE)--April 14, 1999--

Bridge Technology Group LLC Reiterates Buy On ACTV

Following Increased Investment by Liberty Media Group

Please Visit Bridge's Web Site at

www.BridgeNYC.com for Detailed Report

Bridge Technology Group LLC today published comments on ACTV's (Nasdaq:IATV) announcement that Liberty Media Group (NYSE:LMGa and LMGb) had increased its investment in ACTV and received options to purchase additional shares in ACTV over the next five years. The full text of this report can be accessed at Bridge's web site, at www.BridgeNYC.com.

Excerpts from the Bridge report follow:

ACTV and Liberty Media Group (NYSE:LMGa and LMGb) announced yesterday that the parties had reached an agreement whereby Liberty will invest an additional $9 million in ACTV (through the exercise of previously existing options and the purchase of new shares), and Liberty will receive options to purchase additional interests in ACTV over the next one-to-five years. If fully exercised, these investments will total more than $100 million and Liberty could end up owning approximately 25% of ACTV. We believe this expanded investment reflects Liberty's commitment to the commercialization of the HyperTV and Individualized Television technologies, and ensures that ACTV's patented interactive applications will be integrated into the vast operations in which Liberty has an ownership interest. We reiterate our BUY recommendation.

As part of this transaction, Liberty Media receives a series of options that allows them to make additional equity investments over the next five years. Exercise of the options over the next 24 months would result in investments of approximately $50 million. Liberty must exercise each option sequentially, or the remaining options expire.

Positive aspects of the new ACTV/Liberty Media Partnership

-- Gives ACTV Strong Financing Plan: This agreement, together with

the calling of outstanding warrants, has resulted in an inflow of

approximately $18 million to ACTV this month. This will enable

ACTV to accelerate the build-out of the HyperTV network, as well

as invest in additional Individualized Television regional

programming facilities (similar to the ACTV facilities in the FOX

Sports SouthWest region). The series of options greatly enhances

ACTV's financing flexibility.

-- Liberty Media - Follow the "Smart Money": With the possibility of

becoming a 25% ACTV owner, we believe Liberty Media evolves from

simply a minority investor to a "real" partner, with a strong

incentive to maximize ACTV shareholder value. We view this

agreement as validation of ACTV's technology and strategy and

reflective of Liberty's confidence in the ACTV management and

technical teams. Liberty Media has a very well established track

record for investing in winners, and growing shareholder value;

invest alongside the "smart money."

-- Liberty Digital - Raises ACTV's Internet Profile: Investors

should note that Liberty's holdings in ACTV securities are

contemplated to be included in Liberty Media's proposed exchange

of assets with TCI Music Inc. (Nasdaq:TUNE). As part of this

asset swap, Liberty Media intends to contribute all of its

directly owned Internet and interactive television assets to TUNE

in exchange for an expanded interest in TUNE, which would be

renamed Liberty Digital, Inc. In addition to the ACTV interests,

Liberty Media will contribute its interests in priceline.com

(Nasdaq:PCLN), iVillage (Nasdaq:IVIL), Sportlines USA and

drugstore.com. This should give ACTV tremendous visibility and

marketing opportunities among leading Internet companies..

Bridge Technology Group LLC is a registered investment advisor focused on identifying emerging growth companies in the healthcare and information technology sectors that offer compelling investment opportunities over the long term. By providing comprehensive financial services, including corporate finance, M&A advisory, strategic partnering and communications consulting, the company positions itself to provide a fully integrated package of value-added services to emerging growth companies.

The information in this press release has been obtained from sources that Bridge Technology Group LLC believes to be reliable, but the Company does not guarantee its accuracy or completeness. Neither the information nor any opinion expressed constitutes a solicitation by Bridge Technology Group LLC for the purchase or sale of any securities. Bridge Technology Group LLC has performed investment banking, consulting or other services for or may solicit investment banking, consulting or other business from, ACTV. Bridge Technology Group LLC or persons associated with Bridge Technology Group LLC may at anytime be long or short any of the securities referred to herein and may make purchases or sales thereof while the Company's reports are in circulation or posted on the Bridge Technology Group LLC web site at www.BridgeNYC.com. This material, or any portion thereof, may not be reproduced without prior permission from Bridge Technology Group LLC. Bridge Technology Group LLC is not responsible for the contents of this document that is intended for electronic transmission and could be thus subjected to tampering or alteration. Copyright 1999 by Bridge Technology Group LLC. All rights reserved.
COPYRIGHT 1999 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1999, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Geographic Code:1USA
Date:Apr 14, 1999
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