Cedric Kushner Promotions, Inc. Chairman, Kushner, to Convert Debt to Equity.

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 20, 2004

Cedric Kushner Promotions, Inc. ("CKP") (OTCBB: CKHP - news) has announced that its President and Chairman of the Board of Directors, Cedric Kushner, has agreed to convert 100% of his outstanding debt currently on the books into shares of Series B Preferred Stock of the Company. The total amount of the debt is approximately $1.7 million and this conversion will take place immediately.

Per the terms of the agreement, the Company will issue Mr. Kushner 67,723 shares of Series B Preferred Stock in connection with the conversion of long-term debt, increasing shareholders' equity by approximately $1.7 million and reducing long-term debt by a corresponding amount. The 67,723 shares of Series B Preferred Stock will be convertible into approximately 3.4 million shares of common stock. This transaction will help facilitate CKP's ability to close pending financings.

"Quite simply, this is the biggest single statement I can make about my belief in CKP and its prospects both immediate and long-term," said Cedric Kushner, President. "I am incredibly proud of the work we have done in positioning the company for significant growth."

About Cedric Kushner Boxing

CKB promotes world champion and top contender boxers. In addition to its representation and promotion efforts, the agency also produces and syndicates world championship boxing events for distribution worldwide. A steady program supplier to the world's leading television networks, including HBO, SHOWTIME, ESPN, and EuroSport, the company promotes televised events from venues all around the world.

With a roster rich in world champions and a track record that includes having promoted approximately 300 world championship bouts, CKB is at the forefront of the international boxing business. CKB, formed in 1974 by promoter Cedric Kushner, originally achieved prominence in the field of rock-'n-roll music and is now one of the most active promoters of championship bouts worldwide. In addition to its North American business, CKB is the foremost American-based promoter of boxing in Europe and Africa. CKB is an acknowledged leader in packaging premier boxing shows for the global television marketplace, through its television arm, the Cedric Kushner Sports Network (CKSN).

Forward Looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," plan," "anticipate," "believe," "estimate," "predict," "potential," or "continue," the negative of such terms, or other comparable terminology. These statements are only predictions. Actual events or results may differ materially from those forward-looking statements as a result of various important factors, including those described in the Company's most recent filings with the SEC. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by the Company, or any other person, that such forward-looking statements will be achieved. The business and operations of the Company are subject to substantial risks which increase the uncertainty inherent in forward-looking statements. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements.