Cedric Kushner Promotions Denies Allegations of SEC Enforcement Action and Will Vigorously Defend the Company and Its Affiliates.

Business Editors/Legal Writers

NEW YORK--(BUSINESS WIRE)--March 26, 2004

Cedric Kushner Promotions, Inc. ("CKP") (OTCBB: CKHP - news) has announced that it intends to vigorously defend the civil action filed by the Securities and Exchange Commission ("SEC") against CKP and certain of its officers and directors which was filed by the SEC on March 24, 2004.

"I want to assure all investors that CKP, its officers and directors, are united in their resolve to defend against the allegations made by the SEC," said Cedric Kushner, President and Chairman of the Board of Directors.

About Cedric Kushner Promotions

CKP 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, CKP is at the forefront of the international boxing business. CKP, 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, CKP is the foremost American-based promoter of boxing in Europe and Africa. CKP 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.