Cinema Ride, Inc. Reports 2001 Results of Operations.

Business Editors

STUDIO CITY, Calif.--(BUSINESS WIRE)--April 17, 2002

Cinema Ride, Inc., (OTCBB:MOVE) announced its results of operations for the year ended December 31, 2001.

Revenue decreased by $384,763 or 14% for the year 2001 to $2,375,546 as compared to $2,760,309 in 2000. Direct costs of revenues decreased by $180,836 or 12% to $1,294,113 in 2001, as compared to $1,474,949 in 2000. These decreases in both revenue and expenses are largely attributable to a general slow-down in the economy as well as the terrorist attacks of September 11, 2001. Selling and marketing expenses decreased by $84,780 or 34% from $247,588 in 2000 to $162,808 in 2001, primarily as a result of reduced marketing and promotional activities. General and administrative expenses increased by $135,284 or 14% to $1,113,813 in 2001 from $978,529 in 2000. The net loss for 2001 was $785,069 from $510,283 in 2000. This results in a loss per share of $.54 for 2001 as compared to $.66 in 2000. Weighted average common shares outstanding were 1,464,202 in 2001 and 778,740 in 2000.

The addition of $359,186 for depreciation and amortization, and $200,423 for interest expense to the net loss of $785,069 resulted in a negative EBITDA in the amount of $225,460.

Mitch Francis, Chairman and CEO observed, "While last year's financial results were disappointing, we are seeing an improvement in operations so far this year as the economy and tourism continue to recover from the September 11, 2001 terrorist attacks. This improvement, coupled with our continuing efforts to raise new equity capital and the potential of our new Las Vegas show ticketing venture makes us cautiously optimistic about the Company's prospects for 2002 and beyond.

Cinema Ride, Inc. develops, owns and operates motion simulation theater attractions at leading destination tourist sites in the United States and Canada. The Company's fifteen seat motion simulation capsules feature six-axis, military-quality flight simulator hardware that are computer-programmed to move in concert with action viewed on a motion picture screen. The Company's facilities were the first to feature 3-D ride films and utilize the Company's patented 3-D technology. The Company's library includes such titles as "Atlantis Submarine Race," "Runaway Coasters," "Haunted Graveyard Run" and "Warren Miller's Ski Ride."

Cautionary Statement Pursuant to Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995:

This news release contains "forward-looking" statements, which are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among others, statements of expectations, beliefs, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. The forward-looking statements in this news release are subject to risks and uncertainties that could cause actual results to differ materially from those results expressed in or implied by the statements contained herein. The Company undertakes no obligations to revise or update any forward-looking statements contained herein in order to reflect events or circumstances that may arise after the date of this news release.