Cinema Ride, Inc. Reports 2002 First Quarter Results of Operations.

Business Editors

STUDIO CITY, Calif.--(BUSINESS WIRE)--May 22, 2002

Cinema Ride, Inc. (OTCBB:MOVE) announced its results of operations for the first quarter ended March 31, 2002.

Revenue decreased by $22,729 or 4.1% for the first quarter of 2002 to $534,395, as compared to $557,191 for the first quarter of 2001. Direct costs of revenues decreased by $40,398 or 11.2% to $320,003 in 2002, as compared to $360,401 in 2001. These decreases in both revenues 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 $26,127 or 58.8% to $18,344 in 2002 from $44,471 in 2001, primarily as a result of reduced marketing and promotional activities. General and administrative expenses increased by $208,291 or 94.9% to $427,882 in 2002 from $219,591 in 2001, primarily due to non-cash compensation of $183,563. The net loss for the first quarter of 2002 was $363,226 as compared to $200,121 for the first quarter of 2001. The loss per common share was $0.15 for 2002 as compared to $0.25 for 2001. Weighted average common shares outstanding were 2,412,567 in 2002 and 789,823 in 2001.

Mitch Francis, Chairman and CEO, stated, "The Company has made significant advances in rebuilding its revenue to near pre-9/11 levels, while maintaining the cost efficiencies effected during the past several months. We are optimistic that these factors, coupled with the opening later this year of our new Las Vegas show ticketing venture, will contribute to an improved financial outlook for the Company in the future."

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.