Cinema Ride, Inc. Reports Results of Operations for the Year Ended Dec. 31, 2002.

Business Editors

STUDIO CITY, Calif.--(BUSINESS WIRE)--June 6, 2003

Cinema Ride, Inc. (the "Company") (Pink Sheets:MOVE) announced its results of operations for the year ended Dec. 31, 2002.

For the year ended Dec. 31, 2002, revenues decreased by $150,090 or 6.3% to $2,225,456, as compared to $2,375,546 for the year ended Dec. 31, 2001. Direct costs of revenues decreased by $38,496 or 3.0% to $1,255,617 in 2002, as compared to $1,294,113 in 2001. Selling and marketing expenses decreased by $77,928 or 47.9% to $84,880 in 2002, as compared to $162,808 in 2001. General and administrative expenses increased by $614,354 or 55.2% to $1,728,167 in 2002, as compared to $1,113,813 in 2001, primarily as a result of an increase in costs related to the issuance of common stock and common stock purchase warrants for services rendered. Included in general and administrative expenses in 2002 and 2001 was non-cash compensation of $702,992 and $24,464, respectively.

Excluding such non-cash compensation, general and administrative expenses decreased by $64,174 or 5.9% in 2002 as compared to 2001. During the year ended Dec. 31, 2002, the Company incurred $413,499 of costs relating to the closure of the New Jersey and Atlanta ride facilities. The net loss for the year ended Dec. 31, 2002, was $1,863,604, as compared to a loss of $785,069 for the year ended Dec. 31, 2001. The net loss per common share was $0.42 in 2002 and $0.53 in 2001. Weighted average common shares outstanding were 4,532,622 in 2002 and 1,464,202 in 2001.

The Company's 50%-owned subsidiary, Tickets2Nite, LLC, sells tickets to Las Vegas shows at half-price on the same day of the performance. Tickets2Nite commenced operations in early November 2002. The Company's ticket booth is located adjacent to the giant Coke bottle on the Las Vegas Strip, and is operated under the name "Coca-Cola Tickets2Nite." This concept of same day, half-price tickets is a successful, well-established institution in New York City's Times Square. The Company believes that the Tickets2Nite business venture has the potential to contribute materially to the Company's future financial results.

In addition to the Company's Tickets2Nite business, the Company owns and operates motion simulation theater attractions at The Forum Shops at Caesars Palace in Las Vegas, Nev., and at the West Edmonton Mall in Edmonton, Alberta, Canada.

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.