Electronic Global Broadcasting System Announces the Completion of Its Second Round of Venture Capital.

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 22, 2000

Online Company Aligns with JTVenturePartners to Receive

Funding for the Creation of Groundbreaking Web-Based Channels

Electronic Global Broadcasting System (EGBS) has completed their second round of venture capital funding with the assistance of JTVenturePartners, an international venture capital firm that specializes in early stage investing in the fields of communication, Internet infrastructure, software and e-commerce. A total of $3,000,000 was raised in the second round of funding by Electronic Global Broadcasting System, two-thirds of which was provided by JTVenturePartners. The final third was provided by private placements; the first round of funding brought in $500,000.

Electronic Global Broadcasting System is the new company that is creating the most advanced form of entertainment over the Internet. Composed of a team of professionals and consultants in all areas relating to technology, business, and entertainment, and based in New York City, EGBS participated in last year's national Java panel in New York City and the Enhanced TV & Broadband Roundtable earlier this month in San Francisco.

The premier channel of Electronic Global Broadcasting System, HitMusic.com (www.hitmusic.com) will officially launch on March 5. By transcending radio, television, and online technology, HitMusic.com is the first example of an entirely new interactive medium. Featuring a wealth of contemporary popular music in video and audio formats plus personalized customization options not found elsewhere on the Net, HitMusic.com raises the artistic and technological aspects of webcasting to a higher standard. Next month, HitMusic.com will be the primary sponsors of The Baywatch Search, a nationwide college-based promotion surrounding the world's most-watched television series.

JTVenturePartners provides business, product, and market strategy consulting, hands-on business development and executive recruitment for portfolio companies through their personal industry expertise and contact. The $20 million Alleppey Fund was launched in November of 1999. With offices in Denville, NJ, Boston, MA, and Bangalore, India, JTVenturePartners is a world-renowned venture capital entity.

All media inquiries regarding Electronic Global Broadcasting System and HitMusic.com: Open City Communications at 212/714-3575 or [e-mail].