First Entertainment Holding Corp. Announces That It has Signed a Letter of Intent With EMNet Corp.

DENVER--(BUSINESS WIRE)--April 7, 1999--First Entertainment (OTCBB:FTET) announced today that it has entered into a letter of intent with EMNet Corp. (VSE:EMN.V), a British Columbia corporation for a 50/50 joint venture in creating a significant internet based website for comedy content utilizing its 18 year history in the comedy business through its subsidiary Comedy Works (www.comedyworks.com).

Revenue will be generated through various internet-related activities which will include producing regularly sponsored live, exclusive programming on the internet as well as pay per view live video streaming. Advertising sales will also be used to generate revenue. Programming will originate from its own club as well as other premiere clubs in their respective markets that will become part of the network that the joint venture intends to create. In addition, the site would offer comedy CDs, direct downloads, associated merchandise, and admission tickets to live performances at member clubs.

In as much as the internet is becoming a broadcast-based medium, First Entertainment believes this opportunity is timely given that demand for content continues to grow.

EMNet Corp.'s wholly-owned subsidiary, BuyBroadway Online Inc., previously announced an agreement with AOL's Digital City New York (NYSE:AOL) to program the site's theater area by providing theater news, information and shopping services beginning February 1999. BuyBroadway will also become a prominent sponsor of the Digital City New York site, and although no definitive timetable has been set, the agreement allows for future expansion of BuyBroadway services across the Digital City network nationwide.

The deal expands BuyBroadway's audience reach, which will translate to increased ticket and souvenir sales. AOL's Digital City, available on AOL at KEYWORD:Digital City or on the Web at www.digitalcity.com complements BuyBroadway's group of web sites. Digital City New York will link to BuyBroadway.com or BroadwayNow.com sites for larger-issue content.

Utilizing Buy Broadway's relationship with AOL, this newly formed joint venture intends to replicate the rapid growth of Buy Broadway's success in the theatre market into a national internet network for the comedy market.

BuyBroadway's website (www.BuyBroadway.com or AOL keyword: Broadway) is a highly trafficked theatrical portal. From buying Broadway tickets and souvenirs, to exploring interactive study guides, watching video clips, reading news, viewing pictures, sending a message to a Broadway cast and selecting and licensing a musical for your own production, BuyBroadway offers it all in a single, easy-to-use interface. An affiliate member of the League of American Theatres and Producers, BuyBroadway Online Inc. is a wholly owned subsidiary of the public company, EMNet Corp. (VSE:EMN). BuyBroadway and its client sites represent the largest collection of theatrical consumer sites on the Internet today.

Comedy Works, which is the premier comedy club in the city of Denver, has launched the careers of many young stand-up comics, including Roseanne Barr. In its eighteen years the club has hosted national headliners including the likes of Jay Leno, Jerry Seinfeld, Louie Anderson, and Tim Allen to name a few.

First Entertainment is a multi-media company and has divisions or subsidiaries operating in the areas of radio broadcasting and comedy clubs.

Note: Editors: Certain statements herein that are not historical are forward looking statements which involve risk and uncertainties. Investors who seek more information about the company's business and relative risk factors may wish to review the company's periodic reports filed with the SEC including, but not limited to, its most recent Annual Report on Form 10-K/SB and Quarterly Report on Form 10-QSB.