PRN Closes $5 Million Investment From Matsushita's Panasonic Subsidiary; Panasonic Makes Strategic Investment to Support PRN Continued Growth and Long-Term Strategy.

Business Editors/Hi-Tech Writers

SAN FRANCISCO--(BUSINESS WIRE)--July 12, 2000

PRN Corporation, the leading retail network for the delivery of interactive advertising and streaming media content today announced an equity investment from Matsushita Electric Industrial Co., Ltd. (MEI) through its subsidiary, Panasonic Digital Concepts Center (PDCC).

MEI, best known for the Panasonic brand, is one of the world's leading producers of electronic products for the business and consumer marketplaces.

Proceeds from the financing will be primarily used to further develop the technologies and partnerships that will help PRN execute its strategy of giving consumers access to information where they shop. PRN will also continue to invest in research and development and in building first-class marketing and sales organizations to meet the needs of its partners and customers.

The PRN network currently reaches nearly half the US population through in-store broadcast and interactive stations at retail stores such as Wal-Mart, Sears, Circuit City and Best Buy.

PRN's network is distributed in over 5,000 stores and on the Internet. The company's retail network is designed to enhance the shopping experience for consumers by delivering product information and extensive entertainment events on interactive and broadcast programming throughout the retail environment.

PRN manages its programming over a broadband digital network, and is planning to use Panasonic technology to grow into emerging channels of retailing. In addition, PRN is now using its existing digital technology to provide content for both Web sites and in-store marketing stations.

"This strategic investment by Panasonic is a key milestone in PRN's evolution as we build the company into a global media services provider of consumer-driven rich media content," said Jeffrey Cohen, Chairman and CEO of PRN. "The addition of Panasonic's resources to the PRN family will help us build our core technological capabilities as well as broaden our reach around the world. Today, we deliver rich media content to over fifty percent of the U.S. population every week through leading retailers. Our goal is to extend our reach to deliver targeted rich media to retail consumers where they shop - whether in stores, at home, or on the go."

This investment from Panasonic is expected to help PRN expand its reach into the global market environment. The two companies intend to explore new business opportunities for delivering the next generation of global communications to retailers and consumers worldwide. "This investment is a great opportunity for both companies to leverage each other's resources and find new ways to deliver quality services to retail consumers," said Charles C. Wu, managing director of PDCC.

MEI joins the list of high-profile investors, including GE Capital and Allen & Company, "As an investor, we recognize that PRN is the leading media network at retail," says Charles C. Wu, managing director of PDCC. "Given PRN's market position and impressive strategic investors, we are confident in PRN's long-term success."

About PRN

PRN is the dominant retail media network that partners with America's largest retailers and advertisers to build brand equity, shopper satisfaction and loyalty. PRN was founded in 1993 and is headquartered in San Francisco, California. The company delivers retail programming and interactivity via digital satellite to millions of Nielsen measured viewers a month as they shop in America's largest retailers, including Wal-Mart, Sears, Best Buy and Circuit City. For more information, visit http://www.prn.com.

About Panasonic Digital Concepts Center (PDCC)

Established in 1998, Cupertino, CA-based Panasonic Digital Concepts Center (PDCC) is engaged in investments that fuel the development of next-generation digital, networking, and Internet technologies, products and services, such as home networking, Internet applications, and e-commerce. A unit of NJ-based Panasonic Technologies, Inc.(PTI) - itself a wholly-owned subsidiary of Matsushita Electric Industrial Co. Ltd. of Japan - PDCC partners with Silicon Valley venture community and creates value for local start-up companies through channels, international resources, research and development, and manufacturing connections. For more information, visit www.vc.panasonic.com.

About Matsushita Electric Industrial Co., Ltd. (MEI)

Matsushita Electric Industrial Co., Ltd. is one of the world's leading developers and producers of digital electronic products for the home, the office, and in between. It recorded annual sales of $63.7 billion in the last fiscal year. Best known for the Panasonic brand name, the company also sells products under the Technics name and National brands around the world. For information on Panasonic and Matsushita visit www.panasonic.com.