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Cipher Holdings Corp. Today Release a Report on Their Company Prepared by Analyst Howard N. Stillman on February 17th, 2004.

Business Editors

DALLAS--(BUSINESS WIRE)--March 11, 2004

Cipher Holdings Corp. (OTCBB: CIHR) today release a report on their company prepared by analyst Howard N. Stillman on February 17th, 2004. The complete, unedited text of that report is as follows.

PRICE OBJECTIVE $3.00 - $5.00
PRICE $0.80
52 WEEK RANGE HIGH $5.00 LOW $0.10
 Common Stock Outstanding 17,652,811
 Float 1,350,000


Commerce on the Internet is booming. Management is carving a unique niche in the motion picture and video industry through secure access to product via the Internet of its proprietary encoding, encryption and authorization technology.

The simple process includes the presentation in the form of a CD or DVD to the consumer from producers containing the film and a film trailer. Following purchase by credit card at a discount price the film is unlocked to the consumer and can be viewed on a personal computer without restriction. The CD/DVD cannot be duplicated thus thwarting piracy. A purchaser has the option to purchase the film at a higher price to view on a television set.

This solution enables publishers, and advertisers to the public to promote and sell various products to the public through the unused portions of DVD's. THEREBY CIPHER HAS CREATED A NEW MEANS OF INTRODUCTION, PROMOTION DISTRIBUTION AND SALES OF ALL DIGITAL CONTENT TO THE CONSUMER.

Cipher has agreements with a number of independent film publishers. Currently management is negotiating with a number of mainstream and independent film studios to promote and open new areas of distribution for their film products. In its first full year of operation, management estimates revenues of around $2 million and profitability. Quantum jumps in operating revenues and income are envisioned in the years ahead.

The management team brings solid experience to its business field with finances adequate for near term needs, reflecting its low cost operating profile.


The company has quickly emerged from the development stage and is aggressively pursuing its business plan. The shares at current levels are speculatively attractive for risk oriented investors seeking capital appreciation.

Howard N. Stillman

Security Analyst

(This report is read at your own risk. It was prepared for a fee of $2,500. It is based upon information believed to be reliable, but cannot be guaranteed as to its accuracy or completeness.)

Howard N. Stillman was retained by CLX & Associates to conduct and independent analysis of the company. He received a payment of $2,500 for his services.

Statements in this news release are not historical facts, including statements about plans and expectations regarding products and opportunities, demand and acceptance of new or existing products, capital resources and future financial results are forward-looking. Forward-looking statements involve risks and uncertainties that may cause the Company's actual results in future periods to differ materially from those expressed. These uncertainties and risks include changing consumer preferences, lack of success of new products, loss of the Company's customers, competition and other factors discussed from time to time in the Company's filings with the Securities and Exchange Commission.

For further information, please contact Robert Weidenbaum at(800) 860-8241.

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Publication:Business Wire
Date:Mar 11, 2004
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