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Non-Tech : EINI -- Entertainment Internet (CastNet)
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To: Walter Morton who wrote (157)12/16/1999 12:04:00 PM
From: Sarkie  Read Replies (2) of 194
 
(MVEE) The Entertainment Internet and Miracle Entertainment Put Proposed Merger On Hold

LOS ANGELES, Dec 16, 1999 (BUSINESS WIRE) -- The Entertainment
Internet Inc. (OTCBB: EINI)(TEI) today announced plans to put a proposed
merger with Miracle Entertainment (OTCBB: MVEE)(formerly known as First
Miracle Group) aside, citing its intent to avoid perceived union
conflicts.

TEI Chairman Mohamed Hadid said: "TEI will build visibility for its
Castnet.com subscribers and use its strategic alliances with producers
and production companies to increase its market share in ways that
respect the integrity of the trade unions."

Miracle Entertainment CEO Tony Cataldo said cancellation of earlier
merger plans will not affect its working relationship with TEI, and
that it will continue to use TEI's Castnet.com services for all Miracle
Entertainment productions. Each party agreed to a release from any
earlier merger agreement.

Safe Harbor Statement under the Private Securities Litigation Reform
Act of 1995:

This release may contain forward-looking statements involving risks and
uncertainties that may cause actual future events or results to differ
materially and adversely from those described in the forward-looking
statements. Important factors that may cause such a difference for The
Entertainment Internet Inc. include, but are not limited to, risks of
delays in preparation and introduction of new services; dependence on
outside and third-party service providers, consultants, and attorneys;
dependence on third-party software developers for a significant portion
of new products and services; risks of rapid technological change and
platform change; intense competition; risks of product defects;
dependence upon licenses from third parties; risks associated with
present and future capital requirements; dependence upon key personnel;
and risks associated with domestic business, intellectual property
disputes and other factors discussed in the company's filings from time
to time with the Securities and Exchange Commission. The Entertainment
Internet Inc. disclaims any obligation to revise or update any
forward-looking statement that may be made from time to time by it or
on its behalf.
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