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To: telebob who wrote (2818)	10/5/1999 9:34:00 AM
From: KS	Respond to of 2843

October 05, 1999 07:49 Wavo Corporation Announces Completion of $15 Million Private Placement PHOENIX--(BUSINESS WIRE)--Oct. 5, 1999--Wavo Corporation (NASDAQ: WAVO), a leading digital media services provider, announced today it has completed a private placement of Series D Convertible Preferred Shares priced at $10,000 per share resulting in gross proceeds of $15 million. Donaldson, Lufkin & Jenrette served as placement agent to the Company for this transaction. The Preferred Shares carry a dividend rate of 10% per annum, which may be paid in cash or common stock, and are non-voting. The conversion price of the Preferred Shares will be 100% of the weighted-average trading price of the Company's common shares for a period during the six days prior to conversion date. The Company, at its sole discretion, can call for conversion of various amounts of the outstanding preferred shares and at various times throughout the term of the agreement. In addition, the Company has the right to redeem outstanding preferred shares for cash, in whole or in part, at 110% of par plus accrued dividends. As part of the agreement, Wavo provided warrants to purchase its common stock at the average of the closing bid price of Wavo common stock for 10 days prior to the closing of the agreement. In addition, the Company at its discretion can elect to sell an additional $5 million of Preferred Shares to the investors under certain conditions. "This is an excellent opportunity for Wavo to add additional working capital on terms we feel are very favorable to the Company and our shareholders," said David E. Deeds, chairman and CEO of Wavo Corporation. "We deemed this financing to be potentially far more favorable than issuing common stock at the current prices. This gives Wavo Corporation the opportunity to call for conversion at potentially much higher stock prices. This additional funding of $15 million will be used to grow our core business as one of the Internet industry's leading Digital Media Service Providers. With the approaching releases of two exciting new products -- Wavo NewsPak and Virgin JamCast -- we are confident that we can pursue future growth and expansion from a position of financial strength." About Wavo Corporation Wavo Corporation (NASDAQ: WAVO) is a leading digital media services provider. It partners with the foremost providers of news, business data, and Internet based content to deliver quality content and multimedia to an information-hungry society. Additional information on Wavo is available via the Internet at www.wavo.com. Certain of the above statements regarding Wavo constitute forward-looking statements, which may involve risks and uncertainties. Actual results could differ materially from such forward-looking statements as a result of a variety of factors, including, but not limited to, technology changes, competitive developments, industry and market acceptance of new products and services, and risk factors listed from time to time in Wavo's SEC filings. For Further Information Contact: Kenneth D. Swenson Chief Financial Officer Wavo Corporation (602)952-5500 kswenson@wavo.com CONTACT: Wavo Corporation Kenneth D. Swenson, 602/952-5500 kswenson@wavo.com

To: telebob who wrote (2818)	10/6/1999 4:57:00 PM
From: KS	Read Replies (1) \| Respond to of 2843

October 06, 1999 07:17 Wavo Corp. Launches NewsPak, An Innovative Media Delivery Service For Web Sites www.newspak.com Enables E-Commerce For Electronic News and Information PHOENIX, Oct. 6 /PRNewswire/ -- Wavo Corporation (Nasdaq: WAVO), the leading digital media services provider, announced at Fall Internet World in New York City today the commercial release of NewsPak, a breakthrough e-commerce service that radically simplifies the process of buying and selling electronic news and information via the Internet. NewsPak is the industry's leading solution for delivering real-time content to web servers worldwide. Studies show that targeted news and information integrated directly into portals and intranets dramatically improves the "stickiness" of those sites, encouraging traffic to spend more time there and to return with greater frequency. NewsPak offers the most advanced, most robust solution available to capture and retain the attention of Web audiences. See the rest of the story at quote.yahoo.com