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To: John Plasky who wrote (7071)	3/24/2000 2:37:00 PM
From: StockDung	Read Replies (1) \| Respond to of 10354

Phoenix Media Group, Ltd. Delisted From Bulletin Board BURBANK, Calif.--(BUSINESS WIRE)--March 24, 2000--Phoenix Media Group, Ltd. has been delisted from the OTC Bulletin Board as of the close of business yesterday. The company's stock will be traded on the pink sheets pending the resolution of issues with the Bulletin Board. The Company has completed all filing requirements and fully responded to the first series of comments from the Securities and Exchange Commission. However, the company learned through its Counsel late yesterday that the SEC intends to issue further comments within the next day or two. Consequently it became impossible for the company to clear comments before the delisting date set by the Bulletin Board. It is the Company's intention to address all such additional comments with extreme diligence in an effort to quickly be reinstated on the OTC Bulletin Board. Ronald R. Irwin, CEO of Phoenix Media Group, Ltd. comments. "Despite extremely diligent efforts on the part of our corporate securities counsel, our CPA firm and internal management we failed to clear comments with the SEC before our March 23rd drop date. Consequently our stock will move to the pink sheets until such time as we have cleared the additional comments the SEC intends to issue and we are reinstated to the Bulletin Board. We apologize to all of our shareholders for any concern or inconvenience this may cause and we pledge to work fast for reinstatement on the OTC Bulletin Board. I want to emphasize that these actions on the part of the SEC and the NASD were not taken by the Company nor do they in any respect reflect upon the Company's soundness. Phoenix Media Group, Ltd. has experienced many excellent business developments in the first quarter of year 2000 and we expect further positive developments and growth regardless of whatever exchange our stock trades on." Phoenix Media Group, Ltd. is an international media and publishing firm publicly traded on the Pink Sheets under the symbol PXMG. CONTACT: Phoenix Media Group, Ltd. Wayne K. Smith, 818/563-3900 KEYWORD: CALIFORNIA