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To: LANCE B who wrote (85244)	5/31/2001 9:56:54 AM
From: Jim Bishop	Respond to of 150070

ONMC news OmniNet Media Corporation and U.S./Ace Security Rescind Business Combination Agreement LONG BEACH, Calif., May 31, 2001 (BUSINESS WIRE) -- OmniNet Media (OTCBB:ONMC), an emerging leader of wireless, point-of-purchase, advertising and information delivery networks, reported that on May 25, 2001 an agreement was entered into by and between OmniNet Media.com, Inc. and the prior majority shareholders of U.S./Ace Security Laminates, Inc., a Delaware corporation, and Ace Security Laminates International, Inc. by which a Business Combination Agreement dated June 5, 2000 and all other agreements between the parties thereto were rescinded in their entirety. The effect of this agreement is to divest OmniNet of 1,928,978 shares of U.S./Ace Securities Laminates, Inc., which were previously acquired by OmniNet from controlling stockholders of U.S./Ace, and recover for cancellation 964,489 common shares of OmniNet issued to the stockholders in the exchange. OmniNet retains title to approximately 811,982 U.S./Ace shares it purchased from other stockholders by exchange after the June 5, 2000 agreement had been consummated with the controlling stockholders of U.S./Ace. A Form 8K outlining the details of the rescission agreement was filed May 30, 2001. "The rescission of this agreement is an important step forward in bringing focus and singleness of purpose to OmniNet Media Corporation," stated Chief Executive Officer Don Steffens. "The ability to drive our future business model, unencumbered by the provisions of this now defunct agreement, sends a clear message to all interested parties that we are committed to refining the company, wherever necessary, in order to properly position ourselves with industry leading partners, advertisers and clients while we prepare for the upcoming launch of our Adhere(TM) network system solution." About OmniNet Media Corporation OmniNet Media Corporation (OTCBB:ONMC), a Nevada corporation, is an emerging leader in the provision of wireless advertising and information delivery networks that leverage proven mass market distribution channels using the latest in point-of-purchase, wireless network, plasma display panel, multimedia content delivery and data warehouse server technologies. This news release may contain forward-looking statements, made in reliance upon Section 21D of the Exchange Act of 1934, which involve known and unknown risk, uncertainties or other factors that could cause actual results to materially differ from the results, performance, or expectations implied by these forward-looking statements. The Issuer's expectations among other things are dependent upon general economic conditions, continued demand for its products, the availability of raw materials, retention of its key management and operating personnel, as well as other uncontrollable or unknown factors. To find out more about OmniNet Media Corp., visit the company's Web site at www.omninetmediacorp.com. CONTACT: Integritas Consulting, Inc. Phil Flynn, 800/392-7961 ir@omninetmediacorp.com URL: businesswire.com Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. Copyright (C) 2001 Business Wire. All rights reserved. -0- KEYWORD: CALIFORNIA DELAWARE NEVADA INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS HARDWARE RETAIL TELECOMMUNICATIONS * end of story *