FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--July 12, 2002-- Magicinc.com, (OTCBB: MGCN) today announced it has retained Miami-based Knightsbridge Capital to assist the Company with its investment banking and financing needs.

Knightsbridge has agreed to use its affiliated fund, The Advantage Fund I, to assist the Company to execute the next phases of its business plan. Proceeds from the initial financing will be used for the regional launch of the Company's Cybars Digital Television Advertising System - large screen monitors located in high profile nightlife destinations. Commonly referred to as digital "place-based" media, Magic Media offers advertisers an alternative complement to traditional media by delivering entertaining and relevant content and advertising to like-minded consumers in high-traffic life-style destinations. Statistics show that Cybars' key demographic, people in the 21-34 age group, are 126 percent more likely to frequent bars or nightclubs one or more times a month.

"What's particularly attractive about working with Knightsbridge is their flexibility," said Gordon Scott Venters, Chief Executive Officer of Magic Media Networks, Inc. "Unlike other financing opportunities currently available to us, Knightsbridge works as our investment bankers in addition to assisting in a financing through their affiliated fund. As a result, they clearly have the long-term interests of the Company and its shareholders in mind."

Venters also said the Company has recently retooled operations and streamlined its core business. The regional launch includes the Palm Beach, Fort Lauderdale and South Beach markets.

Magic Media Networks, Inc. is a media production company focused on the rapidly growing, $21 billion point-of-sale (POS), point-of-purchase (POP), out-of-home (OOH), display-based advertising industry, offering extensive production capability and the exclusive services of an established digital advertising network. The Company's primary business is the production and distribution of advertiser-supported programming content for bars and nightclubs. For additional information, please visit the Company's website at http://www.magicmedia.com.

This press release contains forward-looking statements that involve risks and uncertainties. The statements in this Release are forward-looking statements that are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Actual results, events and performance could vary materially from those contemplated by these forward-looking statements. These statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from results expressed or implied by forward-looking statements. These risks and uncertainties include, among other things, product demand and market competition. You should independently investigate and fully understand all risks before making investment decisions.

For further information contact: Gordon Scott Venters, CEO, at: 954-764-0579; Facsimile: 954-764-3520. Additional information is available at the Company's website: http://www.magicmedia.com.

CONTACT:
Magic Media Networks, Inc., Fort Lauderdale
Gordon Scott Venters, 954/764-0579
Facsimile: 954/764-3520

SOURCE Magic Media Networks, Inc.