FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--October 17, 2002-- Magicinc.com, (OTCBB: MGCN) today announced it has executed a financing agreement with La Jolla Cove Investors, LLC for up to $3,000,000 and has received $300,000 as per terms of the agreement. The Company also reported that it has cancelled a previously announced financing agreement with Knightsbridge Capital.

Magic Media Networks currently has placed, in premier nightlife destinations, dozens of large screen displays that broadcast to thousands of viewers every month.

The Company intends to use the proceeds of the initial financing to prepare a Form SB-2 registration statement, to retire certain financial obligations, to expand its area of operations and to market the advertising airtime of the network. This financing agreement allows the Company to complete its regional footprint and launch the business model's revenue stream.

President Gordon Scott Venters said: "Even on a three major city footprint, our network could show tremendous potential from major beverage distributors for our Point of Purchase (POP) inducement or conversion advertising, and from major motion picture studios to show upcoming movie previews as well as serving local and national advertisers."

Commonly referred to as digital "place-based" media, Magic Media Networks offers advertisers an alternative to traditional media by delivering entertainment as well as relevant content and advertising to like-minded consumers in high-traffic nightlife and life-style destinations.

Statistics show that members of the 21-34 age group, Cybars' key demographic, are 126 percent more likely to frequent nightlife or lifestyle destinations one or more times a month.

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.