First Entertainment Holding Corp. Announces Sportsnet, Inc. Venture

Business Wire, August 3, 1998

DENVER--(BUSINESS WIRE)--Aug. 3, 1998--First Entertainment Holding Corp. (OTCBB: FTET) announced the signing of a non-binding letter of intent with Sportsnet, Inc. (a Delaware Corporation), Dallas, Texas.

Per the letter of intent, Sportsnet will provide to First Entertainment the hardware, software, on-line casino games, lottery contests, web development, associated business applications development, and site maintenance to enable First Entertainment to operate an Internet gaming site from the Commonwealth of Dominica pursuant to a separate gaming license previously granted by Dominica.

First Entertainment Holding Corp. will operate the games, provide all physical facilities and communication installation, as well as market and advertise the site.

Sportsnet, Inc. is an Internet-based technology provider of hardware, software, interactive casino games, lotteries, associated business applications, web development, and site building and maintenance services to Internet casino companies around the world. Sportsnet is only a provider to casino companies which operate sites outside the United States and which do not allow access to residents of the United States.

First Entertainment is committed to maintaining strict compliance with all existing and pending U.S. legislation regarding Internet gaming and in conjunction with Sportsnet will build and operate this site to insure strict compliance.

First Entertainment and Sportsnet are presently working on a definitive agreement which will need to be approved by the Boards of both companies. It is anticipated that the system will be operational within 60 days after the definitive agreement is signed.

First Entertainment is a multi-media company and has divisions or subsidiaries operating in the areas of radio broadcasting and comedy clubs.

CONTACT: First Entertainment Holding Corp.

Steve Goodman

Tel: 303/382-1235

Fax: 303/382-1789

Website: www.FirstEntertainment.com