MegaWorld, Inc. Engages Lobsenz Stevens for Investor Relations; Company to File Regular Reports With the SEC

Business Wire, June 30, 1998

NEW YORK--(BUSINESS WIRE)--June 30, 1998--MegaWorld, Inc. (OTC:MEGW), a diversified holding company with interests in telecommunications, publishing, and international time-share operations, today announced that it has contracted with Lobsenz Stevens, Inc., one of the largest independent public relations agencies in the U.S., to communicate the company's prospects and developments to the financial community, the media and the public.

The company also announced that, with the completion this week of a full audit by Scott Gildea & Company, LLP, Certified Public Accountants, it would become a full reporting company to the Securities and Exchange Commission. The first filing is scheduled to be a Form 10-Q for the quarter ending June 30, 1998.

MegaWorld, Inc. owns a leasehold interest in a 1,000-year-old castle in northern Italy that is being marketed for time-share intervals, and is also the wholesale supplier of Internet telephone services to domestic facilities-based providers in the U.S. and other selected countries utilizing gateway switches linked to the Internet.

"With the publication of the premiere issue of NYC-New York City Magazine and our move to be a full reporting company, MegaWorld, Inc. is completing its first series of milestones," commented George H. Levy, chairman. "Our engagement of Lobsenz Stevens is an indication of our professional approach and commitment to the long term."

    CONTACT: MegaWorld, Inc., New York
              David W. Mahy, 212/750-3333
              or
              Lobsenz Stevens, Inc., New York
              Mark Perlgut, 212/684-6300 ext. 309