Paradise Music & Entertainment Appoints M. Jay Walkingshaw President and Chief Operating Officer

Business Wire, Oct 13, 1999

NEW YORK--(BUSINESS WIRE)--October 13, 1999--

Paradise Music & Entertainment, Inc. (NASDAQ:PDSE), a multi-faceted entertainment company and producer of music, entertainment and media content, today announced the appointment of M. Jay Walkingshaw, 50, as President and Chief Operating Officer, effective immediately. In his new position, Mr. Walkingshaw will oversee Paradise's ongoing restructuring and recapitalization efforts, as well as management of the company's day-to-day operations.

Mr. Walkingshaw, a 25-year veteran of the entertainment industry previously held senior executive positions with a number of companies including Columbia Pictures, Tri-Star Pictures, HBO and Time Life Films. During his career, Mr. Walkingshaw has worked with companies during various stages of corporate growth, ranging from zero-stage startups to large public companies. Mr. Walkingshaw was a member of the group of executives who founded Tri-Star Pictures, Inc., where he served as Executive Vice President and Chief Financial Officer. Following Tri-Star's merger with Columbia Pictures, Mr. Walkingshaw played an instrumental role in the restructuring and integration of Columbia's combined studio operations. Prior to Tri-Star, Mr. Walkingshaw was a part of the team that successfully developed Home Box Office for Time, Inc. and also served in its Time Life Films television and film production division, where he acted as Vice President, Finance and Administration.

Commenting on Mr. Walkingshaw's appointment, Paradise Chairman and Chief Executive Officer Jesse Dylan, said, "I am very pleased to welcome Jay to Paradise on a full-time basis. Over the past four months, his contributions as a consultant have been instrumental in helping Paradise to identify and build upon its core strengths. His experience in corporate restructuring, operations management, deal making and working with the investment community will be invaluable to us as Paradise enters its next stage of development."

Mr. Walkingshaw said, "It's exciting to be joining the Company at this stage of its growth. Paradise has the talent, creative energy and production capabilities to supply today's entertainment industry with the value-added products and services that it wants, and is ideally positioned to keep pace with, and benefit from the structural changes that are occurring on a daily basis in the music, entertainment and media industries as a result of new technologies such as the Internet."

In related news, Jay Moloney, who has been on a leave of absence since August 1, has decided to leave the Company as President.

Paradise Music and Entertainment, Inc. is an artist-centric and multi-faceted entertainment company focused on nurturing its growing talent base. The Company is engaged, through its wholly owned subsidiary companies, in television and theatrical motion picture theme composition and production; television program and commercial production; music video production; and musical artist recording, distribution, marketing and management. Its wholly owned subsidiary companies include (i) PUSH Records (independent record label teamed with V2 Records); (ii) Picture Vision (film, television and music video production company); (iii) Rave Music (commercial music/film score producer); and (iv) All Access Entertainment Management Group, Inc. (music artist management). Paradise has also formally agreed to acquire Consolidated Entertainment, LLC (dba Straw Dogs) (a television commercial production company) subject to stockholder approval. Paradise also has a strategic investment in Eruptor Entertainment, Inc. http://www.eruptor.com, a cutting-edge entertainment and leisure Internet destination site.

Legal Disclaimers: This Press Release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results of operations may differ materially from those projected or suggested in the forward-looking statements. The forward-looking statements contained herein represent the Company's judgment as of the date of this report hereof, and the Company cautions readers not to place undue reliance on such statements.