Cyper Media's Joongang signs New Animation OEM Contract in Japan


NEW YORK, Feb. 4, 2004 (PRIMEZONE) -- Cyper Media, Inc. ("Cyper") (OTCBB:CYPM) announced today that it has entered into a new production agreement to provide 2D OEM work for a new 12 episode animation series which augments Cyper's core 3D animation business. The first 12 episodes represent about $500,000 in new revenue for Cyper.

Joongang Movie Entertainment Co., Ltd., a Cyper subsidiary, ("Joongang") and Onion Pictures, Inc. ("Onion") have made an agreement to produce a 30 minute, 12 episode Original Video Animation series from December 2003 to April 2005.

The agreement gives Joongang the rights to produce from Pre-Production to Post Production.

Joongang will also have first priority to the next 24 episodes which would extend the agreement to a maximum of 3 years for 1.8 billion KRW (USD $1.525 million for the OEM work being facilitated by Joongang).

Duk Jin Jang, CEO of Cyper comments, "This contract is marks the beginning for Cyper to branch out in 2D animation in Japan. Revenues from contract animation work are an important part of Cyper's earnings. Onion Pictures has chosen Cyper due to our flexibility, our commitment to quality and cost-effectiveness.

"Our initial goal is to complete about 5 million of OEM Animation in Japan alone for 2004. We also intend to branch out and expand our services into other countries as well."

About Onion Pictures

Onion located in Seoul, Korea is a subsidiary of Image House, Inc. which is located in Tokyo, Japan. Image House distributes and produces 2D animation and video.

About Cyper Media

Cyper (http://www.cypermedia.com) is a 2D/3D digital animation production company, producing its own proprietary content and providing services to the television, commercial and film industries globally. The Company develops and produces 2D and 3D digital animation for television, Original Video Animation, short films, 2D and CGI feature films, music videos and multi-media applications such as video games. Cyper intends to acquire business opportunities to build revenues while building a library of quality movies and TV series. Current Projects include, "The 5th Glacial Epoch," a full-length feature film with a distribution LOI signed by MGM and "OMRoid", a TV animated series that has already sold over 10,000,000 toy items. In addition, Cyper is negotiating to produce "Hobie & Chewby", a 26-episode proprietary TV show and two additional animated TV series, "Kollang" and "Q-Pet."

All forward-looking statements contained herein are deemed by the company to be covered by and to qualify for the safe harbor protection provided by the Private Securities Litigation Reform Act of 1995 (the "1995 act"). Shareholders and prospective shareholders should understand that several factors govern whether any forward-looking statement contained herein will be or can be achieved, any one of those factors could cause actual results to differ materially from those projected herein. These forward-looking statements include plans and objectives of management for future operation, including plans and objectives relating to the products and the future economic performance of the company. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economy, competitive and market conditions, future business decisions, and the time and money required to successfully complete development projects, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the company. Although the company believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of those assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in any of the forward-looking statements contained herein will be realized. Based on actual experience and business developments, the impact of which may cause the company to alter its marketing, capital expenditure plans or other budgets, which may in turn affect the company's results of operations in light of the significant uncertainties inherent in the forward-looking statement included herein, the inclusion of any such statement should not be regarded as a representation by the company or any other person that the objective or plans of the company will be achieved.



            

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