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By: Mike Johnson
8/1/2003 9:09:09 AM

David McLane's Women of Wrestling (WOW) promotion has signed a business agreement with Sterevision Entertainment, Inc. to produce WOW TV, PPV, and "3-D PPV" events. WOW ran 24 syndicated episodes several years back, before shutting down production after a lone PPV event. Gene Simmons of Kiss had announced months ago he was going to be involved with the WOW project, but is not mentioned in the release.

In related news, Stereovision also announced it was canceling plans to run a "3-D PPV" with GLOW, another women's promotion (which as irony would have it, was at one point owned and operated by McLane in the 1980s).

The complete WOW press release reads as follows:

StereoVision and David McLane Enterprises Sign Women of Wrestling -- WOW -- Joint Venture Agreement

LOS ANGELES--(BUSINESS WIRE)--July 31, 2003--StereoVision Entertainment, Inc. (OTBB:SVSN) announced it has signed a joint venture (JV) agreement with David McLane Enterprises Inc. (DME) to form an equally owned (50%-50%) company to be named WOW Events L.L.C.

DME currently holds the Women Of Wrestling Inc. (WOW) worldwide license. The mission of the JV is to produce a made for television, weekly WOW series, traditional pay per view events, webcasts, and 3-D pay per view events. These productions will be promoted by a worldwide WOW promotional tour that will also generate revenues for the JV. Additional revenues for the JV will be generated by WOW merchandising, and WOW DVD sales. DME currently has 24 one hour WOW shows in the can, and the WOW Events L.L.C. partners will share in the revenues of the DVD sales from these 24 existing shows. StereoVision plans to fund the JV through a debt, or debt/equity placement. Per the JV agreement, StereoVision will be reimbursed all monies invested before any profits are divided among the JV partners.

StereoVision's Chief Executive Officer, Jack Honour, stated, "Proceeding with David McLane Enterprises and WOW, we believe will be the fastest way to success for StereoVision's women's wrestling project. WOW is the hottest women's wrestling league of late, and the preparedness of DME, and WOW will give our plans a head start. Along with all the necessary characters, costumes, pyrotechnics, promotional materials etc. DME has also had in the past an agreement with the Las Vegas Caesar's Palace for the presentation of live WOW events. Among DME's partners in their 50% of the JV, is Jeanie Buss, Executive Vice President of the Los Angeles Lakers. These are examples of the many powerful relationships DME and WOW bring to the table. We're very excited about the long term earning potential of this joint venture. We believe there's plenty of room in the marketplace for a professional wrestling league, other than WWE."

DME, which develops and produces sports, entertainment events and television programming, maintains an exclusive license to market the worldwide rights associated with WOW. The one-hour WOW television series debuted the week of October 2, 2000 in 100 markets. DME positioned WOW as a female action series for hip adults. The response was right on the mark. The show's website (http://www.wowe.com) quickly became a favorite of internet followers tallying over 7 million page views in the first three weeks the from the date of the launch, and grew to 10 million unique monthly visitors in seven months. WOW attendance grew from a mere 400 people at its first live show, to over 5000 at the Great Western Forum within the first six events, and it proved a television ratings success. However with the soft add market, it was determined after its first season WOW would wait to reenter the marketplace after allowing sufficient lead-time for advance sales and forging partnerships through industry third-party alliances. During this interim period, WOW continues to air overseas in numerous markets including Turkey, Dominican Republic, India, United Arab Emirates, Republic of South Africa, Israel, Russia, Korea, and Taiwan.

StereoVision Entertainment Inc. (http://stereovision.com) is a publicly traded multimedia company listed on the Over The Counter Bulletin Board exchange. StereoVision maintains offices at Sound City Center in Van Nuys, California, and has interests in three dimensional film and video production, independent filmmaking and distribution, entertainment content acquisition, and music production, publishing, and distribution.

Private Securities Act of 1995: Statements in this press release that are not historical facts, including statements about plans or expectations regarding businesses and opportunities, demand and acceptance of new and existing businesses, capital resources, and future financial conditions and results are forward looking. Forward looking statements involve risk and uncertainty including changing customer preferences, lack of success of new businesses, loss of customers, competition, and other factors discussed from time to time in filings with the Securities and Exchange Commission. The Company does not undertake any obligation to publicly release any revisions to these forward-looking statements.

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