Friday June 29, 12:55 pm Eastern Time

Press Release

WOW Entertainment, Inc. Announces a Major Capital Restructuring to Allow for the Completion of Acquisitions Currently in Negotiations

INDIANAPOLIS, June 29 /PRNewswire/ -- WOW Entertainment, Inc. (OTC Bulletin Board: WOWI - news) announced today a major capital restructuring of the Company. The restructuring, which was part of several agreements and commitments among Carter Fortune, WOWI's largest shareholder and holder of debt and preferred stock, David McLane, Murphy Development, LLC a real estate development company 50% owned by Fortune, and WOWI, was designed to allow for WOW Entertainment, Inc. to restructure its balance sheet in a way that eliminates its debt, acquire Murphy Development and make available capital to be used to purchase and operate additional businesses with high growth potential and strong cash flows. The restructuring was also designed to secure the future of the Company's WOW - Women of Wrestling® property.

As part of the restructuring, Mr. Fortune has agreed to negotiate a settlement in which he will receive $3.25 million of WOWI's common stock at the June 28, 2001 closing price of $0.20 a share, or 16,250,000 shares, in exchange for his $2.0 million of preferred stock and in full satisfaction of his $5.43 million of debt.

In addition, Mr. Fortune and Ms. Julie Fisbeck have also agreed to exchange their ownership interest (50% each) in Murphy Development, LLC, a commercial and retail real estate development company currently developing a 126 acre site in western Ohio, in exchange for $120,000 WOWI's common stock. Both Fortune and Fisbeck will receive 300,000 shares at the June 28, 2001 closing price of $0.20 a share.

Mr. Fortune has also agreed to loan $500,000 to Murphy Development, LLC. The loan will be collateralized by all of the assets of Murphy Development, LLC and will be convertible at Fortune's option into $500,000 of WOWI's common stock at $0.407401 a share. If Fortune exercises the conversion feature, he will receive 1,227,292 shares. The new capital will be used to purchase and operate other businesses - the first of which is expected to be announced shortly.

Mr. Fortune has also agreed to make an additional loan commitment to Murphy Development, LLC of $2.25 million, if and as needed, to fund the purchase of real estate that is subject to an option that it now owns. The loan will be collateralized by the related real estate and will be convertible at Fortune's option at $0.407401 a share of WOWI's common stock. If the full amount of the debt is loaned and Fortune exercises the conversion feature on the full amount, he will receive 5,522,814 shares.

Also, pursuant to an agreement dated June 26, 2001, McLane allowed WOW Entertainment, Inc., the parent company of Women of Wrestling, Inc., to redeem his 19,007,585 shares of WOWI common stock in an amount equal to his original purchase price. Concurrently, McLane resigned as an officer and director.

The Company retains the ownership of the WOW - Women of Wrestling® property, and intends to license and / or distribute the property in the future. WOWI is currently negotiating a licensing agreement for which it believes it will likely have a deal consummated in the near future.

Jeffrey Lewis, WOWI's Chief Executive Officer said, ``The main benefit of the restructuring is that it allows the Company to recapitalize in such a way that is virtually non-dilutive to its remaining shareholders since last quarter (65.1 mm shares if all of the loans are converted versus 62.5 mm shares at 2/28/01) so that we can focus on the purchase of additional businesses with high growth and strong cash flows, further adding to our future earnings potential. Also, the restructuring effectively gives WOW's fans, many of whom are shareholders, the most likely scenario for the vitality of the WOW - Women of Wrestling® property going forward. As such it allows WOWI's shareholders the greatest potential for future value from the WOW - Women of Wrestling® property.''

About WOW Entertainment

WOW Entertainment, Inc. is the parent company of Women of Wrestling, Inc., which owns the WOW - Women of Wrestling® property for which the Company intends to license and / or distribute in the near future. The Company also intends in the coming weeks and months to acquire and operate other businesses, not necessarily in the entertainment sector, which will help diversify its assets and earnings potential.

Statements about the Company's future expectations, including future revenues, earnings and transactions, as well as all other statements in the press release other than historical facts are ``forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results and other corporate developments could differ materially from that which has been anticipated in such statements.

For further information contact either Douglas May at 317-974-1969 or Mathew Henderson, CEOcast, Inc. at (212) 732-4300, for WOW Entertainment.

SOURCE: WOW Entertainment, Inc.