SOURCE: Alpha Spacecom, Inc.

May 16, 2005 13:55 ET

Alpha Spacecom Attempts to Comply With Arbitrarily Noticed Board of Directors Meeting

CEO Terence F. Sien Finds Location for Board of Directors' Meeting Called by Rogue Executives Chained Shut; Tenants and Building Management Confirm Location Empty for Some Time

LOS ANGELES, CA and HONG KONG -- (MARKET WIRE) -- May 16, 2005 -- Alpha Spacecom, Inc. (OTC BB: ASPC), a China-based Company in the process of converting state owned movie theaters and multi-cinema complexes to digital projection, announced today that CEO Terence Sien stated, "I was the only director to attend a Board of Directors meeting arbitrarily noticed by Xuedong Hu ("Hu"), former management, scheduled for 11:00 AM on Friday, May 13, 2005. I arrived at 10:50 AM on Friday, May 13, 2005, to find the noticed meeting place closed and locked by a chain, noting that nobody else showed up. Tenants in the adjoining suite, as well as building management, confirmed that the while the address was correct, the office had been abandoned for some time and the contact person listed with building management could not be found."

Mr. Sien further stated that, "The notice was sent by Hu's attorney, Ronald Taylor, Esq. of Englewood, Colorado. Mr. Taylor and Hu refused to comment on the obvious material misrepresentations and possible SEC violations contained in the Form 8K filed May 13, 2005, describing a meeting that never took place. Hu and Hu's attorney also failed to explain how the description of the actions in the Form 8K filed May 13, 2005, were possible without a meeting and failed to explain why they were violating the company bylaws and Colorado law by their actions."

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This press release contains forward-looking statements involving risks and uncertainties including statements regarding the Company's future performance. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. In addition, actual future results may differ materially from those anticipated, depending on a variety of factors which include, but are not limited to, our ability to leverage our technology, manage our growth, protect our intellectual property rights, attract new customers and general economic conditions affecting consumer spending, including uncertainties relating to global political conditions, such as terrorism and the conflict with Iraq. Information with respect to important factors that should be considered is contained in the Company's Annual Report on Form 10-KSB as filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.

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