Metamedia Capital Corp.

Metamedia Capital Corp.

September 16, 2005 11:14 ET

Metamedia Capital Corp.: Cosmos IPTV, Greece, $2,000,000 Equity Participation Letter of Intent

CALGARY, ALBERTA--(CCNMatthews - Sept. 16, 2005) - Metamedia Capital Corp. (TSX VENTURE:MME) ("Metamedia" or the "Company") announced today that a Letter of Intent has been signed between Metamedia and Global Media S.A. of Greece, current representatives of the Company in Southeastern Europe and selected countries of the Middle East, the general major provisions of which are inclusive of the following:

- Global Media SA and/or nominees shall participate in the creation of a subsidiary corporation, the controlling equity interest of which shall remain with Metamedia. The subsidiary shall undertake the implementation of CosmosIPTV in Greece, for Greek content to be broadcast to paying subscribers around the world once the service is established, and

- Global Media SA and/or nominees shall retain a minority equity position and representation in the Executive Management for a minimum cash contribution of Two Million Canadian Dollars ($2,000,000.00) a portion of which shall be allocated to the capital base of the Subsidiary, and

- Metamedia will be required to provide the technology base and network access to the Cosmos IPTV world-wide network on an exclusive basis to the subsidiary for Greece- based content.

A further news release will be issued once the Letter of Intent has been fully evaluated by additional potential partners, and a final determination has been made with respect to entering into a definitive Agreement. Management anticipates that this will be completed some time on or before October 31st, 2005.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information