SOURCE: ReelTime Rentals, Inc.

February 21, 2008 06:30 ET

ReelTime Begins Auditing Financials

SEATTLE, WA--(Marketwire - February 21, 2008) - ReelTime Rentals, Inc. (PINKSHEETS: RLTR) announced today that the Company has engaged a first class, PCAOB registered accounting firm, Peterson Sullivan PLLC, to begin the process of auditing the company's financial records -- from ReelTime's inception through year-end 2007 -- in order to prepare comprehensive audited financial statements in accordance with Generally Accepted Accounting Principals (GAAP). Once completed, the initiative will provide for increased and ongoing investor transparency through a Form 211 filing and subsequent voluntary filings of financial statements while the Company remains trading on the OTC Pink Sheets.

ReelTime's CEO, Barry Henthorn, stated, "I am elated that we have accomplished yet another major milestone for the Company. The commencement of the auditing process represents the culminated efforts of many individuals and countless hours of work, and I am truly proud of our achievement so far. Upon completion of the audit we intend to file for listing on a senior exchange, and today's engagement is a huge step towards accomplishing that goal."

Peterson Sullivan PLLC, a CPA firm founded in Seattle, has been in practice for over 50 years in the Pacific Northwest. With over seventy skilled professionals, Peterson Sullivan provides expertise in accounting, auditing, comprehensive tax services and business valuation for clients including, publicly traded companies, closely held businesses, non-profits, and individuals throughout the region.

About ReelTime Rentals, Inc.

ReelTime Rentals' mission is to deliver diverse programming, for rental or by subscription, over its online broadband network, enabling viewers to watch whatever they choose, anytime and anywhere they want to see it -- all they need is a broadband connection. ReelTime offers the first DVD quality "Point, Click, and Watch" user experience available on the World Wide Web. ReelTime is providing the public the next generation of online viewing technology, designed with the built in capacity for unlimited growth. ReelTime Rentals can be found on the Internet at www.reeltime.com.

Forward-Looking Statements

This news release includes comments that may be deemed forward-looking within the meaning of the safe harbor provisions of the U.S. Federal Securities Laws. These include, among other things, statements about expectations of future events or transactions, sales of products or performance. Forward-looking statements are subject to risks and uncertainties that may cause the company's results to differ materially from expectations. These risks include the company's ability to execute its business plan, having necessary financing in time to meet contractual obligations and support the business activity, and other such risks as the company may identify and discuss from time to time, including those risks disclosed in the company's current and future filings with the Securities and Exchange Commission. Accordingly, there is no certainty that the company's plans will be achieved.

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