SOURCE: Sports Alumni, Inc.

February 22, 2007 09:18 ET

Sports Alumni, Inc. Announces Proposed Closing Date for Diversified Entertainment Properties Inc. Merger

HENDERSON, NV and LAS VEGAS, NV -- (MARKET WIRE) -- February 22, 2007 -- Sports Alumni, Inc. (PINKSHEETS: SPNI) announced today that it has extended the date to complete the purchase all of the outstanding equity of Diversified Entertainment Properties Inc. (DEP).

Stephen White, President of Sports Alumni Inc., stated, "Both of our management teams have been working through the details of the proposed merger and we plan to move forward with the goal of completing the transaction before March 16th." Mr. White added, "Over the past few months we have been jointly working on a number of business development projects with DEP to jointly create sports related entertainment assets for distribution to the mass retail markets and members of Sports Alumni's American Football Alumni. As part of the agreement and after the completion of the transaction Sports Alumni will have complete access to DEP's national retail distribution channels through mass merchandisers, bookstores, and digital communication channels."

Mr. Robert Bell, Chairman and President of DEP, stated, "It is our desire to complete this transaction as soon as possible. We have already enjoyed a close working relationship with SPNI. Al Lowenheim of DEP is already leading the production and content creating team that is launching the American Football Alumni Network. Mr. Lowenheim has over 30 years of media management and production experience. Mr. Lowenheim is an award-winning producer of animated and interactive media product, and recipient of the prestigious Cannes Silver Medal Film Award for animation and has produced national TV commercials, and Emmy and Peabody award-winning network TV shows." Mr. Bell added, "We are also very excited that Clive Fox, President of DEP's audiobook and music division is already working with Sports Alumni on the development, and distribution of American Football Alumni's retail product, 'Football Dreams to Sleep On,' book and CD. The series will be authored by Eric Wright, Joe Washington, Jim Sandusky and Billy Sims. This series is designed for sports minded parents that want to share their life shaping experiences with their children. Mr. Fox's headed the audiobook division of two of the largest independent publishers of mid-priced audiobooks as well as having released over 250 special interest video cassettes for his company Concord Records. Clive was also a senior executive of Chappell Music, he completed agreements with CBS, Polygram, United Artists, Motown and Warner Brothers Records. Fox registered 17 Gold Records and assisted the company in becoming the most profitable division of MGM/Polygram. Mr. Fox also served as General Manager of the MGM Record Label Division and became President of the Independent Label division of MGM/ Polygram Records."

The final terms of the transaction have not yet been disclosed. The parties have agreed to structure the transaction to qualify as a tax free share exchange. Extensive review of the transaction has already been completed and the final closing is subject to approval of the final definitive agreements by both Boards of Directors. Additionally, all other required approvals must be obtained as needed and the transaction is subject the approval of a majority of the shareholders from both companies. There is no guarantee that a final agreement will be completed or that the transaction will close on the terms or the time frame set forth as agreed in the letter of intent and the extensions.

About Diversified Entertainment Properties Inc.

Diversified Entertainment Properties Inc. ( is an entertainment-based integrated marketing company, focused on targeting, creating, packaging, producing and distributing media properties. Employing integrated marketing programs and cross-promotion tactics, DEP uses its marketing expertise to build brand recognition: marketing is the core strength that ties all of Diversified Entertainment's operations together. DEP leverages the diverse talents of its seasoned managers from the worlds of marketing, licensing, audiobooks, music publishing, animation and family entertainment, and from the business and financial community. The DEP management team's high-level industry relationships and established distribution channels provide ready access to the wide markets for the company's products and entertainment properties.

About Sports Alumni, Inc.

Sports Alumni, Inc., dba American Football Alumni ("AFA") (, is a member-based corporation whose membership is composed of former high school varsity, collegiate and professional football players and coaches. American Football Alumni is a formulation of a fraternal group of individuals, sharing a common bond, whose foundation is based upon an intangible passion for football and all that it means to have played and lived it. AFA intends to create an Alumni voice to address current football issues. Member benefits include: Reconnecting with Friends, Coaches and Teammates, Voting in National and Regional Polls, Business Enhancement with AFAxchange Opportunities, and Participation in Celebrity Events, Golf Tourneys and other Events.

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Forward-Looking Statements

This release contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Expressions of future goals and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements including the completion of the proposed acquisition involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, successful completion of and integration of the DEP acquisition, the ability to secure additional sources of financing and other factors. The actual results that the company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. The company undertakes no obligations to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.

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