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MDP Worldwide Reports Nearly 50% Increase In Second Quarter Earnings

5/30/2002

MDP Worldwide Entertainment Inc. ("MDP" or the "Company"), a leading film entertainment company engaged in acquisition, development, production, and worldwide distribution of theatrical feature films in all media, reported today a significant improvement in its financial results of operations for the second quarter and six month period ended March 31, 2002.

MDP reported a 48% increase in net income of $1,608,000, or $0.01 per share on 159,119,378 weighted average shares outstanding for the second quarter ended March 31, 2002, a significant rise from the $1,088,000, or $0.007 per share on 159,119,378 weighted average shares outstanding for the same period in the preceding year. The Company also reported a 90% increase in net income of $2,113,000, or $0.013 per share on 159,119,378 weighted average shares for the corresponding six month period ended March 31, 2002, a substantial increase from $1,111,000, or $0.007 per share on 143,769,641 weighted average common shares outstanding for the same period in the preceding year.

MDP's financial results of operations for the second quarter ended March 31, 2002 reflect the sixth consecutive quarterly profit reported by the Company. Mr. Damon stated, "We are very gratified by the continued improved operating and financial performance being reported again this quarter by the Company. We have successfully implemented our strategic operating plan of producing and directing larger-budgeted mainstream theatrical feature films."

"Operating revenues for the second quarter ended March 31, 2002 rose by nearly 5% to $4,265,000, as compared to $4,070,000 for the second quarter of the preceding year," Devin Cutler, Vice President of Finance & Controller, stated. "Operating revenues for the second quarter were comprised primarily of additional licensing and material revenue from the feature film "The Musketeer", producing and financing fees earned from the feature film "The Extremists", agency fees from the feature film "Fear.Com", and further exploitation of the Company's extensive film library. Operating revenues for the corresponding six month period ended March 31, 2002 also increased by 5% to $7,499,000 from $7,130,000 for the same period in the preceding year."

"The Company's production and distribution slate of upcoming high profile theatrical feature films bodes quite well for the Company and should provide us with a great deal of momentum as we continue to move forward in the implementation of our operating strategy," added Mr. Damon.

The Company recently announced the closing of an exclusive "first-look" production and development deal with leading management and production company, Handprint Entertainment. Handprint Entertainment currently manages a roster of over 150 highly talented clients including Nicole Kidman and Jennifer Lopez. Additionally, the two companies will also enter into a joint venture partnership on all feature films produced through this new entity. The first major theatrical film project announced under this new arrangement will be "The Sixteen Pleasures" slated to star Academy Award nominee Nicole Kidman.

MDP is currently handling worldwide distribution for three major theatrical feature films, with production budgets aggregating nearly $150 million, including the big-budget action adventure film, "The Musketeer", which was released in the Fall of 2001 by Universal Pictures and debuted No. 1 at the US box office during its opening weekend; the non-stop action adventure film, "The Extremists", directed by leading Canadian director Christian Duguay ("The Art of War", "Joan of Arc") and featuring Devon Sawa ("Final Destination"), Bridgette Wilson-Sampras ("The Wedding Planner"), and Rufus Sewell ("A Knight's Tale", "Dangerous Beauty"), to be widely released by Paramount Pictures in the United States; and the cyber horror thriller "FearDotCom", directed by William Malone ("The House on Haunted Hill") and featuring Stephen Dorff ("Blade"), Natascha McElhone ("The Truman Show"), and Stephen Rea ("The Crying Game"), to be widely released by Warner Bros. in the United States.

MDP has also recently acquired international film licensing rights to the poignant emotional drama "The United States of Leland", currently in post- production, which is directed by Matthew Ryan Hoge and produced by Kevin Spacey's Trigger Street Productions, and features an all star cast including Ryan Gosling ("Murder by Numbers", "Remember the Titans"), Don Cheadle ("Traffic", "Swordfish"), Chris Klein ("American Pie 2", "Rollerball"), Lena Olin ("Chocolat", "The Unbearable Lightness of Being"), Jena Malone ("Life as a House", "Donnie Darko"), and Academy Award winner Kevin Spacey ("American Beauty", "The Shipping News"); and the dramatic psychological thriller, "The I Inside", directed by emerging European director Roland Suso Richter ("The Tunnel") and starring Ryan Phillippe ("Gosford Park", "Cruel Intentions"), Sarah Polley ("Go", "The Sweet Hereafter"), Stephen Rea ("End of the Affair", "The Crying Game"), Robert Sean Leonard ("In the Gloaming", "The Last Days of Disco"), and Charles Dance ("Gosford Park", "Priscilla Queen of the Desert"). Principal photography for "The I Inside" is scheduled to commence in early June.

On February 25, 2002, the Company announced an agreement in principle with a new entity to be formed for the investment and co-partnership of all of the Company's future film production and distribution. The agreement provides for a significant capital infusion of equity and debt to the Company, which when concluded will result in the new entity becoming a major shareholder in the Company. Substantive negotiations are currently in progress, and the transaction is contemplated to close by June 30, 2002, subject to a definitive long form agreement, due diligence, customary regulatory and other approvals.


Certain statements in this report may constitute forward-looking statements. Such forward-looking statements involve risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. MDP Worldwide Entertainment Inc. is a leading independent film entertainment company engaged in the acquisition, development, production and worldwide distribution of feature films. The Company currently has offices in Montreal and Los Angeles.

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