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MDP Worldwide Reports Rise in First Quarter Earnings - Records Fifth Consecutive Quarterly Profit

3/1/2002

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, announced today its financial results of operations for the first quarter ended December 31, 2001.

MDP reported net income of $504,000, or $0.003 per share on 159,119,378 weighted average shares outstanding for the first quarter ended December 31, 2001, a significant rise from the $23,000, or nil per share on 121,956,915 weighted average shares outstanding, reported for the corresponding period in the preceding year. MDP's financial results for the first quarter ended December 31, 2001 reflect the fifth consecutive quarterly profit reported by the Company since Mark Damon, its Chairman and CEO, took over the helm and restructured the Company.

Mark Damon stated, "We are extremely pleased with the very positive financial performance delivered this quarter. We have successfully completed the restructuring of the Company and implemented our "go-forward" operating strategy and, with the anticipated completion of the proposed financing with Michael Jackson's Neverland Entertainment, our financial condition and financing flexibility will be further enhanced."

"The Company's operating revenues for the first quarter ended December 31, 2001 rose by nearly 6% to $3,234,000, as compared to $3,060,000 for the corresponding period in the preceding year," Devin Cutler, Vice President of Finance & Controller, stated. "Operating revenues for first quarter ended December 31, 2001 were comprised primarily of licensing and material revenue from the feature film, The Musketeer, a financing fee earned from The United States of Leland, and the exploitation of the Company's extensive film library, and does not include any recognition of revenue from the Company's upcoming feature films, The Extremists and Fear.com, the latter of which is slated to be delivered late in the second quarter ending March 31st. In the ensuing quarters, we should start to report operating revenues from the completion and delivery of these two major feature films, which are slated for domestic theatrical releases through Paramount Pictures and Warner Bros."

"MDP's distribution slate of upcoming theatrical feature films appears quite promising for the Company and should provide us with a great deal of positive momentum as we move forward throughout the fiscal year," added Mark Damon.

MDP is administering worldwide distribution for three major theatrical feature films, with production budgets aggregating nearly $150 million, which include the big-budget action adventure film, The Musketeer, which was released this past fall by Universal Pictures and debuted No. 1 at the US box office during its opening weekend; the non-stop action adventure film, The Extremists, which is directed by leading Canadian director Christian Duguay (The Art of War and Joan of Arc) and features Devon Sawa (Final Destination), Bridgette Wilson-Sampras (The Wedding Planner), and Rufus Sewell (Dangerous Beauty), to be released theatrically by Paramount in the United States; and the cyber horror thriller Fear.Com, which is currently nearing completion late in the second quarter, and which is directed by William Malone (The House on Haunted Hill) and features Stephen Dorff (Blade), Natascha McElhone (The Truman Show), and Stephen Rea (The Crying Game), to be released theatrically by Warner Bros. in the United States.

MDP has also acquired international film licensing rights to the emotional drama The United States of Leland, currently in principal photography, which is being directed by Matthew Ryan Hoge and produced by Kevin Spacey's Trigger Street Productions, and featuring Ryan Gosling (Murder by Numbers and Remember the Titans), Don Cheadle (Traffic, Swordfish), Chris Klein (American Pie 2, Rollerball), Lena Olin (Chocolat, The Unbearable Lightness of Being), and Academy Award winner Kevin Spacey (American Beauty and The Shipping News), and the dramatic thriller, The I Inside, to be directed by Roland Suso Richter (The Tunnel), and which is slated to commence production during the third quarter of fiscal 2002.

On Monday, February 25th, the Company reported that Michael Jackson and producer Raju Sharad Patel announced the signing of an agreement in principle with MDP to enter into an investment and partnership for all of MDP's future film production. The agreement will provide MDP with a capital infusion of approximately USD$15 million to USD$20 million by Neverland, which, when completed, will result in Neverland becoming a significant shareholder in the Company. MDP will operate a new division called Neverland Pictures, which will be the production arm of MDP, and all future feature films produced will carry the Neverland Pictures banner. The transaction is contemplated to close by March 31, 2002 and is subject to a definitive long form agreement, 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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