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MDP Worldwide Reports Significant Increase in Operating Revenues and Net Earnings

8/29/2002

MDP Worldwide Entertainment Inc. ("MDP" or the "Company"), a leading film entertainment company engaged in the acquisition, development, production, and worldwide distribution of theatrical feature films in all media, reported today continued improvement in its financial results of operations for the fiscal third quarter and nine month period ended June 30, 2002. MDP reported a 5 1/2% increase in net income of $883,000 for the third quarter ended June 30, 2002, a rise from $837,000 for the same period in the preceding fiscal year, and a 54% increase in net income of $2,996,000, or 1.9 cents per share for the corresponding nine-month period ended June 30, 2002, a significant increase from $1,948,000, or 1.4 cents per common share for the same period in the preceding fiscal year.

"We are pleased to report such excellent financial results for our third quarter as reflected in our most recent operating performance," stated Mark Damon, Chairman and CEO, "Our seventh consecutive quarterly profit reflects MDP's long-term commitment to producing and distributing our highly marketable slate of large-budgeted theatrical feature films."

"Operating revenues for the third quarter ended June 30, 2002 increased nearly tenfold to $29,599,000, as compared to $2,766,000 for the third quarter of the preceding fiscal year," stated Devin Cutler, Vice President of Finance & Controller. "Operating revenues for the third quarter were comprised primarily of licensing revenue from the feature film The Extremists (a.k.a. Extreme Ops), a servicing fee earned from the feature film George & the Dragon, and ongoing exploitation of the Company's extensive film library. Operating revenues for the corresponding nine month period ended June 30, 2002 increased nearly threefold to $37,098,000 from $9,896,000 for the same period in the preceding fiscal year."

On July 8, 2002, MDP concluded a major refinancing agreement with Limerick Assets Limited (d/b/a Music Box Entertainment Ltd.) ("Music Box"), wherein Music Box made a significant equity investment of $27 million in the Company. Music Box, owned by Dr. Cheng Kar-Shun, Henry and Mr. Sammy Lee, subscribed to 260,228,365 convertible preferred shares of MDP, exchangeable on a share-for-share basis into Class B Subordinate Voting Shares. After giving effect to the equity investment, Music Box currently holds an ownership interest representing approximately 62% of the total issued and outstanding common shares of MDP.

"The recent equity investment will not only significantly strengthened our balance sheet, but will also allow us the financial flexibility to increase our production and distribution activities and continue to build upon our forward momentum in implementing the Company's dynamic operating strategy," added Mr. Damon.

The Company recently reported the conclusion of an agreement in principle for a "first look" film production agreement with legendary entertainer Michael Jackson and Raju Patel. It was announced that under the terms of the agreement, MDP will have a first look option on their feature film projects and will provide them with access to certain funds for use in connection with the development of approved feature film projects.

During the third quarter, the Company announced the closing of an exclusive "first-look" production and development deal with leading management and production company, Handprint Entertainment. Handprint Entertainment manages a roster of over 150 highly talented clients including Nicole Kidman and Jennifer Lopez. Additionally, the two companies are to 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.

Currently, MDP is administering worldwide distribution for two major theatrical feature films, with production budgets aggregating nearly $90 million, including 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), slated for release on more than 2,500 screens by Warner Bros. Labor Day weekend; and the non-stop action adventure film, "Extreme Ops", 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), slated for major theatrical release by Paramount Pictures this November.

MDP has also acquired international film rights to the poignant emotional drama "The United States of Leland", currently nearing completion, 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), and Robert Sean Leonard (In the Gloaming, The Last Days of Disco. "The I Inside" is currently in post-production.

Additionally, MDP is also producing and distributing the drama "11:14", currently in principal photography, which features an ensemble cast including Academy Award winner Hilary Swank (Boys Don't Cry, Insomnia), Rachel Leigh Cook (AntiTrust, Josie and the Pussycats), Barbara Hershey (Lantana, The Last Temptation of Christ), Patrick Swayze (Ghost, Dirty Dancing), Colin Hanks (Orange County, Band of Brothers) and Henry Thomas (All the Pretty Horses, E.T.).


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.

For further information: Devin Cutler, Vice President of Finance & Controller, ; David Gaynes, Senior Vice President Marketing & Publicity,

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