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Magic Lantern Group Files 10k for the Year Ending December 31 NEW YORK, April 21 /PRNewswire-FirstCall/ -- Magic Lantern Group, Inc. , a leading North American distributor of educational content and e-learning delivery with licensing operations in Canada and the U.S., announced today that on April 14, 2004, the Company filed its Form 10-K, which is available at http://www.sec.gov/. Included in the Form 10-K are financial statements audited by Mahoney Cohen & Company, CPA, P.C. independent auditors, as of and for the year December 31, 2003. Mahoney Cohen & Company has issued an opinion with respect to the financial statements that includes a qualification as to the company's ability to continue as a going concern. For the year ended December 31, 2003, Magic Lantern Group reported revenues of $2.9 million compared to revenues of $386,000 for the year ended December 31, 2002. All revenues were derived from the Company's education and distribution business. Significant events during the year included the launch of TutorBuddy(TM), a state-of-the-art, e-learning system for home use by students and parents. TutorBuddy has more than 1,600 learning video programs, indexed into over 12,000 virtual clips of whole video programs. Targeting the institutional market, in October, the Company launched Magic Lantern InSite(TM) as an e-learning video service. In November, Magic Lantern Group sold its media dubbing operations, Image Media, Inc., which has streamlined operations and divested Magic Lantern Group from analog duplications services, a market the Company deems as saturated and shrinking. Magic Lantern Group President and CEO Bob Goddard stated, "As broadband infrastructure to schools and homes continues to swell, Magic Lantern Group and our digital products are strategically positioned to capitalize on the tremendous, emerging demand for quality online educational content. On the heels of our successful launch of TutorBuddy and InSite in Canada, we are focused on expanding our products into the high-growth, digital streaming video market in under-served international regions and the estimated $400 million U.S. market. Intensive marketing and promotional programs, along with distribution partnerships in the U.S. and abroad, are currently underway in order to drive a strong, recurring revenue stream for the Company. We expect to report an extremely strong first quarter of 2004, with our preliminary revenues increasing by 75% compared to last year." Goddard concluded, "Magic Lantern Group is in final negotiations with investors to provide financing to cover the working capital deficit which led to the going concern qualification. In addition, we are pursuing a merger and acquisition strategy and diversifying into non-educational, next-generation content delivery." About Magic Lantern Group, Inc. Magic Lantern Group, Inc. is a leading, global distributor of learning videos serving more than 10,000 schools, libraries and social agencies in North American and international markets. With 40,000 programs from 300 world- renowned producers including Disney Educational Media, Schlessinger, Annenberg/CPB and Dorling Kindersley, the Company's educational products include Magic Lantern InSite, a digital streaming video product for schools, libraries and universities and TutorBuddy, an at-home e-learning product for students and teachers. Leveraging its position as one of the most highly respected brands in video educational delivery, the Company is pursuing multiple sales verticals to maximize total revenues. Magic Lantern Group operates three strategic subsidiaries: Magic Lantern Communications, a global distributor of video content to schools, universities and libraries; Magic Vision Digital Media Inc., an emerging provider of on-demand sports entertainment, health and corporate training digitized content; and Sonoptic Technologies, a leading provider of online, next-generation digital technology solutions. For more information, visit the Company's websites: http://www.magiclanterngroup.com/, http://www.tutorbuddy.com/, and http://www.magiclanterninsite.com/. For more information: For investor relations, contact Gary Geraci, National Financial Network, 781-444-6100 ext. 629, email: . Also visit http://www.nfnonline.com/gml. At the Company, contact Bob Goddard, Magic Lantern Group, Inc., 905-827-2755 ext. 454, . This Press Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The company has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect the company's current beliefs and are based upon currently available information. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. The company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information catered in this press release including such forward-looking statements. DATASOURCE: Magic Lantern Group, Inc. CONTACT: Gary Geraci of National Financial Network, +1-781-444-6100 ext. 629, Web site: http://www.magiclantern.ca/

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