GlobalMedia.com Sells Radio Assets to SurferNETWORK.com

[Vancouver, BRITISH COLUMBIA] GlobalMedia.com, an Internet broadcasting and e-services company, announced today a major restructuring of its business, which includes the sale of its radio contracts and related assets to SurferNETWORK.com.

SurferNETWORK will pay GlobalMedia.com a combination of cash and equity for its radio assets. GlobalMedia.com will also get a seat on the Board of SurferNETWORK.com as well as interim funding. Closing of the transaction is expected to be in late January, 2001, and is subject to completion of due diligence and signing of the definitive agreements.

SurferNETWORK was founded by Geode Electronics, LLC, a technology-based incubator headquartered in Mt. Olive, NJ. The principal inventor of SurferNETWORK technology is Harry E. Emerson III, CEO of Geode.

In December of 1999, Geode announced the creation of SurferNETWORK and the hiring of its CEO, Gordon Bridge, an IT executive formerly of AT&T.

In September 2000, the SurferNETWORK Alliance of large radio groups was announced, and in November, SurferNETWORK made public its intention to acquire BroadcastAmerica.com, Inc. The new entity will provide streaming traditional radio stations via the Internet, with 1000 stations under contract at the time of the announcement.

SurferNETWORK.com will combine GlobalMedia.com's radio contracts with the radio contracts it previously has closed with a number of the major radio groups in the Internet broadcast industry. SurferNETWORK.com had previously announced a potential combination of businesses with Broadcast America, pending Broadcast America successfully completing and exiting their Chapter 11 bankruptcy protection proceedings. This combined portfolio, when joined with SurferNETWORK.com's targeted ad insertion technology, will allow SurferNETWORK.com to provide the largest network of radio stations, online listening, and targeted multimedia ad technology to its customers.

At the heart of GlobalMedia's technology is the GlobalMedia Player. Based on RealNetworks' market-leading RealPlayer G2, it performs the basic G2 functions - decoding streaming media from the Web for display on audiences' screens. GlobalMedia can also customize the Player interface for clients, creating a distinctive new "skin" which can feature company colors, logos, etc. The technology's interfaces allows for the creation of highly sophisticated interfaces for GlobalMedia's Players.