Cinemage Capital Corp. Announces
Private Placement

Cinemage Capital Corp. has completed a private placement of 1,840,000 units at a price of $0.25 per unit, for gross proceeds of $460,000. Each unit consists of one common share and one common share purchase warrant; each warrant in turn will entitle the holder to acquire one additional common share at $0.40 per share for the first year and $0.55 per share in the second year after issuance. The issuance of shares is subject to final regulatory approval.

The proceeds of this private placement will be used to facilitate an internal reorganization of the Corporation’s business units and for working capital.

Media West shareholders will shortly receive their first return of capital resulting from the takeover of ACT by Cinemage Capital Corporation. The return will be in the form of Cinemage shares, which are trading on the TSX Venture Exchange under the symbol CIG. In this first return of capital shareholders are expected to receive 0.5 CIG shares for each Media West share they hold.

Cinemage Capital Corporation has received approval to change the name of the company to Cinemage Corporation. Management feels that while the initial name was appropriate when the company was primarily concerned with raising capital, that the new name is more in line with current activities.