Stereo Vision Announces the Acquisition of Hank Williams Jr. Concert Video and Distribution Arrangement with Coming Home Entertainment Group


LOS ANGELES, July 24, 2002 (PRIMEZONE) -- Stereo Vision Entertainment Inc. (OTCBB:SVED) announces the acquisition of 50% of Carman Productions' 71% ownership interest of the Hank Williams Jr. concert video "Star Spangled Country Party." The video also includes solo performances by Waylon Jennings and others.

As consideration for this interest in "Star Spangled Country Party," Carman Productions is to receive from SVED, $25,000 of SVED restricted stock valued at $.025 per share. In addition, Carman Productions and SVED are to equally split an approximate $50,000 distribution advance and the in perpetuity approximate $4.00 per DVD royalty to be received from Coming Home Entertainment Group ("CHEG"), as an unaffiliated third party.

Simultaneously, SVED is announcing that it has reached a verbal agreement with CHEG, that CHEG will produce and distribute, through its network of distributors the "Star Spangled Country Party" DVD. CHEG, or one of its distributors, will provide the funding for the above-mentioned advances, and the manufacture and other related costs for the "Star Spangled Country Party" DVD.

About SVED (stereovision.com)

Stereovision Entertainment Inc. is a multimedia entertainment company. It has interests in three-dimensional and independent film production, as well as technology development. The company also produces and acquires music content.

About CHEG (cominghomeproductions.com)

Coming Home Entertainment Group is in the business of producing and manufacturing music DVDs. CHEG has recently produced DVDs with Etta James, The Go Gos, Godsmack (which went to No. 1 in the U.S.), and many others.

About Carman Productions

Carman Productions is a broad-based production company that specializes in the development and production of quality film and video content. It's been in business over 30 years. With clients such as King World, Universal Pictures, MTV, and many others, it has produced a wide variety of content, including music videos, television and feature films.

Under the Private Securities Act of 1995: Statements in this press release that are not historical facts, including statements about plans and expectations regarding businesses and opportunities demand and acceptance of new and existing businesses, capital resources, and future financial condition and results are forward looking. Forward-looking statements involve risk and uncertainty including changing consumer preferences, lack of success of new businesses, loss of customers, competition, and other factors discussed from time to time in filings with The Securities and Exchange Commission.


            

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