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Skreem Entertainment In Negotiations To Enter YouTube, Myspace Community Networking Site Competition

Posted on: Tuesday, 19 September 2006, 09:00 CDT

Skreem Entertainment Corporation (OTCBB:SKRM) is in negotiations to acquire a User Generated Content (UGC) development company to enter into the fast growing YouTube, MySpace new media marketplace. If successful, Skreem would acquire development rights to advertising driven sites aimed at key US, Europe and Asia niche markets.

Charlie Camorata, President said, "Our acquisition of Weaver Interactive, Korea's top online game developer, has opened up a world of acquisition opportunities for us. The major media companies are still hungry to acquire good sites and we want to be in the development forefront. Our plan is to acquire the user generated content company, develop out their sites aimed at strategic niche markets with high-advertising value, and then focus on building the value of the sites as acquisition targets."

Camorata went on to say, "NBC Universal acquired iVillage for $600 million. News Corporation bought Myspace for $580 million. There is a market for targeted community sites which companies like Yahoo, Google or Microsoft could acquire to fit into their stable of already acquired companies."

About Weaver Interactive, Inc.

Weaver Interactive, Inc. is Korea's premier online game developer. The company's sales of $716,899 for the year ended April 30, 2006, is set to increase to approximately $3 million in sales for the year 2007 and reach $70 million by the year 2010. In China, Weaver is partnered with, TOM Online Inc. (Nasdaq:TOMO)(Hong Kong GEM:8282) the leading wireless Internet company in China providing value-added multimedia products and services. For the three months ended March 31, 2006, TOM Online's revenues increased 38% to $46.6 million.

About Skreem Entertainment Corporation

Skreem Entertainment Corporation is an international, publicly traded company based in Orlando, Florida. The Company is a creator and provider of multi-platform music and video entertainment content. For more information visit our website www.skreementertainment.com or call Charlie Camorata 407-207-0400.

This press release may contain certain information about Skreem's business prospects and financial projections. These are only prospects and projections based upon good faith current expectations by the management of Skreem. This information is based on assumptions as to future events that are inherently uncertain and subjective. Skreem makes no representation or warranty as to the attainability of such assumptions or as to whether future results will occur as projected. You are expected to conduct your own investigation with regard to Skreem and its prospects. The company assumes no obligation to update the information in this press release.

Source: Business Wire

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