Wave Issue 9037 4/07/99 Article 5-03

***Maxnet and Planet Entertainment Sign Letter of Intent
(March 17)

Maxnet and Planet Entertainment announced that they have signed a
letter of intent to form a jointly owned entity called MaxPlanet-
Radio, Corp.

The new entity will combine MXNT's MaxPlanet-Radio (MPR)
technologies with Planet Entertainment's proprietary music
catalog of 15,000 titles. In addition, Planet Entertainment's
wholesale division, Northeast One Stop, gives the entity access
to a selection of over 130,000 music, video and DVD titles. This
creates the ability to become one of the largest Internet radio
stations that will offer digital downloading directly from Planet
Entertainment's catalog of proprietary music.

Customers will be able to create their own CDs, listen to music
24 hours a day and order the music they are listening to.

Since its launch 30 days ago, MXNT's MaxPlanet-Radio has realized
over 400,000 page views and is expected to realize over 1,000,000
page views in the next 30 days in conjunction with this
agreement.

Planet Entertainment is a diversified entertainment company
specializing in music production, wholesale distribution and
marketing of front-line recorded music, video and DVD titles as
well as its proprietary CD compilation albums. The Company, which
operates a wholesale distribution facility, two wholly owned
recording studios and four record labels is also engaged in the
acquisition, enhancement, licensing and re-release of music from
their library of over 15,000 original musical master recordings
as well as the production of new artist albums.

The Company recently acquired Northeast One Stop, Inc., a
privately held wholesale distribution facility of recorded music,
video and DVD products which has inventory of 130,000 front-line
titles. In fiscal 1998, ended August 31, 1998, the Company
reported over $35 million in revenue. The Company reported first
quarter revenue of $14.9 million and had a net income of
$469,000, or $0.04 per share.

Maxnet is an integrated Internet Development Company focused on
creating and expanding strategic alliances for its comprehensive
network of consumer and business-oriented web services with
offices in New Jersey and Florida.