Wave Issue 0101 1/4/01 Article 6-01

***GlobalMedia.com to focus on Broadband and Wireless Video
Software Initiatives
(December 29)

GlobalMedia.com, a company providing Internet broadcasting and e-
services, announced the restructuring of its business, which
includes the sale of its radio contracts and related assets to
SurferNETWORK.com under the terms of a letter of intent between
the companies. 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. The agreement also provides GlobalMedia.com
with 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.com will combine GlobalMedia.com's radio contracts
with the radio contracts it previously has closed with a number
of the radio groups in the Internet broadcast industry.
SurferNETWORK.com has previously announced a potential
combination of businesses with Broadcast America, pending
Broadcast America completing and exiting their Chapter 11
proceedings. This combined portfolio, when enhanced 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.

GlobalMedia.com will now focus on video delivery over the
Internet. The company has already made inroads into this emerging
market with contracts for such clients as the National Football
League, 4Kids Entertainment, WorldHockeyNetwork, AccuWeather and
ClassicMovies.com. The company will also continue to focus on the
development of its next generation technology, which is targeted
for the broadband and wireless market.

GlobalMedia.com creates end-to-end solutions for streaming and e-
commerce on the Internet and over broadband. GlobalMedia provides
businesses with customized, private label media players that
generate revenue through advertising and online retail sales.
GlobalMedia's applications are scalable, easily implemented and
customizable.

SurferNETWORK was founded by Geode Electronics, a technology-
based incubator. In December 1999, Geode announced the creation
of SurferNETWORK and in September 2000, the SurferNETWORK
Alliance of large radio groups was announced. In November,
SurferNETWORK announced its intention to combine with
BroadcastAmerica.com. The combined entity, to be called
BroadcastAmerica, will provide streaming traditional radio
stations via the Internet, with 1000 stations under contract at
the time of the announcement.