VANCOUVER, British Columbia, July 29, 2004 (PRIMEZONE) -- Mr. William Massey, President of the Company, announces that the private placement of 1,000,000 Units of the Company at a price of $0.10 per Unit as approved by the TSX Venture Exchange on June 14, 2004 has closed. Each Unit consists of one share and one share purchase warrant. The warrants are exercisable to acquire one additional common share for two years at a price of $0.15 per share expiring July 16, 2005 and at a price of $0.20 per share expiring July 16, 2006. The shares and any shares issued on exercise of the warrant have a four-month hold period expiring November 16, 2004. The proceeds will be used for general working capital.
Cinema Internet Networks Inc. (d.b.a. CinemaWorks) is a public company incorporated in Canada that provides high speed Internet services to approximately 15,000 hotel rooms in its network of 50 hotels throughout North America. The Company focuses its business strategy in the three main areas of: 1) value-added high-speed (broadband) Internet equipment and services; 2) wireless broadband Internet services; and 3) VoIP technology and support services for the hospitality market.
For information on the company, please call Investor Relations: I R Unlimited Services Inc. Address: 201 - 7 St. Paul St. W., Kamloops, BC, V2C 1E9, Fax: 250.374.6166 or Toll Free: 1.888.374.0777.
E-mail: info@irunlimited.com, or visit: our website for a list of the Company's High Speed Internet Installations at www.cinemaworks.com.
On Behalf of the Board of Directors
"William Massey"
William Massey, Director
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.