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CoConnect, Inc. Announces Letter of Intent to Purchase Assets of MB Media Group

CoConnect, Inc. , a marketer of ultra high-speed wireless Internet access, VOIP and IPTV/VoD products, is pleased to announce today that it has entered into a letter of intent with MB Media Group, Inc. (MB) to purchase all of the assets of MB.

The proposed purchase includes all of the assets of MB including equipment, towers, property, vehicles, lease holds, loans, accounts receivable/payable, constructions permits and all FCC licenses for Radio Stations FM-KXFF 102.3/92.5 The Fox, FM-KXBN B94.9/96.7, AM-KSUB 590, AM-KNZZ 940, FM-KMXM 107.3, and Television Stations, Fox Channel 13 St. George Utah, and ABC Las Vegas Affiliate Channel 41, 26, and Cable Channel 20. The Board of Directors of CNTI and MB have unanimously approved the purchase and sale.

The terms of the agreement are: The purchase price is $5,800,000 and will require CNTI to put a $100,000 deposit into an escrow account. CNTI will then have 30 days for due diligence on MB. At the end of the 30 days if the parties decide to proceed they will enter into a Lease Management Agreement/Asset Purchase Agreement, (LMA/APA). The LMA/APA will allow CNTI to take over management of MB during the time that the FCC will take to approve the transfer by the FCC. Upon approval by the FCC of the transfer of all licenses, CNTI will have an additional 45 days to fund the purchase price of $5,800,000.

Tim Thayne, CEO of CoConnect, stated: "CNTI is moving fast in the development of Internet Protocol Television and Video on Demand over our Wireless Network. This acquisition will be a great complement to these services and will provide CNTI with the tremendous benefit of promotion and advertising for all of our services. Making the purchase and acquisition of the assets and operations of MB moves CNTI forward in becoming a complete and total communications company."

About CoConnect: CoConnect is developing and intends to deploy in the next 12 months a 45Mbps broadband wireless Internet delivery system to deliver Ultra High-Speed Wireless Internet, Voice Over Internet Protocol (VOIP), and IPTV/VoD products and services.

Statements contained in this release, which are not historical facts, may be considered "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations and the current economic environment. We caution the reader that such forward-looking statements are not guarantees of future performance. Unknown risk, uncertainties as well as other uncontrollable or unknown factors could cause actual results to materially differ from the results, performance or expectations expressed or implied by such forward-looking statements.

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