AIEE Submits Formal Takeover Offer of Coms21

1 June 1998

Boca Raton, Florida -– Atlantic International Entertainment Australia, Ltd. (AIEA), a subsidiary of Atlantic International Entertainment, Ltd., has submitted its offer and Part A statement for Coms21 (ASX-CMZ) with the Australian Securities Exchange Commission. The company had earlier announced it's intention to file the offer on May 13, 1998.

The offer is a share exchange of one Atlantic International Entertainment, Ltd. (AIEE) for 10 Coms21 shares. At current market prices, the transaction, if accepted by 100% of Coms21 share and option holders, is valued at $40 million (US).

"The submission of the Part A Statement to the Australian Securities Commission begins the process that could bring Coms21 into our global network of interactive gaming and wagering products and support," said AIE President and CEO Richard Iamunno. "Coms21, along with our new South African operations, will position AIE in key global markets most able to utilize AIE's leading edge interacive and Internet gaming and wagering technologies. We are optimistic that our offer will be received positively both by Coms21 shareholders and management."

AIE develops and markets Internet and private network transaction-based products, including global turn-key Internet Casino Extension (ICE) for licensed casinos; webSports, Internet sports wagering system; realSports, an online sports information service; Hotel Hotlinks, an in-room gaming and entertainment system; and Internet-related products and services (The Eminet Domain).