F2 Broadcast Network (fka FTWB)

[EmpireStockGroup]

F2 Broadcast Network Releases Earnings Projections and Improves Balance Sheet
Revenue Up 2.5x Previous Quarter and 4000% Over Previous Year
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--July 19, 2001--F2 Broadcast Network Inc. (OTCBB:FTWB - news) announced today that expected revenue for the quarter ending 6/30/2001 will be approximately $425,000, almost three times the previous quarter. The gross profit for the quarter was in excess of $200,000, nearly double the gross profit in the previous quarter.

``Revenue for this period in the previous year was little more than $10,000, nearly a 4,000% increase. The improvement is attributed to an increase in advertising and production revenue and a significant decrease in costs. With the revenue on the upswing and the launch of the new F2 Digital Content Manager we are right on target to meet our projected profitability for the third quarter,'' said Howard Stern, CEO.

The company previously announced that at the end of April, 2001, Legend Communications of Wyoming, LLC the owner of multiple radio stations, and F2 Broadcast Network Inc. signed final documents for Legend Communications' acquisition of KGWY in Gillette, Wyoming for $1.9 million, including land, building, antennae, and licensing. Of the $1.9 million, $570,000 is in the form of a note receivable and approximately $500,000 will be used to pay existing debt related to the radio assets. The parties have executed the definitive sales agreement; FCC approval was granted in early June. Closing date is set for July 31, 2001. The sale of the assets, will realize a gain of between 1.1 and 1.4 million and will have a positive effect on earnings per share in this reporting period.

About F2 Broadcast

F2 Broadcast Network is a provider of Internet video production services specializing in the creation of turnkey solutions for live, on demand, and archived convergent media. F2 Broadcast delivers content via both high-speed Internet access and satellite uplink. With satellite downlink facility in Ft.Lauderdale, Florida, F2 Broadcast is uniquely positioned to successfully produce and stream content from any location and deliver it to the World Wide Web. F2 Broadcast Network is the Internet Video Production Partner of PGA TOUR.com and their work can be seen at http://www.pgatour.com .

Note: Certain statements herein that are not historical are forward-looking statements, which involve risks and uncertainties. Although the Company believes that the expectations reflected in the forward-looking statements and the assumptions upon which the forward-looking statements are based are reasonable, it can give no assurances that such expectations and assumptions will prove to have been correct. See the Company's Quarterly Report on Form 10-QSB/A1 for the period ended September 30, 1999 and its Forms 8-K reporting events occurring on December 20, 2000 and January 5, 2001, for additional statements concerning important factors that could cause actual results to differ materially from the Company's expectations, including factors related to the Company's financial condition and the uncertainty of its ability to satisfy its operating expenses until revenues from the sale of certain assets, or from any other source or sources, become available.

For Information, or a complete F2 Broadcast Media Kit please contact: F2 Broadcast 1-954-736-1800 ask for Robert Fuchs or Howard Stern.