VANCOUVER, British Columbia, June 7, 2004 (PRIMEZONE) - Cinema Internet Networks Inc. (the "Company") (TSX Venture Exchange:CWK), a Canadian provider of Internet equipment and services specializing in the hospitality market, is pleased to announce that the Company has arranged a private placement of 1,000,000 units at a price of $0.10 per unit to raise $100,000 for working capital for the Company. The private placement will consist of 1,000,000 Units, each unit consisting of one common share and one share purchase warrant. Each warrant will entitle the holder to purchase one common share exercisable for two years at a price of $0.15 in the first year and at a price of $0.20 in the second year.
The Company also advises that the private placement originally announced on December 5, 2003, which was to raise $150,000 for working capital has been withdrawn by the Company.
The currently announced private placement remains subject to regulatory approval.
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 hotels 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.
Email: info@irunlimited.com (mailto: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, Director
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