Funds

AIM Leisure Inv (FLISX) AIM Leisure Fund seeks capital growth. The fund normally invests at least 80% of assets in equity securities of companies engaged in the design, production, and distribution of products related to leisure activities. These industries include, but are not limited to, hotels, gaming, publishing, advertising, beverages, audio, video, broadcasting, radio and television, cable and satellite operators, cable and satellite programmers, motion pictures and television, recreation services and entertainment, retail and toys. The fund may also invest up to 25% of assets in securities of non-U.S. issuers. It may invest in ADRs and repurchase agreements.

Fidelity Select Multimedia (FBMPX) Fidelity Select Multimedia Portfolio seeks capital appreciation. The fund normally invests at least 80% of assets in equities of companies engaged in broadcasting and other media industries. These may include television, radio, and cable stations or networks; publishers of newspapers, magazines, books, or video products; and any companies that distribute information. The fund is nondiversified.

ICON Leisure & Consumer Staples (ICLEX) ICON Leisure & Consumer Staples Fund seeks long-term capital appreciation. The fund normally invests at least 65% of assets in securities of companies principally engaged in the leisure industry. This industry may include, but is not limited to, broadcasting/cable; hotel-motel; leisure time/recreation/gaming/; publishing-newspapers; publishing/printing; and restaurants. The fund is non-diversified.

Neuberger Berman Focus Adv (NBFAX) Neuberger Berman Focus Fund seeks long-term growth of capital. The fund normally invests at least 90% of assets in up to six of the following economic sectors: autos and housing, consumer goods and services, defense and aerospace, energy, financial services, health care, heavy industry, machinery and equipment, media and entertainment, retailing, technology, transportation, and utilities. It may invest 50% or more of assets in any one of the aforementioned sectors.

Putnam New Opportunities B (PNOBX) Putnam New Opportunities Fund seeks long-term capital appreciation. The fund normally invests with a focus on growth in common stocks of U.S. companies. The growth sectors currently emphasized include communications, media/entertainment, medical technology/cost containment, industrial and environmental services, applied/advanced technology, financial services, consumer products and services, and business services. The fund can typically invest in any company regardless of capitalization.

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Manufacturers and technology

Allen Organ Co (AORGB) Allen Organ Company and Subsidiaries is a manufacturer of musical instruments, data communications, electronic assemblies and audio equipment. The Company operates in four industry segments: Musical Instruments, Data Communications, Electronic Assemblies and Audio Equipment. Allen Organ Company manufactures electronic keyboard musical instruments, primarily digital church organs and accessories. ERI designs and markets data networking products enabling network service providers to deliver services to their customers. LAI designs, manufactures and markets audio speaker cabinets for hi-fi stereo and home theater applications. It also markets electronic audio equipment, such as amplifiers, that are manufactured to its specifications by third party suppliers. Allen Integrated Assemblies provides subcontract manufacture of electronic assemblies for outside customers.

Apple Computer Inc (AAPL) Apple Computer, Inc. designs, manufactures and markets personal computers (PCs) and related software, peripherals and personal computing and communicating solutions. The Company also designs, develops and markets a line of portable digital music players along with related accessories and services including the online distribution of third-party music and audio books. The Company's products and services include the Macintosh line of desktop and notebook computers, the iPod digital music player, the Xserve server and Xserve RAID storage products, a portfolio of consumer and professional software applications, the Mac OS X operating system, the online iTunes Music Store, a portfolio of peripherals that support and enhance the Macintosh and iPod product lines, and a variety of other service and support offerings.

Apogee Technology Inc (ATA) Apogee Technology, Inc. designs, develops and markets semiconductor products, or integrated circuits (ICs) to the consumer electronic market. The majority of its ICs incorporate its patented Direct Digital Amplification (DDX) technology. The Company's DDX-based IC products are intended for a range of audio applications, including home theater systems, powered speakers, car audio, commercial audio and personal computer (PC) multi-media. Under a licensing agreement with STMicroelectronics, NV, a semiconductor company, it provides intellectual property to be used in royalty-bearing DDX-based IC products produced by STMicroelectronics. In addition, the Company and STMicroelectronics have entered into a development agreement whereby the companies are developing and marketing new semiconductor products that leverage the DDX technology and STMicroelectronics' intellectual property and semiconductor design, development and manufacturing capability.

Audiovox Corp (VOXX) Audiovox Corporation designs and markets handsets and accessories for wireless communications, mobile entertainment and security products, mobile electronic products and accessories and consumer electronic products and accessories. It markets its products under the Audiovox brand name and others, such as Jensen, Magnate, Mac Audio, Heco, Acoustic Research and Advent, as well as private labels through a diverse distribution network both domestically and internationally. The Company operates through two marketing groups, Wireless and Electronics. The Wireless Group sells wireless handsets and accessories through domestic and international wireless carriers and their agents, independent distributors and retailers. The Electronics Group sells autosound, mobile electronics and consumer electronics through domestic and international distribution channels. In November 2004, the Company sold its cellular subsidiary's business, Audiovox Communications Corp., to UTStarcom, Inc.

Avid Technology Inc (AVID) Avid Technology, Inc. develops, markets, sells and supports a range of software and hardware products for digital media production, management and distribution. The Company has two principal business segments, Video and Film Editing and Effects, and Professional Audio. The Video and Film Editing and Effects segment produces non-linear video and film editing systems as well as 3-D and special effects software designed to provide capabilities for editing and finishing feature films, television shows, broadcast news programs, commercials, music videos and corporate and home videos. The Professional Audio segment produces digital audio systems for the professional audio market, including products developed to provide audio recording, editing, signal processing, and automated mixing. Sales of the Company's products in the Americas have typically accounted for approximately 53% of its consolidated net revenues, while sales in Europe and Asia Pacific represent the remaining 47%.

Baldwin Piano & Organ Co (BPAOQ.PK) Baldwin Piano & Organ Company manufactures and markets a full range of keyboard instruments featuring the Baldwin, Wurlitzer, Chickering, ConcertMaster and Pianovelle trademarks. From artist-accepted concert grand pianos to digital keyboards, Baldwin instruments are found in homes, academic institutions and concert halls across the nation. As one of its businesses, the Company, through its Contract Electronics Division, offered printed circuit board assemblies, design, engineering, testing, assembly, post-production repair and order fulfillment services for original equipment manufacturers. Baldwin's keyboard products represent a broad range of acoustic and electronic instruments aimed at a broad consumer base. On May 31, 2001, the Company and two of its wholly owned subsidiaries, The Wurlitzer Company and Baldwin Trading Company, filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code.

Bogen Communications International Inc (BOGN.PK) Bogen Communications International, Inc. develops, produces and sells sound processing equipment, telecommunications peripherals and Unified Messaging products and services, through its direct subsidiaries. The Company's United States business develops, manufactures and/or distributes commercial telecommunications and audio products through Bogen Corporation and through its subsidiaries, Bogen Communications, Inc. and Apogee Sound International, LLC. The Company's European business develops, manufactures and markets voicemail systems and Unified Messaging products and services through Speech Design International, Inc. and subsidiaries, Speech Design GmbH and Speech Design Carrier Systems GmbH, formerly Digitronic Computersysteme GmbH, both based in Germany; Satelco AG, based in Switzerland, and Speech Design (Israel) Ltd.

Boston Acoustics Inc (BOSA) Boston Acoustics, Inc. engineers, manufactures and markets audio systems for use in home audio and video entertainment systems in original equipment manufacturers (OEM) and after-market automotive audio systems and in multimedia computer environments. The Company purchases various home, automotive and multimedia-finished products from third-party suppliers that are manufactured according to its specifications. Boston Acoustics also assembles finished products from manufactured and purchased subassemblies. The Company's business consists of the Home, Designer, Automotive after market and Integrated Audio lines of products. Boston Acoustics' speakers are marketed nationwide through selected audio and audio-video specialty dealers and through distributors in many foreign countries. Boston Acoustics' products are also exported to dealers in Canada and sold through exclusive distributors in over 50 foreign countries, primarily in Europe, Asia/Pacific Rim and South/Central America.

Casio Computer Company Ltd.
Tokyo Stock Exchange Code 6952
ISIN JP3209000003

CenterStaging Corp. (OTCBB: CNSC) is the parent company of CenterStaging Musical Productions, Inc. and its division www.rehearsals.com. The Company provides rehearsal and production services for all facets of the entertainment industry. The 150,000 square foot facility features 11 rehearsal studios and one sound stage, a high-definition broadcast center, thousands of musical instruments and backline equipment in Burbank, CA. The facility houses rehearsals.com which is envisioned as a gateway into the professional artist's workshop, and provides streaming video as well as digital audio programming, exclusive performances, candid artist interviews and intimate lessons from the masters

Cirrus Logic Inc (CRUS) Cirrus Logic, Inc. is a supplier of analog or mixed-signal and digital processing integrated circuits (ICs) and solutions for consumer entertainment, automotive entertainment and industrial applications. The Company develops and markets ICs and embedded software used by original equipment manufacturers (OEMs). It provides system reference designs, based on its technology that enables customers to bring products to market in a timely and cost-effective manner. The product categories were Audio, which include analog and mixed-signal products, digital home audio processors and digital portable processors, commercial audio processors, automotive audio solutions and Video, which include digital video products for digital video disc (DVD) recorders/receivers and home theater recorder systems. During the fiscal year ended March 27, 2004, (fiscal 2004), it announced its third-generation of MPEG encoding chips, the CS9268X family and a chipset and software platform, the Home Theater Recorder.

Circuit Research Lab (CRLI.OB) Circuit Research Labs, Inc. (CRL) develops, manufactures and markets electronic audio processing, transmission encoding and noise reduction equipment for the worldwide radio, television, cable, Internet and professional audio markets. CRL's main product lines control the audio quality and range of radio, television, cable and Internet audio reception and allow radio and television stations to broadcast in mono and stereo. The Company operates through two divisions, its Orban division and CRL division. The Orban division manufactures and markets audio processing equipment using digital technology, under the Orban, Optimod, and Audicy and Opticodec brand names. The CRL division also manufactures and markets audio processing equipment using analog technology, under the CRL, Millennium, TVS and Amigo brand names. The combined product line can be classified into four different series or product families: FM Series, AM Series, Television Series and other audio post-production workstations.

Creative Technology Ltd (CREAF) Creative Technology Ltd. is a provider of personal digital entertainment (PDE) products and products for personal computers (PC). Its products include digital media players and other products used in a wide array of solutions for PC entertainment, education, music, Internet applications and services, and productivity tools markets. Creative's product line includes a wide array of PDE products, such as the MuVo and Zen line of portable digital media players, DC-CAM/PC-CAM and Webcam digital cameras, and PC upgrades, such as Sound Blaster audio cards, multi-channel speakers and a mix of other products, including three-dimensional (3D) graphics cards, modems, software, musical instruments, computer mice and keyboards. The Company markets its products to consumers and system integrators through traditional marketing channels, original equipment manufacturers (OEMs) and the Internet under a variety of trademarks, including the MuVo, Zen and Blaster family names.

Destiny Media Technologies (OTCBB: DSNY) and partner Promo Only, launched Canada's first online commercial music service, Promo Only Digital Download Service The company's suite of streaming and downloadable products includes: Clipstream (TM), Destiny Media Player (TM), Radio Destiny (TM), and MPE (TM).

Digital Theatre Systems Inc (USA) (DTSI) Digital Theater Systems, Inc. (DTS) provides entertainment technology, historically focused on digital multi-channel audio technology, products, and services for entertainment markets worldwide. Multi-channel audio, commonly referred to as surround sound, allows listeners to hear discrete sounds simultaneously through more than two speakers. The Company's theatrical business provides digital playback systems and cinema processor equipment to movie theaters, and provides film licensing services to film studios and production companies. Its consumer business licenses audio technology to consumer electronics, personal computer, broadcast and professional audio companies, and sells multi-channel audio and video content to consumers.

Digital Video Systems Inc (DVID) Digital Video Systems, Inc. (DVS) is a technology company specializing in the development and application of digital video disc (DVD) technologies that enable the convergence of data, digital audio, digital video and high-end graphics. Its product offerings include DVD loaders, which are the principal hardware component of DVD players, as well as DVD sub-systems and components. In August 2003, the Company established DVS Electronics Pvt. Ltd (DVSE), a wholly owned subsidiary. DVSE is in the process of establishing an end user brand under the DVS marquee for a product offering that includes DVD players and home theatre systems.

Emerson Radio Corp (MSN) Emerson Radio Corp. operates in two business segments: consumer electronics and sporting goods. The consumer electronics segment (Emerson) designs, sources, imports and markets a variety of consumer electronic products and licenses consumer electronic products, both domestically and internationally, under the Emerson and HH Scott brand names. The sporting goods segment (SSG), which is operated through the Company's 53% ownership of Sport Supply Group, Inc., distributes and markets sports-related equipment and leisure products primarily to institutional customers in the United States.

FreeHand Systems, Inc (OTCPK: FSYI) ( www.freehandsystems.com ), a wholly owned subsidiary of Freehand Systems International, Inc. (FSYI), is the global leader in digital sheet music publishing and is the manufacturer of the first digital music performance and education tablet, the MusicPad Pro® Plus. The pad provides innovative technology to the music industry for displaying and publishing digitally delivered sheet music. The company's digital sheet music website ( www.freehandmusic.com ) offers over 85,000 titles for digital download and transfer to the MusicPad Pro.

GREM USA (GRMU) (Formerly Known As: Global Business Markets, Inc.) is a development stage company focusing on design and manufacture of custom handmade and mass-produced electric and acoustic guitars, amplifiers and accessories.

Handheld Entertainment, Inc. (ZVUE) engages in the design, marketing, and wholesale distribution of portable media players. It also offers a complementary content suite. The company provides ZVUE portable media players to download and play movies, television shows, music videos, comedy clips, MP3 audio files, and JPEG photos. It offers its products through online video and music content stores, and retail stores.

Harman International Industries Inc (HAR) Harman International Industries, Incorporated is a manufacturer of high-quality, high-fidelity audio and electronic systems for consumer and professional use. The Company is organized into segments based on the end user markets it serves. The Consumer Systems Group designs, manufactures and markets loudspeakers and audio, video and electronic systems for vehicle, home and computer applications. The Professional Group designs, manufactures and markets loudspeakers and electronics used by audio professionals in concert halls, stadiums, airports and other buildings and for recording, broadcast, cinema and music reproduction applications.

InFocus Corp (INFS) InFocus Corporation is a provider of digital projection technology and services. The Company's products are used in business, education, government and home markets for training sessions, meetings, sales presentations, technical seminars, group collaboration, entertainment and other applications involving the sharing of computer-generated and/or video information with an audience. InFocus has established four product platforms, each supporting multiple individual products, intended to meet the diverse projection requirements of its customers. These platforms are mobile projectors, intended for mobile professionals who place a premium on reduced size and weight; meeting room projectors, intended for conference or training room environments; installation and integration projectors, intended for large venues and auditorium environments, and home entertainment projectors, intended for home theater, gaming and entertainment environments in the home.

International Rectifier Corp (IRF) International Rectifier Corporation (IR) is a designer, manufacturer and marketer of power management products and a worldwide supplier of a type of power semiconductor called a MOSFET (a metal oxide semiconductor field effect transistor). Power semiconductors process electricity into a form more usable by electrical products. The technology advancements of power semiconductors increase system efficiency, allow more compact end products, improve features and functionality and extend battery life. The Company's products are used in a range of end markets, including information technology, automotive, consumer electronics, aerospace/defense and industrial. IR's products are divided among three broad product categories: Analog Integrated Circuits and Advanced Circuit Devices, Power Systems and Power Components.

Kaman Corporation (NASDAQ: KAMNA) Kaman Corporation is engaged in three business segments: Aerospace, Industrial Distribution and Music. The Aerospace segment's programs are conducted through three principal businesses: Aircraft Structures and Components, Advanced Technology Products and Helicopter Programs. The Industrial Distribution segment services the bearing, electrical/mechanical power transmission, fluid power, motion control and materials handling markets in the United States. This segment offers more than 1.5 million items, as well as value-added services to a base of more than 50,000 customers from approximately 200 branches and regional distribution centers in the United States, Canada and Mexico. The Music segment is a distributor of musical instruments and accessories, and is involved in some combination of designing, manufacturing, marketing and distributing more than 15,000 products from four distribution facilities and one manufacturing facility located in the United States and Canada.

Koss Corp (KOSS) Koss Corporation designs, manufactures and sells stereo headphones and related accessory products. The Company's products are sold through audio specialty stores, the Internet, direct mail catalogs, regional department store chains, discount department stores, military exchanges, prisons and national retailers under the Koss name and dual label. Koss also sells products to distributors for resale to school systems, and directly to other manufactures for inclusion with their own products. The Company has more than 1,600 domestic dealers and its products are carried in approximately 16,000 domestic retail outlets.

LOUD Technologies Inc (LTEC.OB) LOUD Technologies Inc., formerly known as Mackie Designs, Inc., engineers, manufactures and markets professional audio and video reproduction and recording equipment and software under the brand names Mackie, TAPCO, SIA, EAW and EAW Commercial. The Company's primary products include analog mixers, sound reinforcement speakers, professional loudspeaker systems, installed paging and music distribution systems, preamplifiers, power amplifiers, digital audio workstations and audio/video (A/V) software control surfaces, desktop peripheral component interconnect (PCI) cards, digital mixers, input/output (I/O) devices and acoustic test and measurement software. These products are used in a variety of applications, including home and commercial recording studios, live performances and fixed installations of all sizes.

Lyric Jeans (OTC.PK: LYJN.PK) is the innovator and manufacturer of premium denim wear characterized by a cutting-edge design strategy driven by music and song lyrics. Through the unique fusion of fashion and music, Lyric Jeans utilizes titles from all genres of music as inspiration for the brand, thereby appealing to a cross-section of various tastes and interests and enabling it to market its products on a worldwide platform. The company's strength is in its relationships with the music industry and its ability to access the Hollywood community, tastemakers and trend-setters. Lyric Jeans plans to have showrooms in South Beach, Florida and Los Angeles, California.

MakeMusic Inc (MMUS) MakeMusic! Inc. develops and markets proprietary music technology products that are designed to enhance music learning and composition, increase productivity and make practicing and performing music fun. The Company provides Finale, a music notation software, and SmartMusic, a complete music practice system that features Intelligent Accompaniment and an interactive accompaniment library. SmartMusic is a complete, interactive, computer-based practice system for woodwinds, brass players, vocalists and strings. In addition, MakeMusic! provides Intonation Trainer, an educational product that is an easy program that actually teaches woodwind and brass students how to play in tune by listening for and eliminating intonation beats within intervals and chords.

Matsushita Electric Industrial Co Ltd (MC) Matsushita Electric Industrial Co., Ltd. offers a comprehensive range of electronic and electric products, systems and components for consumer, business and industrial use. It operates in five segments: Audio-visual Connection (AVC) Networks, Home Appliances, Components and Devices, JVC and Others. Matsushita's principal products in the AVC Networks category include video and audio equipment and information and communications equipment. The Company's principal products in the Home Appliances category include home appliances, household equipment and healthcare systems. Major products included in the Components and Devices category are semiconductors, display devices, electric components, compressors and batteries. JVC consists of products like videocassette recorders, camcorders, color televisions, stereo high-fidelity and related equipment, car audio, digital video disc players and compact disc radio cassette recorders.

Microsoft Corp. (MSFT) Microsoft Corporation engages in the development, manufacture, licensing, and support of software products for various computing devices worldwide. Microsoft is entering the mobile music industry in direct competition to the Apple iPod with Zune, a portable media player , to be released shortly.

Microtune Inc (TUNE) Microtune, Inc. designs and markets radio frequency (RF) integrated circuits (IC) and subsystem module solutions. The Company's products are used for the delivery of broadband video, audio and data to consumers and businesses. Its products, which include tuners, amplifiers and upconverters, are used in a range of applications, including high-speed cable Internet access; analog, digital and high-definition television; television on a personal computer; in-car audio and video, and cable-based digital phone service. Microtune's products principally are marketed to original equipment manufacturers in the following two markets: Cable and Terrestrial Broadband Communications and Transportation Electronics.

Microwave Filter Co Inc (MFCO) Microwave Filter Company, Inc. (MFC) designs, develops, manufactures and sells electronic filters, both for radio and microwave frequencies. Markets served include cable television, television and radio broadcast, satellite broadcast, mobile radio, commercial and defense electronics. MFC manufactures RF (radio frequency) filters and related components for eliminating interference and signal processing for markets, such as Cable Television, Broadcast, Mobile Communications, Avionics, Radar, Navigation and Defense Electronics. The Company designs waveguide, stripline/microstrip, transmission line, miniature/subminiature and lumped constant filters in filter styles, such as bandpass, highpass, lowpass, bandstop, multiplexers, tunable notch, tunable bandpass, high power filters, filter networks, amplitude equalized and delay equalized.

NCT Group Inc (NCTI.OB) NCT Group, Inc. is an intellectual property development company that, as of February 29, 2004, held approximately 595 patents and related rights and a library of know-how and non-patented technology. NCT operates in three segments: communications, media and technology. Products in the Communications segment include: Pro Tech communications headsets and other products; NoiseBuster consumer headsets; ProActive industrial headsets; ClearSpeech microphones, speakers, suite of noise and echo cancellation algorithms and other products; an aircraft cabin quieting system, and Artera Turbo Internet speed enhancement service. The Company's Media Segment includes Sight & Sound place-based audio and billboard media and Gekko flat speakers, frames, prints and subwoofers. Its Technology Segment includes Java, a language-based microprocessor core.

NEC Corp (NIPNY) NEC Corporation is a provider of systems, components, services and integrated solutions for computing and communications applications. The Company's understanding of its customers' needs, together with its industry expertise, technical capabilities and broad product portfolio, enable it to offer computing, communications and devices solutions that address their core operational requirements. The Company's business is divided into the three segments: the IT Solutions business, the Network Solutions business and the Electron Devices business.

Phoenix Gold International Inc (PGLD.PK) Phoenix Gold International, Inc. designs, markets and sells electronics, including amplifiers and signal processors, accessories and speakers to the audio market. The Company sells its products under the brand names Phoenix Gold, Carver Professional and AudioSource. Its products are used in car audio aftermarket, professional sound and custom audio/video and home theater applications. Certain electronics and accessories are manufactured in Portland, Oregon. Phoenix Gold sells its products primarily in North America, South America, Europe and Asia through selected audio and audio/video specialty dealers, distributors and certain mass merchandisers.

Pioneer Corp (PIO) Pioneer Corporation (Pioneer Kabushiki Kaisha) is provider of advanced electronics products worldwide for consumer and business use. The Company is engaged in the development, manufacture and sale of consumer and commercial-use electronics, such as audio, video and car electronics, on a global scale. Pioneer's principal production activities are carried out in Asia, including Japan. The Company's products are sold under its own brand names, principally Pioneer. The markets are Japan, North America, the United States, Europe and Asia. It sells its products to customers in consumer and commercial markets through its sales offices in Japan and its sales subsidiaries and independent distributors overseas. On an original equipment manufacturer basis, Pioneer markets certain products, such as car electronics products, digital versatile discs recorder/rewritable drives, digital broadcast set-top boxes and organic electro luminescent displays to other companies.

QRS Music Technologies Inc (QRSM.OB)

QRS Music Technologies, Inc. (QRS) is engaged in the manufacture and sale of Pianomation Music Instrument Digital Interface (MIDI), Story & Clark pianos, music rolls for player pianos, Gulbransen Digital Hymnal and music rolls for player pianos. The Company also distributes Musical Instrument Digital Interface (MIDI) compact discs (CD), floppy disks and piano supply parts. QRS sells its products to dealers and end users, predominantly in the United States. The Company has a warehouse, teaching facility and showroom facility in Las Vegas, Nevada; piano manufacturing and Pianomation assembly and showroom facilities in Seneca, Pennsylvania, and a piano roll manufacturing and warehouse facility and software development facility in Buffalo, New York. Total piano sales for the fiscal years ended June 30, 2004 (fiscal 2004) and 2003 (fiscal 2003), represented 36.25% and 40.95%, of total overall sales, respectively.

Rockford Corp (ROFO) Rockford Corporation designs, manufactures and distributes high-performance audio systems for the mobile, professional and home theater audio markets. The Company's mobile audio products are sold primarily in the worldwide mobile audio aftermarket to consumers who want to improve the audio systems in their cars, trucks, boats and airplanes. Rockford markets its mobile audio products under the Rockford Fosgate, Lightning Audio, MB Quart, Q-Logic, InstallEdge.com and Omnifi brand names, selling products that include digital and analog amplifiers, speakers, source units, CD changers, digital media players and accessories. The Company sells home theater products under the NHT, Fosgate Audionics, MB Quart and Omnifi brands. Rockford also sells professional audio products under the MB Quart, NHT and Hafler brands. In addition, the Company sells mobile and home products incorporating the SimpleDevices technology under the Omnifi brand name.

Sharp Corp (SHCAY.PK) Sharp Corporation is a manufacturer, developer and marketer of electronic devices and components, which, historically, have included televisions, microwave ovens, calculators and VCRs. The Company's product offerings include digital still cameras, DVD (digital versatile disc) players, set-top boxes, notebook personal computers (PCs), car navigation systems, videophones, cellular phones and Internet appliances. Sharp's technology centers primarily around liquid crystal display (LCD) and integrated circuit (IC) products, as well as radio frequency (RF) electronic components. The Company's worldwide operations are conducted through a network of subsidiaries. Sharp's primary business is segmented into Consumer Electronic Products and Information Systems Products. Consumer Electronics Products include LCD AV monitors, LCD televisions, video projectors, digital camcorders, compact audio systems and one-bit audio systems.

The Singing Machine Company, Inc. (SMD:AMEX) engages in the development, production, distribution, marketing, and sale of consumer karaoke audio equipment, accessories, music, and musical instrument primarily in North America and Europe.

SLS International Inc (SITI.OB) (FEATURED COMPANY) SLS International, Inc. is engaged in the manufacture of premium-quality loudspeakers and sells them through its dealer networks. The speakers use the Company's ribbon-driver technology. The Company sells a professional line of loudspeakers, a commercial line of loudspeakers, home theatre systems, a line for recording and broadcast studios, a line for contractor installations and touring companies and a line of in-wall, in-ceiling and outdoor loudspeakers.

Sony Corp (SNE) Sony Corporation is the parent company of the Sony Group and is engaged in business through its six operating segments: electronics, music, games, pictures, financial services and other. The Company's wholly owned subsidiaries include Sony EMCS Corporation, Sony Marketing (Japan) Inc., Sony Life Insurance Co., Ltd., Sony Americas Holding Inc., Sony Corporation of America, Sony Electronics Inc., Sony Music Entertainment Inc., Sony Pictures Entertainment Inc., Sony Europe Holding B.V., Sony Europe G.m.b.H., Sony Global Treasury Services Plc, Sony Holding (Asia) B.V., Sony Electronics Asia Pacific Pte. Ltd., Sony Computer Entertainment Europe Ltd., Sony Computer Entertainment America Inc. and Sony Computer Entertainment Inc. The Company is also engaged in Internet-related businesses and an advertising agency business in Japan.

Spatializer Audio Laboratories Inc (SPAZ.OB) Spatializer Audio Laboratories, Inc. is a developer, licensor and marketer of next-generation technologies for the consumer electronics, personal computing, enterprise computing and entertainment industries. Spatializer conducts its audio business through its parent company and wholly owned subsidiary, Desper Products, Inc. (DPI). DPI has developed a complement of three-dimensional (3-D) or virtual audio signal processing technologies, directed to the consumer electronics and multimedia personal computer (PC) markets. Spatializer's technology product applications are directed to speaker enhancement, stereo surround sound enhancement, mobile entertainment enhancement and noise reduction. The Company offers Spatializer 3D Stereo, Spatializer N-2-2 Ultra Digital Virtual Surround, Spatializer Vi.B.E, Spatializer VSP-11, Spatializer Natural Headphone, Spatializer PCE, Spatializer enCompass AV, Spatializer VirtuaLFE and Spatializer Audio Alchemy.

Steinway Musical Instruments Inc (LVB) Steinway Musical Instruments, Inc. through its operating subsidiaries, designs, manufactures and markets musical instruments. Through a worldwide network of dealers, the Company's products are sold to professional, amateur and student musicians, as well as orchestras and educational institutions. Steinway Musical Instruments operates 11 manufacturing facilities in the United States and Europe. The Steinway division offers grand pianos under the Steinway & Sons name, as well as a line of mid-priced pianos available under the Boston and Essex brand names. The Conn-Selmer division manufactures band and orchestral instruments and related accessories. It manufactures a full line of musical instruments, ranging from trumpets, trombones, saxophones, tubas and French horns to clarinets, flutes, violins and percussion instruments. The Company's brands include Bach, Selmer, C.G. Conn, King, Armstrong, Ludwig, Musser and Glaesel.

Thomson (TMS) Thomson provides a range of video and enabling technologies, systems, finished products and services to customers and professionals in the entertainment and media industries. The Company distributes its products under the THOMSON, RCA, TECHNICOLOR and Grass Valley brand names. Thomson organizes its businesses into four divisions: Content and Networks, Components, Consumer Products and Licensing. During the year ended December 31, 2003, the Content and Networks division, which provides technological solutions and services for integrated media and entertainment companies, broadcasters and network operators, generated 44% of the Company's total revenues. The manufacturing and assembling of consumer electronics products was undertaken in the Consumer Products and Components divisions, generating 38% and 13% of Thompson's total revenues in 2003, respectively. In December 2004, the Company acquired The Moving Picture Company (MPC) from British broadcaster ITV.

Touchtunes Music Corp (TTMC.OB) TouchTunes Music Corporation is involved in the digital distribution of music content to music-on-demand applications. The first such music-on-demand application developed by the Company was its floor model digital jukebox, the Genesis. In November 2001, TouchTunes commenced commercial sale of its wall-mounted digital jukebox, the Maestro. During 2003, the Company began selling the Rhapsody, a floor model digital jukebox that is an updated version of the Genesis. It no longer manufactures the Genesis jukebox. As of December 31, 2003, TouchTunes had delivered a total of approximately 7,723 Digital Jukeboxes (the Rhapsody and Maestro models) to jukebox operators, of which approximately 7,655 units had been installed in various locations in the United States. TouchTunes' Digital Jukeboxes ars capable of storing and reproducing, in digital format, any music selection at its original level of quality.

Universal Electronics Inc (UEIC) Universal Electronics Inc. develops software, firmware and turnkey solutions designed to enable consumers to wirelessly connect, control and interact with a complex home environment. It has developed a line of easy-to-use, pre-programmed universal wireless control products that are marketed principally for home video and audio entertainment equipment through various channels of distribution, including international retail, private label, original equipment manufacturers and cable and satellite service providers, and to companies in the computing industry. The Company's products are capable of controlling audio and video devices, including, but not limited to, infrared remote (IR) controlled televisions, videocassette recorders, digital video disc players, cable converters, compact disc players, satellite receivers, laser disc players, amplifiers, tuners, turntables, cassette players, digital audio tape players, surround sound systems and most home automation control modules.

Yamaha Corp (YAMCY.PK) Since 1887, when it began producing reed organs, the Yamaha Corporation in Japan (then Nippon Gakki Co., Ltd.) has grown to become the world's largest manufacturer of a full line of musical instruments, and a leading producer of audio/visual products, semiconductors and other computer related products, sporting goods, home appliances and furniture, specialty metals, machine tools, and industrial robots. Yamaha now owns 59 subsidiaries and affiliates in overseas markets in addition to numerous related companies in Japan.

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Mobile Music

Apple Computer Inc (AAPL) Apple Computer, Inc. designs, manufactures and markets personal computers (PCs) and related software, peripherals and personal computing and communicating solutions. The Company also designs, develops and markets a line of portable digital music players along with related accessories and services including the online distribution of third-party music and audio books. The Company's products and services include the Macintosh line of desktop and notebook computers, the iPod digital music player, the Xserve server and Xserve RAID storage products, a portfolio of consumer and professional software applications, the Mac OS X operating system, the online iTunes Music Store, a portfolio of peripherals that support and enhance the Macintosh and iPod product lines, and a variety of other service and support offerings.

Edgetech International, Inc. (OTCBB: EGIL) - an authorized distributor of The Edge, handheld wireless internet access device, which delivers the internet in approximately 5 to 7 seconds per page and displays full content HTML, web pages, graphics and java script. The Edge offers a full desktop web experience, together with a larger functional keyboard than competitive products. Our distribution rights to such product are subject to a long-term marketing, sales and distribution agreement between a Company subsidiary and the licensor of such product, pursuant to which we have been granted such rights in several exclusive vertical markets, virtually worldwide, including: (i) fantasy sports and sports book; (ii) online poker; (iii) music, movies and television; and (iv) financial services markets

Global Music International. (OTC Bulletin Board: GMUS - News) is a leading content aggregator delivering music videos and music tones to the telecom industry including mobile and Internet connected devices. Offering mobile ringtones, ring back tones and music videos from major labels including Sony/BMG Entertainment, Warner Music China and independent and recognized artists from around the world, Global Music International is known for its extensive library of unique, diverse and innovative content and music video programming.Global Music International also offers IMNTV(TM), its service for broadcasting non-stop independent music videos on the Web.

Handheld Entertainment, Inc. (ZVUE) engages in the design, marketing, and wholesale distribution of portable media players. It also offers a complementary content suite. The company provides ZVUE portable media players to download and play movies, television shows, music videos, comedy clips, MP3 audio files, and JPEG photos. It offers its products through online video and music content stores, and retail stores.

Harman International (NYSE: HAR), and Motorola, Inc. (NYSE:MOT) announce an alliance focused on the joint development and marketing of accessories for Motorola's mobile music devices. Motorola and JBL will create innovative accessories for Motorola's music handsets, building upon Motorola's sleek phone design and cutting edge technology and JBL's brand dominance in high-fidelity sound and aesthetic.

Musicrypt Inc. (MCT: TSX.V) (MCYPF: OTCBB) Musicrypt's patented Digital Media Distribution System (DMDS) is the leading secure B2B digital delivery solution for the music industry. DMDS is a web-based delivery system that pioneers secure digital file distribution by incorporating biometrics, high-value encryption and watermarking. The first application of DMDS replaces the physical distribution of new musical recordings by record companies from the studio, internally, and to radio stations with more secure, more effective and less costly digital distribution of broadcast quality media via the Internet.

Openwave Systems Inc. (Nasdaq: OPWV) Canadian carrier Telus uses Openwave Systems Inc’s platform from to download songs to subscribers for $2.50 each. Openwave acquired the systemvia a $117 million acquisition of Musiwave in January. The Redwood City, Calif., company expects Musiwave contracts to produce at least $55 million in revenue this year. Openwave Systems, Inc. provides open standards software products and services for the telecommunications industry.

SmartVideo Technologies, Inc. (OTCBB: SMVD) was founded to address limitations they encountered trying to deliver quality video in their multi-port videoconferencing business. Their discovery of a process that allows the delivery of quality video communications via low-bandwidth, dial-up connections ultimately led mobile entertainment solutions. The technology was converted to resolve persistent quality issues with video streaming, and later to enable wireless devices to be used for entertainment and interactive applications. Today, SmartVideo, publicly traded and listed on the OTC Bulletin Board under the symbol SMVD.OB, is a leading provider of turnkey digital solutions for delivering all types of media content via cellular, PDAs and wireless devices, and the Internet. In 2005, SmartVideo launched the industry's only mobile video service offering TV-quality, fully synched audio and video to wireless phone subscribers of all major global carriers.

Smith Micro Software Inc. (Nasdaq: SMSI), a developer and marketer of a wide range of software solutions for the wireless market, and Verizon Wireless (NYSE: VZ) the provider of the world's most comprehensive mobile music service, announced today the availability of the V CAST Music Essentials Kit. The perfect complement to Verizon Wireless' V CAST Music service, the Music Essentials Kit allows Verizon Wireless V CAST Music customers to manage and transfer music files to their V CAST Music phones from their Windows XP PCs.

Sprint Nextel (NYSE: S) The company’s Wireless segment offers wireless mobile telephone and data transmission services. Groove Mobile Inc created mobile music services for Sprint wireless industry, with the carrier charging $2.50 when subscribers download songs to their cellphones.

Vivendi Universal (EAUG. PA) France's second biggest mobile phone operator, includes music and games sales.

Warner Music Group Corp. (NYSE: WMG) became the only stand-alone music company to be publicly traded in the United States in May 2005. With its broad roster of new stars and legendary artists, Warner Music Group is home to a collection of the best-known record labels in the music industry including Asylum, Atlantic, Bad Boy, Cordless, East West, Elektra, Lava, Maverick, Nonesuch, Reprise, Rhino, Sire, Warner Bros. and Word. Warner Music International, a leading company in national and international repertoire operates through numerous international affiliates and licensees in more than 50 countries. Warner Music Group also includes Warner/Chappell Music, one of the world's leading music publishers, with a catalog of more than one million copyrights worldwide.

TOP

Production And Broadcasting Companies

Beasley Broadcast Group Cl A (BBGI) Beasley Broadcast Group, Inc. is a radio broadcasting company operating primarily in the eastern United States. The Company owns and operates 41 radio stations in 10 markets including Atlanta, Georgia; Boston, Massachusetts; Philadelphia, Pennsylvania; Miami-Ft. Lauderdale, Florida; Las Vegas, Nevada; West Palm Beach-Boca Raton, Florida; Ft. Myers-Naples, Florida; Fayetteville, North Carolina; Greenville-New Bern-Jacksonville, North Carolina, and Augusta, Georgia. The Company operates its radio stations in clusters to capture a variety of demographic listener groups. Among its stations' programming formats are religious, Hispanic, country, financial, sports/talk, health, foreign language, 80's, adult standards, alternative rock, urban, oldies, classic rock and adult contemporary.

Big City Radio Inc (BCYRA.PK)  owns and operates radio broadcasting stations. As of December 31, 2002, the Company owned three FM stations in Southern California: KLYY-FM, Arcadia; KVYY-FM, Ventura, and KSYY-FM, Fallbrook. In the New York area, the Company owned four radio properties: WYNY-FM, Briarcliff Manor, New York; WWZY-FM, Long Branch, New Jersey; WWXY-FM, Hampton Bays, New York, and WWYY-FM, Belvidire, New Jersey. In the Chicago area, the Company owned five radio properties: WXXY-FM Highland Park, Illinois; WYXX-FM Morris, Illinois; WKIE-FM Arlington Heights, Illinois; WKIF-FM Kankakee, Illinois, and WDEK-FM DeKalb, Illinois.

British Sky Broadcasting Group PLC (BSY) British Sky Broadcasting Group plc. with its subsidiaries, operates a pay-television broadcasting service in the United Kingdom and the Republic of Ireland. The Company derives revenues from television broadcasting services and certain ancillary functions that are provided to both retail and wholesale customers. Sky operates and distributes 16 wholly owned channels (Sky's Channels) and retails a further 104 third-party channels to direct-to-home (DTH) viewers via its digital service. In addition, the Company operates the Sky Box Office service (SBO), which provides pay-per-view services covering films, sporting events and concerts. It also retail its channels, together with channels broadcast by third parties, to DTH subscribers and retail certain of its channels to a limited number of digital subscriber line (DSL) subscribers.

Canwest Global Communications Corp (CWG) CanWest Global Communications Corp. is an international media company with interests in broadcast television, newspapers, radio, specialty cable channels, outdoor advertising and online operations in Canada, Australia, New Zealand and the Republic of Ireland. In addition, the Company has interests in film and television production and distribution in the United States and the United Kingdom. In October 2004, the Company announced a realignment of its operations under the CanWest MediaWorks corporate brand. CanWest MediaWorks encompasses all of Canadian business units, including newspapers, television and radio operations and Web-based interactive operations. CanWest MediaWorks International includes CanWest's investments in Network TEN in Australia, CanWest MediaWorks (NZ) and TV3 in Ireland.

Citadel Broadcasting Corp (CDL) Citadel Broadcasting Corporation is a radio broadcasting company that owned and operated 145 frequency modulation (FM) and 58 amplitude modulation radio stations in 43 markets located in 24 states across the United States as of February 29, 2004. Citadel has a clustered radio station portfolio that is diversified by programming formats, geographic regions, audience demographics and advertising clients. The Company's radio stations are predominantly located in mid-sized markets. During the year ended December 31, 2003, Citadel completed seven acquisitions for a total of 20 radio stations. On September 8, 2003, it also completed the acquisition of five radio stations in the Des Moines, Iowa market, four radio stations in the New Orleans, Louisiana, market, and two radio stations in the Springfield, Missouri, market.

Clear Channel Communications Inc (CCU) Clear Channel Communications, Inc. is a diversified media company with three primary business segments: radio broadcasting, outdoor advertising and live entertainment. As of December 31, 2003, the Company owned 1,182 domestic radio stations and a radio network in the United States. In addition, it had equity interests in various international radio broadcasting companies. Clear Channel also owned or operated 145,895 domestic outdoor advertising display faces and 641,680 international outdoor advertising display faces. The Company also operates as a promoter, producer and venue operator for live entertainment events. As of December 31, 2003, it owned or operated 74 live entertainment venues domestically and 29 live entertainment venues internationally, excluding 23 domestic venues and two international venues. Clear Channel also owns or programs 39 television stations, owns a media representation firm and represents professional athletes.

Corus Entertainment Inc (CJR) Corus Entertainment Inc. is an integrated Canadian media and entertainment company with an established global distribution network for the programming it produces. The Company's principal assets consist of 50 radio stations; a number of specialty television networks focused on children and adult genres; western Canada's premium television services; Nelvana Limited, an international producer and distributor of children's programming and products; Kids Can Press, Canada's publisher of children's books; three conventional television stations; a local cable advertising service (Digital ADventure), and Max Trax, a digital audio service. Corus organizes its business into three operating groups: Radio, Television and Content.

Cox Radio Inc (CXR) Cox Radio, Inc. is a radio broadcasting company operating in the United States. The Company owns, operates or provides sales services for 78 radio stations (67 FM (Frequency Modulation) and 11 AM (Amplitude Modulation)) clustered in 18 markets. Cox Radio operates three or more stations in 15 of its 18 markets. The Company operates a range of programming formats in geographically diverse markets across the United States. These include News/Talk, Urban Adult Contemporary, Adult Contemporary, Rhythmic Contemporary Hit Radio(CHR), R&B/Soul, Hip Hop, Country, 80's, Oldies, Classic Country, Classic Rock, Hawaiian CHR, Country Legends, Mainstream Rock, Hot Adult Contemporary, Dance CHR, Active Rock, Soft Adult Contemporary, Alternative Rock and Classic Hits. The Company is an indirect majority-owned subsidiary of Cox Enterprises, Inc.

Cumulus Media Inc (CMLS) Cumulus Media Inc. is a radio broadcasting corporation focused on acquiring, operating and developing commercial radio stations in mid-size radio markets in the United States. As of December 31, 2003, the Company owned and operated 266 radio stations in 56 mid-sized United States media markets. In addition, the Company owns and operates a multi-market network of five radio stations in the English-speaking Caribbean. Under its local marketing agreements, Cumulus provides sales and marketing services for four radio stations in four United States markets in exchange for a management or consulting fee, pending Federal Communications Commission (FCC) approval of the Company's acquisitions of these stations.

Digital Music Group (Nasdaq: DMGI) is focused on helping consumers worldwide to experience more music, in more ways. Digital Music Group acquires the digital rights to music and video recordings and processes these recordings into digital format for distribution to online stores such as the iTunes Music Store, Google Video, MSN Music, RealNetworks, Napster, Wal-Mart Music and Yahoo! Music, where they are available for purchase by consumers via downloading.

DreamWorks Animation SKG Inc (DWA) DreamWorks Animation SKG, Inc. develops and produces computer-generated (CG) animated films. Utilizing creative talent and advanced CG film-making technology, DreamWorks Animation has produced a number of movies including Shrek, the first-ever winner of the Academy Award for Best Animated Feature film, and Shrek 2, the third highest-grossing movie ever. The Company also released Shark Tale. In just 24 days of release, Shark Tale earned over $220 million worldwide. It remained number one in the United States box office for three weeks, and opened at number one in over 20 international markets.

Earthworks Entertainment Inc (EWKE.OB) Earthworks Entertainment (formerly E-Content, Inc.) is a development stage company that is engaged in the creation, co-production, marketing and distribution of high-quality children's and family-oriented entertainment properties. The properties are marketed in all multi-platform areas of commercial exposition ranging from television to home video, merchandise licensing to electronic and video games to book and music publishing.

EMI Group PLC (EMIPY.PK) EMI Group plc is an international company engaged primarily in the production, retail and distribution of music. The Company's two divisions are EMI Recorded Music and EMI Music Publishing. Recorded Music's business areas consist of distribution, manufacturing, studios, labels and new media. The division has about 1,000 artists backed up by recording facilities and a worldwide network. EMI Music Publishing portfolio include copyrights owned, controlled or administered, with rights to approximately one million musical compositions and offices in 30 countries. EMI's repertoire includes pop music hits, American standards, country songs, classical works and motion picture and theatrical compositions. The Company concentrates on discovering, promoting and nurturing gifted songwriters worldwide. EMI builds its music publishing business throughout the world by signing new songwriters, renewing existing contracts with songwriters and acquiring catalogues of existing compositions.

Emmis Communications Corp (EMMS) is a media company with radio broadcasting, television broadcasting and magazine publishing operations. The Company owns and operates 23 frequency modulation (FM) and four amplitude modulation (AM) radio stations in the United States. It also owns and operates a portfolio of television stations covering geographically diverse markets in the United States. In addition to its radio and television broadcasting properties, Emmis operates a news information radio network in Indiana, publishes Texas Monthly, Los Angeles, Atlanta; Indianapolis Monthly, Cincinnati, and Country Sampler and related magazines and operates an international radio business. On December 23, 2003, Emmis agreed to sell its interest in Votionis, S.A., which owns and operates two radio stations in Buenos Aires, Argentina, to its minority partners. This transaction was completed in May 2004.

Entercom Communications Corp (ETM) Entercom Communications Corp. is a radio broadcasting company that acquires, develops and operates radio broadcast properties throughout the United States. The Company owns or operates radio stations in 19 markets. The Company derives its revenues primarily from the sale of broadcasting time to local and national advertisers by selling advertisers access to its radio stations' base of listeners. In 2003, Entercom generated 78% of its net revenues from local advertising and 20% from net national spot advertising. It generated the balance of its 2003 revenues principally from network compensation, radio station events and rental income from tower sites.

Entravision Communications Corp (EVC) Entravision Communications Corporation is a diversified Spanish-language media company with a portfolio of television, radio and outdoor advertising assets. The Company owns and/or operates 45 primary television stations, a majority of which is located in the southwestern United States, including the United States/Mexican border markets. Entravision's television stations consist primarily of affiliates of the two television networks of Univision. The Company also owns and operates 57 radio stations in 22 United State markets. Entravision's radio stations consist of 42 FM (frequency modulation) and 15 AM (amplitude modulation) stations located primarily in Arizona, California, Colorado, Florida, Nevada, New Mexico and Texas. The Company's outdoor advertising operations consist of approximately 10,900 advertising faces located primarily in Hispanic communities in Los Angeles, California and New York, New York.

Film & Music Entertainment (FLME.PK) Film and Music Entertainment ("FAME") is a Nevada Corporation. Fame was established in 1996 as Imporex Investment Corp and focused on developing streaming video technology until 2001 when it effectively became a non-reporting company. In 2003 John Daly joined the Board and became President. Daly refocused the Company towards entertainment and changed the name to Film and Music Entertainment. In this period FAME started to acquire property and property options and to develop its first feature film.

Fisher Communications Inc (FSCI) Fisher Communications, Inc. (Fisher) is a communications and media company comprised of two subsidiaries: Fisher Broadcasting Company and Fisher Media Services Company. At December 31, 2003, the Company owned and operated nine network-affiliated television stations (and owned a 50% interest in a company that owns a tenth television station) and also owned and operated 27 radio stations. Fisher also sells advertising for an FM station under a joint sales agreement. The television and radio stations are located in Washington, Oregon, Idaho and Montana. Seattle, Washington and Portland, Oregon are the Company's two largest markets for both television and radio.

Fox Entertainment Group Inc (FOX) Fox Entertainment Group, Inc. is a multi-faceted entertainment company with operations in four business segments, including Filmed Entertainment, Television Stations, Television Broadcast Network and Cable Network Programming. The Filmed Entertainment segment consists of the production and acquisition of live-action and animated motion pictures for distribution and licensing. The Television Stations segment principally consists of the operation of broadcast television stations in the United States. The Television Broadcast Network segment consists of the broadcasting of network programming in the United States. The Cable Network Programming segment consists of the production and licensing of programming distributed through cable television systems and direct broadcast satellite operators in the United States and professional sports team ownership in the United States.

Fuego Entertainment, Inc. (OTCBB: FUGO) engages in the direction, production, marketing, and distribution of entertainment products. Its products include feature and short films, documentaries, television shows, music, and tour productions. The company also provides management, marketing, and public relations services to the entertainment industry. It primarily serves Hispanic/Latin and English-speaking markets.

Gemstar-TV Guide International Inc (GMST) Gemstar-TV Guide International, Inc. develops, licenses, markets and distributes technologies, products and services targeted at the television guidance and home entertainment needs of consumers worldwide. The Company's interactive program guidance technologies are incorporated into television sets, videocassette recorders, digital versatile disk recorders, digital video recorders, personal computers and cable and satellite television set-top boxes. In addition to its interactive program guidance technologies, Gemstar owns and publishes the TV Guide magazine and operates the Website www.tvguide.com.  The Company also owns and produces original programming in the form of the TV Guide Channel, which offers editorial content and television listings directly on consumers' television screens, and TVG Network, which provides horseracing programming and interactive wagering services. Gemstar sells or provides this programming to owners and operators of cable and satellite television systems.

Grupo Radio Centro SA de CV (RC) Grupo Radio Centro, S.A. de C.V. is a radio broadcasting company operating in Mexico. The Company's principal activities are the production and broadcasting of musical programs, news, interviews and special event programs. At December 31, 2003, Grupo Radio Centro owned eight amplitude modulation (AM) and five frequency modulation (FM) radio stations, and managed and operated an additional FM station. Of the 14 radio stations it owns or operates, the Company operates five AM and six FM stations in Mexico City. The remaining three AM radio stations, including one in Mexico City, are managed and operated by third parties pursuant to operating agreements.

Hearst-Argyle Television, Inc (HTV) Hearst-Argyle Television, Inc. is an independent, or non-network-owned, television station group operating in the United States. The Company owns or manages 27 television stations reaching approximately 17.8% of television households in the United States. In addition, Hearst manages three television stations (WMOR-TV in the Tampa, Florida, market; WPBF-TV in the West Palm Beach, Florida, market, and KCWE-TV in the Kansas City, Missouri, market) and two radio stations (WBAL-AM and WIYY-FM in Baltimore, Maryland), all of which are owned by Hearst, with the exception of KCWE-TV. Twenty-six of the Company's owned or managed television stations are affiliated with one of the following networks pursuant to a network affiliation agreement: ABC (12 stations), NBC (10 stations), CBS (two stations), UPN (one station) and WB (one station). WMOR-TV in Tampa, Florida, operates as an independent station.

Image Entertainment Inc (DISK) is a home entertainment company engaged in the domestic acquisition and wholesale distribution of programming for release on digital versatile disc (DVD). The Company acquires and exploits exclusive distribution rights to an array of general and specialty programming, including music concerts, urban, youth culture/lifestyle, stand-up comedy, television and theatrical, foreign and silent films, in DVD, compact disc (CD) and other home entertainment formats. The Company has two business segments: Domestic, which primarily consists of acquisition, production and distribution of exclusive DVD programming, and International, which includes international sublicensing and worldwide broadcast rights exploitation.

Journal Communication Inc (JRN) Journal Communications, Inc. is a media and communications company with operations in publishing, radio and television broadcasting, telecommunications and printing services. In newspaper publishing, the Company publishes the Milwaukee Journal Sentinel that serves as the daily and Sunday newspaper for the Milwaukee metropolitan area, and the Company publishes more than 90 community newspapers in eight states. It owns and operates 38 radio stations and six television stations in 11 states. Norlight Telecommunications, Inc., the Company's subsidiary, provides telecommunications services through its fiber-optic network. It also provides commercial and publication printing services, such as magazines, professional journals and documentation material, as well as electronic publishing, kit assembly and fulfillment.

Lions Gate Entertainment Corp (LGF) is an integrated North American entertainment company. The Company is a producer and distributor of film and television entertainment content. The Company releases 15 motion pictures theatrically per year. Its theatrical releases include films produced in-house and films acquired from third parties. The Company has also produced 150 hours of television programming on average in each of the fiscal years ended March 31, 2004, 2003, 2002 and 2001. Its approach to production, acquisition and distribution is designed to maximize profit by balancing the Company's financial risks against the probability of commercial success of each project. It distributes its library of 6,200 motion picture titles and 1,800 television episodes directly to retailers, video rental stores, pay and free television channels and indirectly to international markets through third parties.

Metro-Goldwyn-Mayer Inc (MGM) is a global entertainment content company. Through its subsidiaries, including Metro-Goldwyn-Mayer Studios Inc., MGM is actively engaged in the development and worldwide production and distribution of entertainment products, including theatrical motion pictures, television programming, home video, interactive media, music and licensed merchandise. The Company's principal subsidiaries are Metro-Goldwyn-Mayer Studios Inc., United Artists Corporation, United Artists Films Inc. and Orion Pictures Corporation. Its library contains approximately 4,000 theatrically released feature film titles and over 10,400 television episodes.

NBG Radio Network Inc (NSBD.PK) creates, produces, distributes and is a sales representative for national radio programs and services. NBG offers radio programs to the industry in exchange for commercial broadcast time, which it sells to national advertisers. The Company now has 30 programs and over 1,800 radio station affiliates. The Company derives a significant part of its revenue from selling the commercial broadcast time on its radio networks to advertisers desiring national coverage. NBG also derives a portion of its revenues from sales representation agreements. These agreements allow the Company to sell network advertising time for third-party program producers that lack their own sales staff. The Company generates revenue by keeping a commission on these sales.

News Corporation, Inc (NWS) The News Corporation, purchased MYspace.com is a diversified international media and entertainment company with operations in eight industry segments, including filmed entertainment, television, cable network programming, direct broadcast satellite television, magazines and inserts, newspapers, book publishing and other. The Company activities are conducted principally in the United States, the United Kingdom, Italy, Latin America, Asia, Australia and the Pacific Basin. News Corporation is a holding company that conducts all of its activities through subsidiaries and affiliates. Its principal subsidiaries are Fox Entertainment Group, Inc., Twentieth Century Fox Film Corporation, Fox Television Holdings, Inc., Fox Broadcasting Company, Fox Sports Networks, Inc., NDS Group plc, News America Marketing In-Store Services, Inc., News America Marketing FSI, Inc., News International Limited, News Limited, HarperCollins Publishers, Inc., HarperCollins Publishers Limited and STAR Group Limited.

Pixar (PIXR) Pixar is a digital animation studio that uses its creative, technical and production capabilities to create animated feature films and related products, such as video products, toys, interactive games and other merchandise. As of January 3, 2004, the Company has created and produced five full-length animated feature films: Toy Story, A Bug's Life, Toy Story 2, Monsters, Inc., and Finding Nemo, which were marketed and distributed by The Walt Disney Company. Pixar also produces short films, which allows the Company to develop creative talent and computer animation technology. In addition, the Company markets and sells its RenderMan software to other visual effects studios.

Radio One Inc (ROIAK) Radio One, Inc. is a radio broadcasting company in the United States that primarily targets African-Americans. The Company owns and/or operates 67 radio stations, of which, 53 are FM and 14 are AM, in 22 markets, including Washington, D.C; Atlanta, Georgia; Philadelphia, Pennsylvania; Louisville, Kentucky; Dallas, Texas; Los Angeles, California; Miami, Florida; Richmond, Virginia; Detroit, Michigan, and Dayton, Ohio. Radio One programs five channels on the XM Satellite Radio system and owns approximately 40% of TV One LLC, an African-American-targeted cable channel, which is a joint venture with an affiliate of Comcast Corporation and other investors. The Company's primary programming format is urban format, targeting the 18-and-above age group. Other programming formats include Gospel, Jazz, Alternative Rock, Urban Talk, Ethnic, Rhythmic, R&B/Oldies, Country, Modern Rock and News/Sports/Talk. The Company's national platform of radio stations reaches over 12.8 million listeners weekly.

Regent Communications Inc (RGCI) Regent Communications, Inc. (Regent) is a radio broadcasting company focused on acquiring, developing and operating radio stations in mid-sized and small markets. As of December 31, 2003, the Company owned 54 FM (frequency modulation) and 20 AM (amplitude modulation) radio stations in 16 markets in the United States including California, Colorado, Illinois, Indiana, Kentucky, Louisiana, Michigan, Minnesota, New York, Pennsylvania and Texas. The Company's portfolio of radio stations is diversified in terms of geographic location, target demographics and format. Among its stations' programming formats are rock, 80's, country, sports, news/talk, classic rock, adult contemporary (AC), hot AC, alternative, classic rock, oldies, nostalgia, classic hits, new rock, soft AC, gospel and classical. Its demographic targets range from the ages of 18 to 64. Majority of the Company's revenue is generated from the sale of local, regional and national advertising for broadcast on its radio stations.

Salem Communications Corp (SALM) Salem Communications Corporation is a radio broadcasting company, providing programming targeted at audiences interested in religious and family theme radio programming. The Company owns and operates 92 radio stations. Salem Communications also owns Salem Radio Network, a developer, producer and syndicator of religious- and family issues-oriented talk, news and music programming (but not of general broadcast programming), with over 1,600 affiliated radio stations. In addition, the Company owns complementary Internet and publishing businesses.

SBS Broadcasting SA (SBTV) SBS Broadcasting S.A. is a European television and radio broadcasting company with complimentary print operations. The Company acquires, packages and distributes programming and other content via television channels, radio stations and the Internet in Europe. On December 31, 2003, SBS owned interests in 10 television stations and 22 radio networks operating a total of 53 radio stations overall across nine countries in Europe, together with various related destination and promotional Websites. The Company operates all of these television and radio stations with the exception of prima TV in Romania. In addition, SBS owns and operates the company that publishes the weekly television and radio guide, Veronica Magazine, a weekly publication in the Netherlands, with a circulation of approximately 1.1 million. The Company derives revenue primarily through sales of advertising to multi-national, national, regional and local advertisers and sales of magazine subscriptions.

Sirius Satellite Radio Inc (SIRI) Sirius Satellite Radio Inc. is a provider of satellite radio service, offering over 100 Streams to subscribers throughout the continental United States, including 61 streams of commercial-free music and over 40 streams of news, sports, talk, entertainment, traffic, weather and children's programming. The Company's 61 original streams of commercial-free music are produced at its national broadcast studio in New York City, and cover most genres of music. Its non-music streams include programming from CNN, ESPN, NPR, FOX News, The Weather Channel and traffic for America's top 20 markets from Westwood One, a provider of traffic reports. Sirius is also a satellite radio provider of live sports programming, featuring up to 40 National Hockey League and National Basketball Association games each week, and has agreed to broadcast all National Football League (NFL) games and become the Official Satellite Radio Partner of NFL.

Skreem Entertainment Corporation, (SKRM: OTCBB) a development stage company, engages in the promotion, financing, and management of artists and projects in the music industry

Spanish Broadcasting System Inc (SBSA) Spanish Broadcasting System, Inc. is a Hispanic-controlled radio broadcasting company operating in the United States and Puerto Rico. The Company owns and operates 24 radio stations in markets that reach approximately 45% of the United States Hispanic population. Its stations are located in five Hispanic markets: Los Angeles, California; New York, New York; Puerto Rico; Chicago, Illinois, and Miami, Florida. The Company formats the programming of each of its stations to capture a substantial share of the United States Hispanic audience in its respective market. Its programming formats include Spanish Tropical, Regional Mexican, Spanish Adult Contemporary, Spanish Oldies, Spanish Hot Adult Contemporary, Mexican Adult Contemporary, Central American Tropical, American Adult Contemporary 80's & 90's Hits and American Top 40. The Company also operates LaMusica.com, a bilingual Spanish-English Internet Website providing content related to Latin music, entertainment, news and culture.

Stereo Vision Entertainment, Inc. (OTCBB:SVSN) is a vertically integrated media company, with interests in film, television, and music production properties. Stereo Vision's business is driven by the production and acquisition of cutting-edge entertainment media assets.

Time Warner Inc (TWX) Time Warner Inc., formerly known as AOL Time Warner Inc., is a media and entertainment company. It classifies its business interests into five fundamental areas: America Online, Inc., consisting principally of interactive services; Cable, consisting principally of interests in cable systems providing video and high-speed data services; Filmed Entertainment, consisting principally of feature film, television and home video production and distribution; Networks, consisting principally of cable television and broadcast networks, and Publishing, consisting principally of magazine and book publishing.

Tube Media Corp. (OTCBB: TUBM) through its wholly owned subsidiary, THE TUBE Music Network, Inc., provides music television entertainment 24 hours, a day.

Univision Communications Inc (UVN) Univision Communications Inc. is a Spanish-language media company in the United States. The Company operates in four business segments: television, radio, music and Internet. The Company's principal business segment is television broadcasting, which consists primarily of the Univision, TeleFutura and Galavision television networks, the Univision Television Group owned-and-operated broadcast television stations and the TeleFutura Television Group owned-and-operated broadcast television stations. Univision Radio, Inc. operates Univision's radio business, which includes its radio network and owned and operated radio stations. The Company completed the acquisition of Univision Radio, then known as Hispanic Broadcasting Corporation, in September 2003. The Company's music operations include the Univision Records label, Fonovisa Records label and a 50%-interest in Disa Records, S.A. de C.V. Univision Online, Inc. operates Univision's Internet portal.

VIACOM Inc. CL B (VIA-B) Viacom Inc. is an entertainment company with operations in cable networks, television, radio, outdoor, entertainment and video. In the Cable Networks segment, the Company owns and operates advertiser-supported basic cable television program services through MTV Networks and Black Entertainment Television and subscription television program services through Showtime Networks Inc. The Television segment consists of the CBS and UPN television networks, the Company's broadcast television stations and its television production and syndication businesses. The Radio segment owns and operates 185 radio stations through Infinity Radio. The Outdoor segment, through Viacom Outdoor, displays advertising on various media. The Entertainment segment includes the operations of Paramount Pictures, Simon & Schuster and Paramount Parks. The Video segment consists of the Company's equity interest in Blockbuster Inc. In December 2004, Viacom Inc. acquired SportsLine.com.

Vivendi Universal (V) Vivendi Universal is a media and telecommunications company. Vivendi Universal has two main businesses with different segments: Media, with Canal+ Group, Universal Music Group, Vivendi Universal Games and Vivendi Universal Entertainment, and Telecom, with SFR Cegetel Group and Maroc Telecom. In the media sector, Vivendi Universal is carrying out internal management and other restructuring changes designed to strengthen the competitive position and profitability of each of its business units. Vivendi Universal's telecommunications strategy is focused on penetrating growing markets and building on the market positions of both SFR Cegetel Group and Maroc Telecom.

Walt Disney Co., The (DIS) The Walt Disney Company, along with its subsidiaries, is a diversified worldwide entertainment company with operations in four business segments: Media Networks, Parks and Resorts, Studio Entertainment and Consumer Products. The Media Networks segment is comprised of television broadcast, radio and cable operations.The businesses in the Parks and Resorts segment generate revenues predominately from the sale of admissions to the theme parks, room nights at the hotel and rentals at the resort properties. The Studio Entertainment segment produces and acquires live-action and animated motion pictures, animated direct-to-video programming, musical recordings and live stage plays. The Consumer Products segment partners with licensees, manufacturers, publishers and retailers throughout the world to design, promote and sell a wide variety of products based on existing and new Disney characters and other intellectual property.

Westwood One Inc (WON) Westwood One, Inc. supplies radio and television stations with information services and programming. The Company provides traffic reporting services, as well as produces and distributes national news, sports, talk, music and special event programs, in addition to local news, sports, weather, video news and other information programming. Westwood One obtains the commercial airtime it sells to advertisers from radio and television affiliates in exchange for the programming it provides to them and in some cases, for cash compensation. The Company provides local traffic and information broadcast reports in over 95 Metro Survey Area markets in the United States. Westwood One also offers radio stations traditional news services such as CBS Radio news and CNN Radio news, seven 24-hour satellite-delivered continuous play music formats (24/7 Formats) and news/entertainment features and programs.

Wi-Fi TV Inc. (WFTV.PK) Wi-Fi TV, Inc. has a history of innovation in online content delivery and plans to quantify the value of this unique experience now that high-speed Internet delivery is becoming available to millions of consumers around the world. Wi-Fi TV Inc. is creating the first online television network (http://www.wi-fitv.com).

XM Satellite Radio Holdings Inc (XMSR) XM Satellite Radio Holdings Inc. is a radio service company. As of December 31, 2003, the Company was providing music, entertainment and information programming for reception by vehicle, home and portable radios nationwide to over 1.3 million subscribers. The Company's channel offering includes channels designed to appeal to different groups of listeners, including urban and rural listeners of different ages, and to specific groups that its research has shown are most likely to subscribe to its service. During the year, its digital audio XM Radio service offered 100 channels of music, news, talk, sports and children's programming for a monthly subscription fee and one premium channel for an additional fee.

TOP

Retailers, Online Music

Amazon.com Inc (AMZN) Amazon.com, Inc. is a customer-centric company that sells a range of products that it purchases from manufacturers and distributors through its six global Websites: www.amazon.com, www.amazon.co.uk, www.amazon.de, www.amazon.fr, www.amazon.co.jp and www.amazon.ca. The Company offers new, used, refurbished and collectible items, in categories such as apparel, shoes and accessories, home, garden and outdoor living products, baby care products, jewelry and watches, books, kitchenware and housewares, camera and photography, magazine subscriptions, cellular telephones and service, music, computers and computer add-ons, office products, consumer electronics, software, DVDs (Digital Video Discs) and videos, sports and outdoors, gourmet food, tools and hardware, health and personal care and toys. Through its Syndicated Stores program, Amazon utilizes its e-commerce services, features and technologies to sell its products through other businesses' Websites.

ARTISTdirect Inc (ARTD.OB) ARTISTdirect, Inc. (ADI) is a music entertainment company that combines an online music network and a record label business to provide an integrated offering for music fans, artists and marketing partners. The ARTISTdirect Network (www.artistdirect.com) is a network of Websites offering multi-media content, music news and information, community around shared music interests, advertising sponsorships, music-related specialty commerce and digital music services. Through the ARTISTdirect Records and iMusic labels, the Company develops new musical artists and produces and distributes their recordings as an independent label utilizing traditional channels of distribution.

Best BUY Co Inc (BBY) Best Buy Co., Inc. is a specialty retailer of consumer electronics, home-office products, entertainment software, appliances and related services. The Company operates retail stores and/or commercial Websites under the brand names Best Buy (BestBuy.com and BestBuyCanada.ca), Future Shop (FutureShop.ca), Magnolia Audio Video (MagnoliaAV.com) and Geek Squad (GeekSquad.com), as well as an outlet store on eBay. During the fiscal year ended February 28, 2004 (fiscal 2003), Best Buy operated two segments: domestic and international. The domestic segment is comprised of the United States Best Buy and Magnolia Audio Video operations. The International segment is comprised of Future Shop and Best Buy operations in Canada. In the third quarter of fiscal 2003, the Company acquired Geek Squad, Inc.

Circuit City Stores Inc (CC) Circuit City Stores, Inc. is a national retailer of brand-name consumer electronics, personal computers (PCs) and entertainment software. As of November 30, 2004, the Company operated 622 superstores and five mall-based stores. Circuit City is a national retailer of brand-name consumer electronics, personal computers and entertainment software. During the fiscal year ended February 29, 2004 (fiscal 2004), the Company began to introduce its own merchandise brands, including Liquid Video, Verge and esa, tailored to specific needs within a broad consumer base. Products offered include video equipment, audio equipment, home office products, entertainment software products and other consumer electronic products.

Guitar Center Inc (GTRC) Guitar Center, Inc. is a retailer of guitars, amplifiers, percussion instruments, keyboards and pro-audio and recording equipment. Of the 122 Guitar Center stores the Company operated as of December 31, 2003, 107 were located in 45 major United States markets, including, among others, areas in or near Los Angeles, San Francisco, Chicago, Miami, Houston, Dallas, Detroit, Boston, Minneapolis, Seattle, Phoenix, Atlanta, New York, Denver and Cleveland, and 15 stores were located in secondary markets. In addition, Guitar Center's American Music division operates 19 family music stores specializing in band and orchestral instruments for sale and rental, serving teachers, band directors, college professors and students. The Company is also a direct response retailer of musical instruments in the United States through its wholly owned subsidiary, Musician's Friend, Inc., and its catalog and Website, www.musiciansfriend.com.

Hastings Entertainment, Inc (HAST) Hastings Entertainment, Inc. is a multimedia entertainment retailer operating entertainment superstores that sell and rent various home entertainment products, including books, music, software, periodicals, new and used compact discs (CDs), digital video discs (DVDs), video games and videocassettes, video game consoles and DVD players. During March 2004, the Company operated 148 superstores in small to medium-sized markets located in 20 states in the Western and Midwestern United States. It also operates a multimedia entertainment e-commerce Website offering a selection of books, music, software, videocassettes, video games and DVDs.

HMV Group PLC (HMVMF.PK) HMV is the UK and Ireland’s leading specialist retailer of Music, DVD/Video, Computer Games and Related Products. The company operates around 200 stores in key shopping locations nationwide, equating to over 1million sq. ft. of trading space, as well as a successful online store at www.hmv.co.uk.

Internet Song of the Year's ( OTCPK:ISNY) principal business is through the ownership, operation, and administration of the website www.internetsongoftheyear.com, a revenue generating contest subscription site for the music industry.

Sound Revolution Inc - (OTCBB: SRVN) new media corporation that marries business with social meaning, intends to change the world - of online content delivery. Sound Revolution has digital content management technology available for licensing and distribution services. It owns FanPro(TM), a set of music marketing tools. It also wholly owns Charity Tunes Inc., whose charitytunes.com, a music download website, is unique in its promotional partnerships between musical artists and charities. www.soundrevolution.net, www.charitytunes.com, or www.corporate.charitytunes.com

Sprint (NYSE:S) the Sprint Music Store(SM), the first music service in the U.S. to allow song downloads over the air, is now the first service to announce another industry milestone - one million songs have been downloaded by customers since the Sprint Music Store first launched on Oct. 24, 2005. The Sprint Music Store allows customers to browse, preview and purchase songs while on the go anywhere on the nationwide Sprint Power Vision(SM) network. A growing selection of more than 320,000 songs from virtually every genre is available via EMI Music, SONY BMG MUSIC ENTERTAINMENT, Warner Music Group and Universal Music Group

Trans World Entertainment Corp (TWMC) Trans World Entertainment Corporation owns 100% of the outstanding common stock of Record Town, Inc., through which its principal operations are conducted. The Company operates retail stores and two e-commerce sites, and is a specialty retailer of entertainment software, including music, video, home video games and related products in the United States. In total, the entertainment software categories represented 91% of Trans World's total sales in the fiscal year ended January 31, 2004 (fiscal 2003).

TOP

Service Providers and Digital Music

American Southwest Music Distribution, Inc. (OTCBB: ASWD) formed by music veterans David Michery and Robert Guillerman. Headquartered in Los Angeles, California, the company has formed a niche in the production, marketing and distribution of fresh musical talent via traditional and non-traditional vehicles.

Arbitron Inc (ARB) Arbitron is an international media and marketing research firm primarily serving radio, cable, advertising agencies, advertisers, outdoor and out-of-home media and, through its Scarborough joint venture, broadcast television and print media. The Company has four main services: Measuring radio audiences in local markets in the United States and Mexico; Measuring national radio audiences and the audience size of network radio programs and commercials; providing application software used for accessing and analyzing media audience and marketing information data, and providing consumer and media usage information services to radio, cable, advertising agencies, advertisers, outdoor and out-of-home media, Internet broadcasters and, through its Scarborough joint venture, broadcast television and print media.

Brilliant Digital Entertainment Inc (BDEI.OB) operates a peer-to-peer-based content distribution network through its subsidiary, Altnet, Inc., that allows the Company to distribute a content owner's music, video, software and other digital files to computer users via the Internet. Using internally developed and licensed technology, BDE has created technologies for a private, or closed peer-to-peer network, which allows the Company to centrally control the distribution of a digital file, with authorization from the copyright owner, directly from one computer user (peer) to another (peer). The Company's ability to control files distributed over its private network, as well as its use of widely available digital rights management (DRM) technologies from Microsoft Corporation and others, prevent the distribution of unauthorized files over the BDE network, and help to protect against the unauthorized use of a digital file, once it resides on an end user's computer.

Brilliant Technologies Inc. (OTCBB: BLLN) announced a licensing agreement that will make The Orchard's full catalogue available through QTRAX. The deal extends the presence of The Orchard into the P2P space and significantly expands the scope of QTRAX by adding the world's largest catalogue of independent music to its service.

Cintel Corp (CNCN.OB) Cintel Corp. is engaged in the development of a three-dimensional (3D) animation and digital effects studio that would provide high-end 3D animation and digital effects to the music video industry. On September 30, 2003, the Company entered into a definitive share exchange agreement with CinTel Co., Ltd (Cintel Korea). Cintel Korea develops network solutions to address technical limitations to the Internet. It has provided various Internet traffic management solutions to the business world and other consuming public, including PacketCruz iCache, PacketCruz i2one and PacketCruz Proximator. On September 30, 2003, the Company changed its name from Link2 Technologies, Inc. to Cintel Corp.

Digital Generation Systems Inc (DGIT) Digital Generation Systems, Inc. (DGS) and its wholly owned subsidiary, StarGuide Digital Networks, Inc. (StarGuide), offers a suite of digital technology products and services. The Company operates a nationwide digital network out of its Network Operation Center (NOC) located in Irving, Texas. The network links more than 5,000 advertisers and advertising agencies with more than 6,700 radio stations and over 1,875 broadcast and cable television destinations across the United States and Canada. Through the NOC, DGS delivers audio, video, image and data content that comprise transactions between the advertising and broadcast industries. Through StarGuide, the Company develops and sells digital software, hardware and communications technology, including bandwidth satellite receivers, audio compression codes and software to operate integrated digital multimedia networks and offers engineering consulting services.

DigitalFX (OTCBB: DFXN) is a digital communications and social networking company. The Company develops and markets proprietary web-based social networking software applications, including video email, video instant messaging and live webcasting. DigitalFX bundles its proprietary applications with other open source applications and sells them as an integrated suite through an Internet-based subscription model

Hollywood Media Corp (HOLL) Hollywood Media Corp. provides information, data and other content and ticketing to consumers and businesses covering the entertainment, Internet and media industries primarily in North America and the United Kingdom. The Company manages a number of business units including Data Business, consisting of the Source Business unit and Baseline/FilmTracker; Broadway Ticketing, consisting of Theatre Direct International, Broadway.com and 1-800-BROADWAY; Internet Divisions, including Hollywood.com and Broadway.com, and Intellectual Properties, which includes a book development and book licensing business. Hollywood Media derives a diverse stream of revenues from this array of business units, including revenue from individual and group Broadway ticket sales, data syndication, subscription fees, content licensing fees, Internet advertising and book development.

Interep National Radio Sales Inc (IREP.OB) Interep National Radio Sales, Inc. is an independent national spot radio representation or rep firm in the United States. The Company is the rep firm for nearly 1,800 radio stations nationwide. Interep's 17 offices across the country enable the Company to serve its radio station clients and advertisers in all 50 states and portions of Mexico and Canada. The Company provides national sales representation for clients whose diverse formats include country, rock, sports, Hispanic, classical, urban, news, talk, oldies, adult contemporary, jazz, contemporary hits, etc. Interep derives a substantial majority of its revenues from commissions on sales of national spot radio advertising airtime for the radio stations the Company represents. The Company receives commissions from its client radio stations based on the national spot radio advertising billings of the station, net of standard agency commissions.

Loudeye Corp (LOUD) Loudeye Corporation is a business-to-business provider of services that facilitate the distribution and promotion of digital media content to media and entertainment, retail and enterprise customers. The Company's digital media products and services include private-branded digital music stores, such as the Digital MusicStore and iRadio Service; digital music encoding; metadata licensing; advanced fingerprint database generation; hosted music sample services; hosted music download services, including digital rights management license clearing; online radio solutions, and rich media advertisement insertion. Loudeye also provides enhanced enterprise communication services, which include scalable, live and on-demand audio and video Webcasting services, supported by proprietary applications such as synchronized streaming slide presentation capabilities.

Macrovision Corp (MVSN) Macrovision Corporation develops and licenses copy protection, electronic licensing and rights management technologies. The Company's customers include Hollywood studios, independent video producers, hardware and software vendors, music labels, consumer electronic, personal computer (PC) and digital set-top box manufacturers and digital pay-per-view (PPV) and video-on-demand (VOD) network operators. Macrovision provides content owners with the means to market, distribute, manage and protect video, software and audio content.

Napster Inc (NAPS) Napster, Inc., formerly Roxio, Inc., is a provider of digital media software and services for the consumer market. It provides software that enables individuals to record digital content onto compact disc (CDs) and digital video discs (DVDs) and offers photo and video editing products. The Company's products and services allow customers to access, archive, create, customize and share digital materials in formats compatible with a number of digital entertainment devices, such as personal computers (PCs), CD and DVD players, compressed audio players and personal digital assistants. The Company operates its business in two segments and divisions: the consumer software products division, which provides a family of PC-based consumer software products that allows customers to create, manage, customize and share digital content, and the online music distribution division, Napster LLC, which provides paid online music service under the Napster brand.

NT Media Corp (OTCBB:NTMM) is a diversified entertainment and Media Company based in Los Angeles California with operations in film and television production and finance. NT Media Corp. announced the launch of its Music Division in September 2006.

Paradise Music & Entertainment, Inc (PDSE.PK) Paradise Music & Entertainment, Inc. (PDSE) is a music and entertainment company focusing on partnering with other companies to build their brands by utilizing music and events to marry marketing, technology and entertainment to connect customers with consumers. The Company markets sponsor-targeted entertainment projects, including the development and production of festivals, events and branding campaigns for corporate clients. During the year ended December 31, 2002, PDSE executed a branding program for Coors Brewing Company, including promoting their brand at after-the-concert parties for portions of the Nelly tour. The Company has also agreed to produce two events for not-for-profit organizations. PDSE is in negotiations for a number of festivals and music events for the 2004-2005 season, with contracts with a number of global brand companies.

RealNetworks Inc (RNWK) RealNetworks, Inc. is a creator of digital media services and software. Consumers use the Company's services and software to find, play, purchase and manage free digital content, including music, video and games. Broadcasters, network operators, media companies and enterprises use its products and services to create and deliver digital media to personal computers (PCs), mobile phones and consumer electronics devices. Sales to customers outside the United States, primarily in Asia and Europe, were approximately 27%, 28% and 29% of total net revenues during the years ended December 31, 2003, 2002 and 2001, respectively.

Sounds 24-7 Inc (SDSX.PK) Sounds 24-7 and its subsidiaries, Radio Station Library and ItsFun.com, are revolutionizing the manner in which record labels, artists and distributors promote recorded music. Today, Sounds 24-7 is poised to become the premier service provider for the music business. That’s not hyperbole. When you consider what we offer, the sheer simplicity of the business plan and what it means to the industry and to the public at large, the potential of this new concept is virtually limitless.

Tickets.com Inc (TIXX.PK) Tickets.com, Inc. is a business-to-business ticketing solutions provider for live events. As an infrastructure enabler and a systems and services provider, the Company facilitates the sale of tickets for venues and entertainment organizations with proprietary software, through an integrated distribution network that includes the Internet, call centers, interactive voice response systems and retail outlets. The Company builds private label ticketing gateways to enable live entertainment organizations with an e-commerce distribution platform. Tickets.com's automated ticketing solution is used by thousands of venue and entertainment organizations such as performing arts centers, professional sports organizations and various stadiums and arenas in the United States, Canada, Europe, Australia, Latin America and Asia. Ticket.com's operations are organized into four operating segments: Ticketing Services Group, Internet Ticketing Group, International Group and Other.

The Orchard (NASDAQ: ORCD) controls and globally distributes more than 1.3 million songs and over 5,000 video titles through hundreds of digital stores (e.g. iTunes, eMusic, Google, Netflix, V CAST) and mobile carriers (e.g. Verizon Wireless, Vodafone, Bell Canada, 3). With operations in 27 countries, The Orchard drives sales for its label, retailer, brand, and agency clients through innovative marketing and promotional campaigns; brand entertainment programs; and film, advertising, gaming and television licensing. A pioneer in digital music and media services, The Orchard fosters creativity and independence.