News Release

HOLLYWOOD PRODUCER JOINS YALETOWN

Pursuant to a Memorandum of Understanding executed October 11, 2002 Hollywood film producer David Dadon has joined forces with Yaletown. Subject to final contract and TSX approval the Company will issue to David Dadon 2,000,000 common shares at a deemed issue price of $0.10 per share. The shares are to be voluntarily escrowed for one year and subject to release when minimum film production targets are met. After receipt of required regulatory approvals and the issuance of the above-noted shares, the Company will grant to David Dadon 300,000 incentive stock options at prevailing market prices.

David Dadon has agreed to direct his efforts in the entertainment field to Yaletown and deliver a minimum of US$3,000,000 in new, fully funded, film production to the Company within the next 12 months.

David Dadon is Chairman of Giants Entertainment, Inc., a Nevada corporation. David Dadon and Giants Entertainment Inc. have produced 11 feature films and acquired for distribution over 100 others.

Films produced by David Dadon include:

Replicant� starring Jean- Claude Van Damme and Michael Rooker.   Directed by Ringo Lam.

Ticker� starring Steven Segal and Dennis Hooper.Directod by Albert Pyun.

Very Mean Men starring Matthew Modine, Martin Landau, Ben Gazzara, Burt Young, Scott Baio and Louise Fletcher

Face to Face starring: Dean Stockwell, Scott Baio, Joe Viterelli, Alex Rocco, Ellen Travolta and Thomas Calabro

Outlaw starring Michael Madsen, Bo Svenson, William Forsythe, Cindy Ambuehl and Bo Svenson. Directed by Bo Svenson.

Ides of March starring: Michael Madsen, Gary Daniels, George Cheung

Bad Guys starring Michael Madsen, Bryan Genesse, James Russo, Claudia Christian and Damon Whitaker

Dead Man�s Run starring John Savage, Joe Lara, Diane Barton, Erika Rochane and Damon Whitaker

Never Look Back starring Frank Zagarino, Charles Durning, Charles Napier, Burt Young and Anne Morea.

Strike Zone starring Frank Zagarino, Billy Drago, Joe Lara and Sonia Satra.

Savage Season starring: Miles O�Keefe, Regina Russel, Marty Kove, Paul Logan� and Anna De Cardi

Armstrong starring: Frank Zagarino and Charles Napier. Directed by Academy Award nominee Menaham Golan

APPOINTMENT OF DIRECTOR AND CHAIRMAN

Effective October 11, 2002 John Cumming has resigned as Chairman of the Board. He will remain as Chief Executive Officer and Chief Financial Officer. David Dadon has been appointed as a director and as Chairman of the Board of Directors.