News Release

Monday, February 3, 2003
T.S.X. Venture Exchange Trading Symbol: ECY

VANCOUVER, B. C., CANADA ------David Dadon, Chairman of Yaletown Entertainment Corp., (the �Company�) is pleased to make the following announcement:

ACTOR FRANK ZAGARINO SIGNS WITH YALETOWN

David Dadon, Chairman of the Company, is pleased to announce that the Company has concluded a deal memo with actor Frank Zagarino for three feature films and a 28 episode television series.

The three feature films will include the action film 'Strike Zone II' and two further titles yet to be selected.

The television series is a teen action-drama 'Wakeside' based on the extreme water sport wakeboarding. Wakeside will be introduced with a theatrical release feature film to be shot not later than September 2003.

Frank Zagarino has starred in eighteen feature films: Shattered Lies, Never Look Back (financed and produced by Yaletown chairman David Dadon), Strike Zone (financed and produced by David Dadon), Armstrong (produced by David Dadon), Delta Force-Critical Moves, Convict 762, Airboss, Apocalypse, Warhead, Terminal Impact, Without Mercy, Never Say Die, Night Siege, the Shadowchaser features I through IV and Trained to Kill.

PRIVATE PLACEMENT

David Dadon, Chairman of the Company, is also pleased to announce that further to the Company's news release of January 3, 2003 the Company has entered into a further private placement agreement with Mountainside Pharmacy Ltd., owned by Mr. Riaz Mapara, pursuant to which Mountainside Pharmacy Ltd. will acquire an additional 41,667 common shares from treasury at C$0.60 per share. Mountainside previously agreed to acquire 45,455 common shares at $0.55 per share.

This placement is subject to regulatory approval.

Yaletown Entertainment Corp. is a diversified entertainment company combining an award winning production company with a complete High Definition video postproduction services division (see www.post-digitalworks.com) and a state-of-the-art digital audio postproduction services arm (see www.pinewoodsound.com) providing specialty services to the film and television industry in the pacific northwest.

For more information contact John Cumming, C.E.O., at 
(604) 669-3543 or check out our web site at www.yaletownentertainment.com.

David Dadon, Chairman

Yaletown Entertainment Inc.

THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED OF THE CONTENTS OF THIS PRESS RELEASE.

For further information: Yaletown Entertainment Corp., Tel: (604) 669-3543, Fax: (604) 669-5149; www.yaletownentertainment.com