News Release

Tuesday, February 11, 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:

PRIVATE PLACEMENT CLOSES

David Dadon, Chairman of the Company, announces that the first 670,000 Units of the private placement announced December 10, 2002 has been approved by the TSX Venture Exchange and has closed. The placement yielded to the Company $134,000. The share purchase warrants attached to the Units are exercisable at $0.27 until February 11, 2005.

MARINE BIOPRODUCTS SHARE EXCHANGE CANCELLED

David Dadon further announces that the Company will not be proceeding with the share exchange with Marine BioProducts announced January 15, 2003.

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.

David Dadon, Chairman

Yaletown Entertainment Inc.

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

For more information contact David Dadon, Chairman, or John Cumming, C.E.O., at 604-689-7300, or by e-mail at [email protected] or check out our web site at www.yaletownentertainment.com.