June 29, 2002

Hispanic Television Network, Inc. (HTVN) filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Texas, Ft. Worth Division. The filing is intended to allow the Company to continue to operate its business as a debtor-in-possession while a plan of reorganization is prepared and filed with the Bankruptcy Court. The Company and its principal secured creditors have entered into an agreement with BroadcastLinks, Inc., a Delaware corporation, whose principal executive offices are located in New York, New York providing for a proposed business combination under which the Company would be reorganized under a Chapter 11 plan as a newly-formed, combined entity and BroadcastLinks would become the principal shareholder of the combined entity. Under the agreement, BroadcastLinks will also provide debtor-in-possession financing to the Company until the plan of reorganization is confirmed. The anticipated plan of reorganization will result in the cancellation of all currently outstanding equity interests in the Company, including the cancellation of all common stock, preferred stock, and options and warrants.

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