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[13/02/2008] Press Release- Mandalay Media

Mandalay Media, Inc. (OTCBB: MNDL.OB) announced today that it has completed its merger with Twistbox Entertainment, Inc. Twistbox is now a wholly-owned subsidiary of Mandalay Media and its current sole operations as stated under Mandalay Media's Form 8-K as filed with the Securities and Exchange Commission. Mandalay Media is a development stage company created by leading executives from the entertainment and investment industries and co-chaired by Peter Guber and Rob Ellin. Mandalay Media will be focused on building a strategic combination of new media distribution and content assets. Twistbox Entertainment will be the foundation for Mandalay Media's mobile and interactive offerings. Twistbox has direct on-deck distribution with over 100 mobile operators, operates in more than 40 countries and has products and services including video rich WAP sites, mobile TV and in-house developed mobile games that reach more than one billion handsets.

The current senior management team of Twistbox will continue to operate the business as usual across its subsidiaries and territories. Ian Aaron, who is currently Chief Executive Officer of Twistbox, has been appointed to the Board of Directors of MNDL and continues to serve as Chief Executive Officer of Twistbox. Prior to joining Twistbox, Mr. Aaron served as the President of the TV Guide Television Group. "Twistbox is our first acquisition and an important step towards establishing Mandalay Media as a global digital media company," stated Bruce Stein, Mandalay Media COO.

We are aggressively pursuing other new media opportunities at the intersection of digital media, casual gaming and content commercialization that can leverage Twistbox's global distribution footprint, content publishing platforms and mobile games development capabilities." "Our merger is a great opportunity for Twistbox to diversify its mobile content offerings and take advantage of the entertainment and marketing experience within the Mandalay Media team, stated Ian Aaron, Twistbox CEO.

Strategically, we feel that the mobile market is ripe for consolidation and being part of a public company with expanded reach and resources will greatly enhance our abilities to capitalize on this dynamic marketplace. This is a wonderful opportunity for Twistbox to leverage our mobile publishing platforms that include services such as Play4Prizes, MobileTV, Advertising, and Age Verification to position us a key player at the intersection of mobile media, advertising and technology.

About Twistbox Entertainment, Inc.

Twistbox Entertainment, Inc. is a global producer and publisher of mobile content. Through exclusive licenses with industry leading brands and direct distribution with over 100 operators in over 40 countries, Twistbox provides an extensive portfolio of award-winning games, WAP sites, and mobile TV channels worldwide. Based in Sherman Oaks, CA, Twistbox maintains development and sales offices throughout Europe and Latin America.

About Mandalay Media, Inc.

Mandalay Media, Inc. is a development stage company whose mission is to build a unique combination of new media distribution and content companies through asset acquisition, merger, exchange of capital stock, or other business combination with a domestic or foreign business.

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