Issue of Equity

9 November 2010

                           Parallel Media Group Plc                            

              Over £3,700,000 in new equity raised through:

                * Placing to raise £950,000
   
                * Conversion of £1,700,000 Convertible Loan Notes
   
                * Conversion of £1,080,000 Other Creditors
   
              Appointment of Joint Broker

The Board of Parallel Media Group Plc ("PMG" or "the Company"), a leading
international sports marketing and media group, is pleased to announce a
placing to raise gross proceeds of £950,000. At the same time, over £2,750,000
has been secured by the conversion of convertible loan notes and other
creditors. In aggregate, the combination of the placing, the loan conversions
and the settlement of other creditors through the issue of new ordinary shares
raises over £3,700,000 for the Company. These initiatives significantly
transform the financial structure of the business and provide a platform for
growth and development.

Financing Arrangements

The Placing

The Board today announces that the Company has conditionally raised gross
proceeds of £950,000 in a placing arranged by Novus Capital Markets Ltd of
2,375,000 new ordinary shares at a price per share of 40p ("the Placing Price")
to new and existing shareholders ("the Placing Shares"). The Placing was
achieved through existing authorities approved by shareholders at the general
meeting of the Company held on 31 August 2010. The Placing Shares will
represent 15.4% of the total 15,437,437 ordinary shares in issue on completion
of the Financing Arrangements.

Other financing arrangements

PMG has secured commitments from holders of an aggregate of £1,704,184 of
convertible loan notes to convert their loan obligations at the Placing Price
into a total of 4,260,460 new ordinary shares.

PMG has secured commitments from holders of an aggregate of £534 405 short term
loans to convert their loan obligations at the Placing Price into a total of
1,280,506 new ordinary shares.

Furthermore, other creditors totalling £547,716 (including directors and
management) have agreed to be settled by the issue of 1,348,005 new ordinary
shares, also at the Placing Price.

Participation by directors of the Company

The following directors have participated in the Financing Arrangements
described above:

David Ciclitira - Executive Chairman

  * converts £1,174,822 of convertible loan obligations due to the Tokyo
    Settlement trust* into 2,937,054 new ordinary shares;
   
  * converts a £100,000 short term loan obligation due to Luna Trading Limited*
    into 250,000 new ordinary shares;
   
  * converts £175,000 of a loan of £336,000 due to Luna Trading Limited into
    437,500 new ordinary shares; and
   
  * agrees the settlement of creditor amounts of £45,000 in consideration for
    providing personal guarantees and management bonus (as described in the
    circular issued to shareholders by the Company dated 9 August 2010 ("the
    Circular")), resulting in the issue to him of 112,500 new ordinary shares.
   
* a member of the Ciclitira Concert Party as defined in the Circular.

Stewart Mison - Managing Director

Stewart Mison has agreed to convert £50,000 of amounts due to him into 125,000
new ordinary shares. In addition, compensation, bonus and personal guarantee
amounts totalling £195,000 will be settled by the issue of 487,500 new ordinary
shares.

Non-executive directors

Leonard Fine, Edward Adams and Serenella Ciclitira, all non-executive directors
of the Company, have agreed to amend the existing terms of their appointment
and to convert outstanding cash fees of £22,500 into a total of 56,250 new
ordinary shares.

Included in the settlement of other creditors of £547,716 are amounts due to
non-executive directors of £104,000 which are being settled, pursuant to the
existing terms of their appointment, through the issue of 260,000 new ordinary
shares.

The new ordinary shares issued to the directors in respect of the above
transactions were all effected at the Placing Price. None of the directors has
participated in the Placing.

The transactions mentioned above between the Company and the Company's
directors are deemed to be related party transactions under the AIM Rules and
there are therefore no independent directors able to provide the fair and
reasonable opinion required under Rule 13 of the AIM Rules. Northland Capital
Partners Limited, the Company's Nominated Adviser, considers that the terms of
the transactions between the Company and the Company's directors are fair and
reasonable insofar as the Company's shareholders are concerned.

Following the completion of the Financing Arrangements, the interests of the
directors in the issued share capital of the Company will be as follows:

David Ciclitira*                        42.59%          
                                                    
Stewart Mison                            3.97%           
                                                    
Edward Adams                             0.94%           
                                                    
Leonard Fine                             0.87%           

* David Ciclitira's interest includes his direct interest and that of the other
members of the Concert Party.

Concert Party interest

The Cicilitira Concert Party is currently interested in 45.34% of the issued
share capital of the Company. Following completion of the Financing
Arrangements, the interest of the Concert Party will reduce to 42.59%. The
Takeover Code contains provisions which would allow the Concert Party to
increase its holding to not more than 45.34% of the issued share capital of the
Company without any consequences under Rule 9 of the Takeover Code.

Revised shareholding structure

On completion of the Financing Arrangements, the following shareholders (in
addition to the directors mentioned above) will be interested in 3% or more of
the enlarged issued share capital of the Company:

Chris Salter                            10.73%          
                                                    
Herald Investment Management             9.72%      
Limited                                             
                                                    
Urban Strategic Pte Limited              4.86%      
                                                    
Pierce Casey                             4.62%      
                                                    
Smith & Williamson Nominees Limited      4.34%      
                                                    
Patrick Delaney                          3.03%      

Appointment of Joint Broker

The Company is pleased to appoint Novus Capital Markets Ltd as Joint Broker
with immediate effect.

General

Application will be made to the London Stock Exchange for the 9,263,971 new
ordinary shares to be issued under these financing arrangements to be admitted
to trading on AIM.  It is expected that Admission will become effective and
that dealings in the 9,263,971 new ordinary shares on AIM will commence at 8.00
a.m. on 12 November 2010.

The 9,263,971 new ordinary shares will rank pari passu in all respects with
existing ordinary shares, including the right to receive and retain all
dividends and other distributions declared, made or paid after Admission. 

On completion of the Financing Arrangements, the total number of ordinary
shares in issue will be 15,437,437. The Company has no ordinary shares held in
treasury. This figure of 15,437,437 ordinary shares may therefore be used by
shareholders in the Company as the denominator for the calculations by which
they will determine if they are required to notify their interest in, or a
change in their interest in, the share capital of the Company under the FSA's
Disclosure and Transparency Rules.

Commenting on these developments, David Ciclitira, Chairman of Parallel Media
Group Plc, said:

"This is an exciting time for PMG. As we noted in our Interim Results, the
first six months of this year have been an extremely positive period for our
Company, maintaining and expanding the business base in Asia. With the
fundraising completed and the balance sheet restructured we can now focus on
some very interesting projects in Asia. Our golfing assets allow us to promote
premier European Luxury brands to the fastest growing region in the global
economy.

Korea is not only a key Asian economy, this month hosting the G20, it is also
an established sports market. Our Ballantine's Championship, which moves to
Seoul next April/May, is without doubt Korea's leading men's golf event and one
of the premier Asian golf events. This is a platform we intend to build on and
grow into other Asian markets.

Our vision is to build PMG into the leading owner of Asian lifestyle assets
both in golf and other related areas. The next 12 months should witness
significant growth both organically and by acquisition.

I would like to take this opportunity to thank not only our existing
shareholders and our new shareholders but also our dedicated staff, without
whom none of this would have been possible."

Enquiries:

Stewart Mison                    Parallel Media Group Plc   [phone]    
                                                            2000               
                                                                               
Luke Cairns, Edward Hutton       Northland Capital Partners [phone]    
                                 Limited                    4750               
                                                                               
Charles Goodfellow / Paul Dudley Novus Capital Markets Ltd  [phone]    
                                                            1850               
                                                                               
Laura Stevens/Natalie            Bishopsgate Communications [phone]    
                                 Limited                    3350               
Quinn