Issue of Equity

22 March 2007

                           Parallel Media Group plc                            

                           (`PMG' or the `Company')                            

Issue of equity shares

Parallel Media Group plc (AIM:PAA) announces that entered into an agreement to
raise £525,000 by way of a placing of 46,666,666 new ordinary shares of 0.5p
with Pacific Continental Securities (UK) Ltd.

The proceeds will to be used to enlarge PMG's sales force in London and in Asia
and to expand the Company's operations in its Hong Kong office. The Company is
also pleased to announce that is currently in advanced stages of negotiation
for it to stage a new golf event in Asia in 2008, and some of the proceeds of
this issue will be used to fund the development stage of this new event.

In addition, the Company has also allotted:

  * 333,333 new ordinary shares arising from the conversion of an existing
    convertible loan of £5,000; and
   
  * 3,000,000 new ordinary shares in settlement of an existing creditor
    totalling £45,000.
   
Application is being made for all these new ordinary shares to be admitted to
trading on AIM. It is anticipated that admission will become effective and that
dealings will commence on 27 March 2007. Following these allotments the Company
will have 372,070,293 ordinary shares in issue.

For more information:

Richard Graham/Helen Mitchell

Parallel Media Group

Tel: [phone]

Nominated Adviser

Ross Andrews

Director

City Financial Associates Limited

Tel: [phone]