Alpha Spacecom, Inc. Returns 9,555,555 Million Shares to Its Treasury Company Moves to Eliminate Excess Shares in Float, Convertible Preferred B Shares Canceled HONG KONG and LOS ANGELES, March 18 /PRNewswire-FirstCall/ -- Alpha Spacecom, Inc. (OTC:ASPC) (BULLETIN BOARD: ASPC) , a China-based entertainment Company, announced today that the holder of 9,555,555 shares of its Convertible Preferred B shares (convertible to 860,000,000 common shares) issued in connection with the Share Exchange Agreement of December 9, 2001 have been voluntarily returned to the Company and canceled. Further, Chairman Fung T. Sien said that the company has accepted the resignation of Dennis H. Johnston, as VP and General Counsel effective immediately. About Alpha Spacecom, Inc. Alpha Spacecom, Inc. is a registered United States (Colorado) corporation traded on the OTC Bulletin Board (OTC:ASPC) (BULLETIN BOARD: ASPC) . Alpha Spacecom is engaged in the research and development of technology and systems conversions related to the reconstruction and digital conversion of movie theaters and multi-cinema complexes and the satellite distribution of entertainment media (film, theater, live music and sporting events) in China. (http://www.alphaspacecom.com/). Except for historical information contained herein, the matters set forth in this press release, such as statements relating to the Company's ability to drive technological developments and the acceptance and timing of entertainment systems, conversion and programming introductions, are forward-looking statements that are subject to risks and uncertainties, including timely development and acceptance of new systems technologies, theater conversions and satellite linked communications. Contact: John Santoyo Vice President, Communications 213-426-3206 213-426-3207 Los Angeles, California, USA DATASOURCE: Alpha Spacecom, Inc. CONTACT: John Santoyo, Vice President, Communications of Alpha Spacecom, Inc., +1-213-426-3206, or +1-213-426-3207, Web site: http://www.alphaspacecom.com/

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