Live Company Regulatory News (LVCG)

01 March 2012

Parallel Media Group PLC

("PMG" or the "Company")

PMG announces Italian joint venture Company

Appointment of new Group Creative Director

Parallel Media Group, the AIM quoted sports marketing and digital agency, is pleased to announce the expansion of its business in Italy, following the signing of a joint venture agreement with Italian Sports Media agency, Media Makers, and the appointment of Pier Luigi Stefani to a newly created role as PMG's Creative Director.

The new JV company will be called Parallel Media Italia (PMI) and will focus on event development as well as promoting projects in the sport, entertainment, arts and new media sectors.

As well as continuing PMG's traditional business of sport promotion, PMI will launch two new Divisions, an Entertainment and Music Division focusing on the development of the highly successful Asian music genre, KPOP to the European market place and a New Media Division offering digital solutions originated by PMI's sister company, Parallel Smart Media to the Italian sport and tourism sectors.

PMI's office in Milan will also concentrate on developing marketing and communication opportunities for the 2015 Milan Expo, as well as the provision of event management and logistics services.

PMI will be headed up by PMG's new Creative Director, Pier Luigi Stefani. Pier Luigi, who is also a journalist and broadcaster, has a wealth of experience in the media industry where he is best known for starting VideoMusic, the first music television channel in Europe designed for a young audience.

Pier Luigi will be supported by his colleague, Paolo Cassera, who has a wealth of experience in the sport and entertainment industry with a proven track record working with Juventus Football Club and the NBA in Europe

 Chairman of PMG, David Ciclitira, says:

"We are excited about our joint venture with Media Makers and the opportunities it will expose us to in the Italian market. I have known Pier Luigi and Paolo for many years and am extremely pleased they will be joining the team. As well as heading up our office in Italy Pier Luigi will also take on a new role as PMG's Creative Director overseeing all areas of music and entertainment within the Group.

"We are operating in a very exciting time where we are witnessing both the growth of Italian luxury brands in the Asian market as well as the growth of Asian investment in Italy, I believe that PMG is uniquely placed to take advantage of these growing trends which will undoubtedly be at forefront of a very successful Milan Expo in 2015."

-End-

For further information, please contact:

Parallel Media Group 020 7225 2000

David Ciclitira

Parallel Media Italia +39 (0) 22 951 2596

Pier Luigi Stefani

Northland Capital Partners Limited 020 7796 8800

Luke Cairns, Edward Hutton

Novus Capital Markets Limited 020 7107 1881

Nicholas Lee

Bishopsgate Communications

Deepali Schneider, Lynne Goulding 020 7562 3350

pmg@bishopsgatecommunications.com