Recording

Liquid Audio, Alliance Terminate Merger

Liquid Audio (Redwood City, Calif.) and Alliance Entertainment (Coral Springs, Fla.) announced that they have mutually agreed to terminate a proposed 11/19/2002 7:00 AM Eastern

Liquid Audio (Redwood City, Calif.) and Alliance Entertainment (Coral Springs, Fla.) announced that they have mutually agreed to terminate a proposed merger that was agreed upon on June 12, 2002, and restated in July 14, 2002.

Liquid Audio and Alliance Entertainment planned on merging to combine their operations to distribute digital and physical entertainment media, as well as create stockholder value. Both companies' managements still support the strategic values of the merger; however, a significant portion of Liquid Audio's stockholders have publicly expressed opposition to the proposed merger and the companies believe that the termination is in the interest of both parties.

For updates, visit www.liquidaudio.com.

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