Skyline Multimedia Entertainment to Open Virtual Reality Center in Chicago:
Third Site and First Outside New York City for Skyline
NEW YORK--(BUSINESS WIRE)--Sept. 12, 1996

Skyline Multimedia Entertainment Inc. (NASDAQ, SKYL, SKYLU) today announced that it has signed a lease agreement with Woodfield Associates for a 15-year lease in the Woodfield Mall, the fourth largest mall in the United States and the largest tourist attraction in the state of Illinois. Woodfield mall is located just outside Chicago. The high traffic space will be developed into a state-of-the-art Virtual Reality Entertainment Center.

The lease encompasses approximately 21,000 square feet, which will be patterned after Skyline's XS New York VR Entertainment Center in Times Square, which is just a few months away from opening.

The virtual reality entertainment center will be designed, constructed, financed and operated by a wholly owned subsidiary of the company. The project will be known as the XS Chicago. Plans call for the a themed environment with futuristic graphics, animatronic characters, specialty lighting, and audio and video displays.

The center will feature six or more distinct virtual environments, each showcasing the latest hardware and software offering guests both competitive and exploratory experiences. Industry leading suppliers such as Virtuality Inc., makers of the advanced 2000 series, will feature their most advanced systems at Skyline's new center. The facility may also house a flight simulation attraction similar to Skyline's hugely successful New York SkyRide.

The new facility will also feature a state-of-the-art "Cyber Cafe" where patrons can log-on to the Internet and explore the World Wide Web. At the same time they can enjoy light food and beverages and browse in a themed retail area.

The Woodfield Mall is a regional supermall with over 2 million square feet of retail space. Over 18 million people visit the mall annually. The Skyline site is near The Rainforest Cafe, a successful theme restaurant that attracts tourists and residents alike.

Zalman Silber, president and CEO of the company, stated, "We are very excited by this opportunity to expand our entertainment center concepts." He added, "We are confident that Chicago is the next step toward developing Skyline attractions in cities around the world."

The company also announced that its flagship attraction in the Empire State Building, New York SkyRide, continues to demonstrate record breaking attendance. Year-end results for fiscal 1996 were very encouraging. The company earned a profit of $1,046,000, or 37 cents per share on revenues of $5,978,000.

Skyline Multimedia Entertainment Inc. is a holding company engaged in the development and operation of state-of-the-art entertainment attractions at locations worldwide. New York Skyline Inc., a wholly owned subsidiary, owns and operates New York SkyRide, the first simulator attraction in the metropolitan New York area located within the Empire State Building, New York's number 1 tourist attraction. Skyline Virtual Reality Inc., a wholly owned subsidiary, owns and operates XS New York, New York's first and only Virtual Reality Entertainment Center, located in the heart of Times Square.

CONTACT: Skyline Multimedia Entertainment Inc., New York
Eric Cohen, 212/564-2224

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