Level 3 Securities Market Performers this morning are: Consolidated Sports Media Group, Inc. (OTC: CSGU), Viacom Inc CL B (NYSE: VIA-B), Metro-Goldwyn-Mayer Inc (NYSE: MGM) and Caesars Entmt Inc (NYSE: CZR).

Consolidated Sports Media Group, Inc. (CSGU.PK) is entering the feature film industry! They are going to provide important business and development services to new low-budget films. They will also be active in representing and assisting in the distribution of a series of low-budget independent documentary films. CSGU is in a fantastic position to be very competitive in their work with films in the $250,000 to $2,500,000 budget range. This is because documentaries like “Fahrenheit 911″ and “Super Size Me” have drastically changed the dynamics of film making in this genre. The demographics are much broader and the film is produced using the state-of-the-art, yet inexpensive, extremely cost-effective digital video formats. Using these new video techniques means much lower risk. This is great news for savvy investors!

Consolidated Sports Media is very familiar with the entertainment media market. They already have well-established relationships with distributors, studios, directors, writers, actors, graphic designers, and craftspeople. This will allow CSGU the opportunity to develop a niche market in the feature film industry as it already has done in the home video market place. CSGU brings to the table solid experience in developing, producing and distributing videos and new media. Their business experience and contacts in the creative community and entertainment industry will be a huge asset. What a bonus!

Consolidated Sports recently entered into an exclusive video distribution agreement for an exciting and informative series starring NFL touchdown leader Priest Holmes. This agreement is also likely to generate significant revenue for CSGU. Couple news like that with CSGU’s focus on feature films and you have no reason to wait to add this stock to your portfolio! Visit www.csmgi.com for more information.

Neither the information nor any opinion expressed herein constitutes an offer, or an invitation to make an offer, to buy or sell any securities or any options, futures or other derivatives, related to such securities. Level 3 Securities Inc was compensated one hundred thousand shares to date for the dissemination of this opinion by a third party and has sold 0 shares. Level 3 Securities Inc. and its affiliates may trade for their own accounts in any securities of the issue (or issues) or in related investments. Level 3 Securities Inc. does not accept liability for any loss resulting from an investor’s use of, or reliance, on this report. Level 3 Securities Inc. has obtained information from sources that are considered reliable but it is not guaranteed that this report is accurate or complete. Considerable reliance has been placed on information the company has released to the public domain or provided. However, no representation or warranty is made as to the accuracy, reliability, or timeliness of the content. This report contains forward-looking statements, which involve risks and uncertainties, which could cause actual results to differ from those implied by these statements. It is intended that all forward-looking statements be covered by the “safe harbor” provisions of section 21E of the Securities Exchange Act of 1934. Past performance is not necessarily a guide to future results. The opinions expressed are of this date and Level 3 Securities, Inc. assumes no obligation to update, modify, or amend this report.

Contact: Level 3 Securities Inc. 561-541-4396 info@level3corp.com

Level 3 Securities Market Performers this morning are: Consolidated Sports Media Group, Inc. (OTC: CSGU), Caesars Entmt Inc. (NYSE: CZR), CEC Entmt (NYSE: CEC) and Fox Entmt Grp Inc. (NYSE: FOX)

Consolidated Sports Media Group, Inc. (OTC: CSGU) has entered into an exclusive video distribution agreement for an exciting and informative series starring NFL touchdown leader Priest Holmes. In addition to featuring this NFL superstar, these inspirational fitness videos also feature world-renowned trainer Bay Bay McClinton. The “Elements Of A Champion” video series was produced by Integrity Marketing. An infomercial is being developed with a national direct response television campaign to be announced next month. This agreement is likely to generate significant revenue for CSGU and is great news for investors!

Dieting and physical fitness is a hot topic, and this video series will fit well in the television fitness world by providing serious fitness consumers an excellent choice when searching for an alternative to expensive, risky, and often useless, weight loss programs. Holmes concentrates on real physical exercise and his video analyzes the success of various training methods and weight-loss strategies. CSGU’s decision to distribute this product and develop a fitness infomercial around it reinforces the company’s commitment to be a dominant force in the direct response television business and will keep CSGU on the cutting edge of instructional sports video distribution. Now is the time to add CSGU to your portfolio, before the price goes up!

What a fine individual for CSGU to be associated with! There are many good things to say about Priest Holmes — and CSGU’s future! Holmes was the leading touchdown scorer in the NFL and has captured the attention and hearts of sports lovers everywhere. He worked his way to the top with little recognition along the way. Now the champion will tell the story the way he wants it to be told. One of the most dominating running backs of our time, Holmes has appeared on the cover of ESPN Magazine. Like Holmes’ scoring, you can watch CSGU’s profits rise to record highs with this strong buy!

Consolidated Sports Media Group, Inc is a conglomerate of multimedia companies that develop, produce, and distribute entertainment media. CSGU is focused on film, television, music, and publishing interests. The company develops training and instructional videos for a wide variety of sports and leisure. CSGU distributes DVD titles through its direct response television business strategies as part of the company’s commitment to be a dominant force in the instructional sports marketplace. The company has entered the multi-billion dollar home video/entertainment industry, making now the time to invest in CSGU. Visit www.csmgi.com for more information.

Neither the information nor any opinion expressed herein constitutes an offer, or an invitation to make an offer, to buy or sell any securities or any options, futures or other derivatives, related to such securities. Level 3 Securities Inc. was compensated one hundred thousand shares for the dissimenation of this opinion by a third party. Level 3 Securities Inc. and its affiliates may trade for their own accounts in any securities of the issue (or issues) or in related investments. Level 3 Securities Inc. does not accept liability for any loss resulting from an investor’s use of, or reliance, on this report. Level 3 Securities Inc. has obtained information from sources that are considered reliable but it is not guaranteed that this report is accurate or complete. Considerable reliance has been placed on information the company has released to the public domain or provided. However, no representation or warranty is made as to the accuracy, reliability, or timeliness of the content. This report contains forward-looking statements, which involve risks and uncertainties, which could cause actual results to differ from those implied by these statements. It is intended that all forward-looking statements be covered by the “safe harbor” provisions of section 21E of the Securities Exchange Act of 1934. Past performance is not necessarily a guide to future results. The opinions expressed are as of this date and Level 3 Securities, Inc. assumes no obligation to update, modify, or amend this report.

Contact: Level 3 Securities Inc. 561-541-4396 info@level3corp.com

Level 3 Securities Market Performers this morning are: USA Technologies, Inc. (OTC BB: USTT), Microsoft CP (NASDAQ: MSFT), Sun Microsystems (NASDAQ: SUNW) and Intel CP (NASDAQ: INTC).

USA Technologies (OTC BB: USTT) has been in negotiations with a Fortune 50 company for the sale of its VendingMiser unique technology. The result is that USA Technologies and the Fortune 50 Company have a one-year contract in which USA Technologies has agreed to supply its energy miser products, which include VendingMiser®, CoolerMiser(TM), PlugMiser(TM) and SnackMiser(TM) to the customer. This is wonderful news for investors!

Under the contract, the Fortune 50 customer would purchase the vending miser products, then deliver them to their own customer, a Fortune 50 major retailer. This retailer has thousands of locations in the United States and abroad — indicating a strong revenue stream for USTT! The Fortune 50 Company has agreed to notify USA Technologies 30 days in advance (or sooner) as to when the first purchase order will be made. Now is the time to add USTT to your portfolio!

On another significant note, the Fortune 50 customer could purchase USTT’s energy miser products for delivery to their other major accounts. USA Technologies expects installations by the Fortune 50 Company to be in full swing by the end of the current fiscal year, which is June 30. While USA Technologies does not know how many internal vending misers this company will purchase, it is very likely that the impact on revenue to USTT will be significant. Don’t wait on this one!

The VendingMiser® is unique technology that can be installed either inside or to the outside of a vending machine, and is capable of reducing by half the energy consumed, thus lowering the annual cost of an average vending machine to about $150. With energy prices at historic high levels, USTT’s products will continue to be in high demand!

USA Technologies is a leader in the networking of distributed assets, wireless non-cash transactions, associated financial/network services and energy management. USA Technologies provides networked credit card and other non-cash systems in the vending, commercial laundry, hospitality and digital imaging industries. USA Technologies is an IBM Business Partner. The Company has marketing agreements with AT&T, Honeywell, MEI, Unilever and ZiLOG Corporation. Visit www.usatech.com for more information.

Neither the information nor any opinion expressed herein constitutes an offer, or an invitation to make an offer, to buy or sell any securities or any options, futures or other derivatives, related to such securities. Level 3 Securities Inc was compensated fifteen hundred dollars for this opinion by USA Technologies. Level 3 Securities Inc. and its affiliates may trade for their own accounts in any securities of the issue (or issues) or in related investments. Level 3 Securities Inc. does not accept liability for any loss resulting from an investor’s use of, or reliance, on this report. Level 3 Securities Inc. has obtained information from sources that are considered reliable but it is not guaranteed that this report is accurate or complete. Considerable reliance has been placed on information the company has released to the public domain or provided. However, no representation or warranty is made as to the accuracy, reliability, or timeliness of the content. This report contains forward-looking statements, which involve risks and uncertainties, which could cause actual results to differ from those implied by these statements. It is intended that all forward-looking statements be covered by the “safe harbor” provisions of section 21E of the Securities Exchange Act of 1934. Past performance is not necessarily a guide to future results. The opinions expressed are of this date and Level 3 Securities, Inc. assumes no obligation to update, modify, or amend this report.

Contact: Level 3 Securities Inc. 561-541-4396 info@level3corp.com

Level 3 Securities Market Performers this morning are: E Mobile Information Technologies (OTC: EMTK), Cisco Systems Inc. (NASDAQ: CSCO), Dell Inc. (NASDAQ: DELL) and Microsoft Computer (NASDAQ: MSFT)

CHL technologies, (a wholly owned subsidiary of E Mobile Information Technologies - EMTK:PK) is now teaming up with Lenovo, a well-known player in the China mobile phone industry specializing in R&D, production and marketing of mobile phones! CHL does it again! The terms of the agreement call for Lenovo to embed CHL’s Mobile Book Software Technology (MBST) and fully illustrated books into Lenovo’s cell phones. Lenovo is a publicly traded company that has been on the Hong Kong stock exchange since 1994. They currently have twenty different cell phones in six different models. Fantastic! E Mobile’s CHL is a stock to stop watching and buy - now!

Significantly, On Dec 7th of this past year, IBM agreed to sell its PC division to Lenovo Group in a deal valued at 1.75 billion dollars. This created the world’s third-largest PC business with approximately 12 billion dollars annual revenue for 2003. Before this merger, Lenovo Group reported some ten thousand employees and HK$22 billion in annual revenue. Lenovo is not a company to ignore, and teaming up with CHL was another smart move on their part!

CHL and Lenovo - it’s a perfect combination in many ways, and a big win for investors! Lenovo and E Mobile share a strategic interest in regional and global expansion. Teaming up with a giant like Lenovo through their agreement proves that E Mobile is continuing its strategy to include MBST software in every cell phone sold in China - and shows what a significant role E Mobile plays in the fast-growing mobile book market. With Lenovo focusing on its cell phone business, this past year sales revenue of Lenovo’s cell phone division increased 105% compared to the same period the year before. With sales on the rise, CHL and E Mobile can expect increases in revenue as well! Don’t wait to add EMTK to your portfolio! Visit www.lenovo.com/ for more information.

E Mobile owns and operates the for-pay online mobile content websites through CHL in China where cell phone users can and do, effortlessly, download thousands of games, books, magazines, news articles and even comics — anytime, anywhere. E Mobile is an emerging leader in the broadband mobile content market through its operating subsidiary CHL Technologies. EMTK owns CHL and can be acquired by purchasing EMTK stock. CHL focuses on developing and distributing innovative mobile applications and wireless value added services for Smartphones, Symbian, KJava, and Pocket PC. CHL Technologies is ahead of its competitors in ready applications and content for these new systems. This means investors can rest easy because the company is well positioned for the emerging 3G content markets. CHL has committed to becoming the leading provider of these high tech content services internationally. Visit www.chltec.com for more information.

Neither the information nor any opinion expressed herein constitutes an offer, or an invitation to make an offer, to buy or sell any securities or any options, futures or other derivatives, related to such securities. Level 3 Securities Inc. was compensated five thousand dollars for this opinion by a third party. Level 3 Securities Inc. and its affiliates may trade for their own accounts in any securities of the issue (or issues) or in related investments. Level 3 Securities Inc. does not accept liability for any loss resulting from an investor’s use of, or reliance, on this report. Level 3 Securities Inc. has obtained information from sources that are considered reliable but it is not guaranteed that this report is accurate or complete. Considerable reliance has been placed on information the company has released to the public domain or provided. However, no representation or warranty is made as to the accuracy, reliability, or timeliness of the content. This report contains forward-looking statements, which involve risks and uncertainties, which could cause actual results to differ from those implied by these statements. It is intended that all forward-looking statements be covered by the “safe harbor” provisions of section 21E of the Securities Exchange Act of 1934. Past performance is not necessarily a guide to future results. The opinions expressed are as of this date and Level 3 Securities, Inc. assumes no obligation to update, modify, or amend this report.

Contact: Level 3 Securities Inc. 561-541-4396 info@level3corp.com

Level 3 Securities Market Performers this morning are: PHSL Worldwide (OTC: PHSL), Sirius Satellite Radio (NASDAQ: SIRI), JDS Uniphase (NASDAQ: JDSU) and Yahoo! Inc (NASDAQ: YHOO).

PHSL Worldwide, Inc. (PHSL:PK) has closed the sale of its membership interests representing 99.5% of Media Billing LLC, the holding company for Internet Billing Company LLC (”iBill”), to Interactive Brand Development, Inc. PHSL has been working on this transaction for several months, and shareholders are in a position to gain revenue with their involvement in the future of iBill and Penthouse Media Group through IBD’s ownership in the two companies. The conclusion of this transaction is great news for investors!

Here is how it breaks down: PHSL was issued 330,000 shares of Series D convertible preferred stock of IBD convertible into 49.9% of IBD on a fully diluted basis as consideration for Media Billing. The shares have a liquidation preference of $100 per share, or $33 million. PHSL will own approximately 85.0 million shares of IBD when the series D preferred shares are converted. Notwithstanding the timing of the conversion of the Series D preferred stock, the transaction is closed. Add PHSL to your portfolio now while it is still at a great price point!

iBill began its service to customers in 1996 and has a long positive track record. Not many companies of its kind can say they’ve been around for almost a decade! During that time, iBill has been building a trusted brand with consumers and online businesses with 27 million customers in 38 countries — and they don’t plan to stop! In 2004, iBill averaged one million transactions per month and completed some $280 million in gross transactions. That’s worth noting!

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iBill sells access to online services and downloadable music, games, videos, personals, etc. to consumers through proprietary web-based payment applications. The iBill online payments systems work through global financial networks such as Visa® and MasterCard® and simultaneously provide password management controls for the life of the subscribing consumer. iBill also allows payment via an online payment processing product called gkard® — a branded prepaid Visa® debit card system. The gkard® is a confidential payment service with popular communication and payment services. For more information about iBill and gkard® visit: www.ibill.com and www.gkbill.com

PHSL is a media holding company which publishes magazines under the PENTHOUSE(TM) name in Mexico, pursuant to a pending license agreement with Penthouse Media Group. PHSL Worldwide has significant real estate holdings in Ixtapa, Mexico slated for development. PHSL owns iBill, an online payment processor of credit cards and financial transactions. Subject to the conversion of its Series D preferred stock, PHSL is the largest shareholder of Interactive Brand Development, Inc. PHSL is majority owned by the Molina Vector Investment Trust, an entity controlled by Dr. Luis Enrique Fernando Molina. For more information about PHSL Worldwide, contact investor relations at invrel@invrel.net.

Neither the information nor any opinion expressed herein constitutes an offer, or an invitation to make an offer, to buy or sell any securities or any options, futures or other derivatives, related to such securities. Level 3 Securities Inc was compensated seventy-five hundred dollars to date for this opinion by a third party. Level 3 Securities Inc. and its affiliates may trade for their own accounts in any securities of the issue (or issues) or in related investments. Level 3 Securities Inc. does not accept liability for any loss resulting from an investor’s use of, or reliance, on this report. Level 3 Securities Inc. has obtained information from sources that are considered reliable but it is not guaranteed that this report is accurate or complete. Considerable reliance has been placed on information the company has released to the public domain or provided. However, no representation or warranty is made as to the accuracy, reliability, or timeliness of the content. This report contains forward-looking statements, which involve risks and uncertainties, which could cause actual results to differ from those implied by these statements. It is intended that all forward-looking statements be covered by the “safe harbor” provisions of section 21E of the Securities Exchange Act of 1934. Past performance is not necessarily a guide to future results. The opinions expressed are as of this date and Level 3 Securities, Inc. assumes no obligation to update, modify, or amend this report.

Contact: Level 3 Securities Inc. 561-541-4396 info@level3corp.com

Level 3 Securities Market Performers this morning are: Proton Laboratories, Inc. (OTC BB: PLBI), Aastrom Bioscience (NASDAQ: ASTM), Stemcells Inc (NASDAQ: STEM) and Yahoo Inc (NASDAQ: YHOO)

Proton Laboratories, Inc. (OTC BB: PLBI), a biotechnology company that develops new practical uses for electrolyzed water, has received exciting test results of the application of electrolysis to wine. Proton, in conjunction with Applied Environmental Water Technology LLC and Solution Technos Laboratory, has been developing a proprietary process allowing for electrolysis to be applied to wine. Why? To give wine producers direct control over the aging process of wine to shorten, complement or bypass the process altogether. Because this will save wine producers time and money, it will likely mean profits for Proton and your portfolio!

The test results of Proton’s application of electrolysis to wine is showing promise in creating the “optimal” wine through a controlled process, which provides a smooth texture and an enhancement to the various active properties of the wine. The testing process is ongoing so that positive changes can be made to the equipment, in order to develop a fantastic and smooth-running pre-market design. To this end, Proton Laboratories is working with Fast Lane International Inc., an innovative product design and development group. The completion of this testing and enhancement process will allow Proton to develop a compact and turn-key device so a wine maker, bartender or a wine connoisseur can “dial in” the necessary electrolysis level to get the wine features they want. This product is unique and desirable and so is Proton’s stock — don’t wait on this one.

Proton Laboratories believes it is creating a “novel approach” for the wine maker and the people providing wine directly to customers at restaurants, bars and other similar establishments: it will allow the creation of a uniquely textured wine. Proton believes their use of electrolysis for wine could mean that wine makers may be able to better predict wine delivery times to market by controlling the overall wine enhancement process. The wine producing industry is going to be very interested in the reduction of the overall cost of wine making — and this is a huge market! Proton Laboratories will also be testing additional ways to use electrolysis to enhance the active ingredients in the preparation of many other beverages as well. Proton is diversified and a strong buy now!

Proton Laboratories is a biotechnology company that alters the properties of water via electrolysis with electrolyte separation. It’s based on proven technology, science, engineering, product design, and products that have been successfully developed by our Japanese counterparts, and further enhanced by Proton Laboratories. PLBI has a proven business model with proven and developing technology. Functional electrolyzed water has been studied and used in Japan for the past 36 years. Proton Labs has the inside track and their scientists are aggressively developing a wide array of market-driven applications through this highly promising technology. Proton Laboratories is expanding the marvel of electrolyzed water throughout North America. This is a very exciting buy! For more information, please visit www.ProtonLabs.com.

Neither the information nor any opinion expressed herein constitutes an offer, or an invitation to make an offer, to buy or sell any securities or any options, futures or other derivatives, related to such securities. Level 3 Securities Inc was compensated ten thousand seven hundred to date for this opinion by a third party. Level 3 Securities Inc. and its affiliates may trade for their own accounts in any securities of the issue (or issues) or in related investments. Level 3 Securities Inc. does not accept liability for any loss resulting from an investor’s use of, or reliance, on this report. Level 3 Securities Inc. has obtained information from sources that are considered reliable but it is not guaranteed that this report is accurate or complete. Considerable reliance has been placed on information the company has released to the public domain or provided. However, no representation or warranty is made as to the accuracy, reliability, or timeliness of the content. This report contains forward-looking statements, which involve risks and uncertainties, which could cause actual results to differ from those implied by these statements. It is intended that all forward-looking statements be covered by the “safe harbor” provisions of section 21E of the Securities Exchange Act of 1934. Past performance is not necessarily a guide to future results. The opinions expressed are of this date and Level 3 Securities, Inc. assumes no obligation to update, modify, or amend this report.

Contact: Level 3 Securities Inc. 561-541-4396 info@level3corp.com

Level 3 Securities Market Performers this morning are: E Mobile Information Technologies (OTC: EMTK), Intel CP (NASDAQ: INTC), Oracle CP (NASDAQ: ORCL) and Sun Microsystems (NASDAQ: SUNW).

CHL technologies (a wholly owned subsidiary of E Mobile Information Technologies — (OTC: EMTK)) has signed an agreement with YuLong (www.yulong.com), a leading supplier for China Unicom! YuLong is one of the top 500 fastest growing companies in Asia for 2004, as identified by the consulting and advisory organization, Deloitte. CHL’s agreement calls for YuLong to pre-embed E Mobile’s Mobile Book Software Technology (MBST) into its CoolPad cell phone handsets. In addition, YuLong will market & promote MBST through YuLong’s website, TV, radio, newspaper advertisement, just to name a few of their marketing and distribution channels. This is huge!

YuLong is a wholly owned subsidiary of the public company China Wireless of Hong Kong. YuLong is recognized as the inventor of the first intelligent two-mode cell phone, the CoolPad. The CoolPad supports both GSM and CDMA allowing the user seamless roaming between mobile networks employing the two different technologies. China Unicom is so pleased with the CoolPad that it has already made three orders from YuLong since August of last year! And some 300,000 CoolPads have already sold! This opportunity enables CHL to reach 100 million China Unicom users. Now, with CHL’s MBST imbedded in these phones, E-Mobile is expected to bring in significant revenue! Don’t wait to add EMTK to your portfolio!

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Right now, China Unicom’s GSM network covers 328 areas. Its CDMA network covers 31 provinces in China. Joining together with the technical leader, LongYu, to develop the market through China Unicom creates opportunity for expanded market and revenues for E Mobile. E Mobile owns and operates the for-pay online mobile content websites through CHL in China where cell phone users can and do, effortlessly, download thousands of games, books, magazines, news articles and even comics — anytime, anywhere.

E Mobile’s Mobile Book Software Technology encompasses a broad offering of innovative content such as mobile multimedia publishing, mobile production tools, cell phone content presentation and management software. This also includes Internet content services and server software for cell phone customers. These components create a dazzling array of innovative content for cell phone users. Fantastic! China is the world’s largest mobile phone market, which makes EMTK a strong buy — more than one billion strong!

E Mobile is an emerging leader in the broadband mobile content market through its operating subsidiary CHL Technologies. EMTK owns CHL and can be acquired by purchasing EMTK stock. CHL focuses on developing and distributing innovative mobile applications and wireless value added services for Smartphones, Symbian, KJava, and Pocket PC. CHL Technologies is ahead of its competitors in ready applications and content for these new systems. This means investors can rest easy because the company is well positioned for the emerging 3G content markets. CHL has committed to becoming the leading provider of these high tech content services internationally. Visit www.chltec.com for more information.

Neither the information nor any opinion expressed herein constitutes an offer, or an invitation to make an offer, to buy or sell any securities or any options, futures or other derivatives, related to such securities. Level 3 Securities Inc was compensated seventy five hundred to date for this opinion by a third party. Level 3 Securities Inc. and its affiliates may trade for their own accounts in any securities of the issue (or issues) or in related investments. Level 3 Securities Inc. does not accept liability for any loss resulting from an investor’s use of, or reliance, on this report. Level 3 Securities Inc. has obtained information from sources that are considered reliable but it is not guaranteed that this report is accurate or complete. Considerable reliance has been placed on information the company has released to the public domain or provided. However, no representation or warranty is made as to the accuracy, reliability, or timeliness of the content. This report contains forward-looking statements, which involve risks and uncertainties, which could cause actual results to differ from those implied by these statements. It is intended that all forward-looking statements be covered by the “safe harbor” provisions of section 21E of the Securities Exchange Act of 1934. Past performance is not necessarily a guide to future results. The opinions expressed are as of this date and Level 3 Securities, Inc. assumes no obligation to update, modify, or amend this report.

Contact: Level 3 Securities Inc. 561-541-4396 info@level3corp.com

Level 3 Securities Market Performers this morning are: E Mobile Information Technologies (OTC: EMTK), Cisco Systems Inc. (NASDAQ: CSCO), Dell Inc. (NASDAQ: DELL) and Microsoft Computer (NASDAQ: MSFT)

CHL technologies, (a wholly owned subsidiary of E Mobile Information Technologies - EMTK:PK) is now teaming up with Lenovo, a well-known player in the China mobile phone industry specializing in R&D, production and marketing of mobile phones! CHL does it again! The terms of the agreement call for Lenovo to embed CHL’s Mobile Book Software Technology (MBST) and fully illustrated books into Lenovo’s cell phones. Lenovo is a publicly traded company that has been on the Hong Kong stock exchange since 1994. They currently have twenty different cell phones in six different models. Fantastic! E Mobile’s CHL is a stock to stop watching and buy - now!

Significantly, On Dec 7th of this past year, IBM agreed to sell its PC division to Lenovo Group in a deal valued at 1.75 billion dollars. This created the world’s third-largest PC business with approximately 12 billion dollars annual revenue for 2003. Before this merger, Lenovo Group reported some ten thousand employees and HK$22 billion in annual revenue. Lenovo is not a company to ignore, and teaming up with CHL was another smart move on their part!

Advertisement
CHL and Lenovo - it’s a perfect combination in many ways, and a big win for investors! Lenovo and E Mobile share a strategic interest in regional and global expansion. Teaming up with a giant like Lenovo through their agreement proves that E Mobile is continuing its strategy to include MBST software in every cell phone sold in China - and shows what a significant role E Mobile plays in the fast-growing mobile book market. With Lenovo focusing on its cell phone business, this past year sales revenue of Lenovo’s cell phone division increased 105% compared to the same period the year before. With sales on the rise, CHL and E Mobile can expect increases in revenue as well! Don’t wait to add EMTK to your portfolio! Visit www.lenovo.com/ for more information.

E Mobile owns and operates the for-pay online mobile content websites through CHL in China where cell phone users can and do, effortlessly, download thousands of games, books, magazines, news articles and even comics — anytime, anywhere. E Mobile is an emerging leader in the broadband mobile content market through its operating subsidiary CHL Technologies. EMTK owns CHL and can be acquired by purchasing EMTK stock. CHL focuses on developing and distributing innovative mobile applications and wireless value added services for Smartphones, Symbian, KJava, and Pocket PC. CHL Technologies is ahead of its competitors in ready applications and content for these new systems. This means investors can rest easy because the company is well positioned for the emerging 3G content markets. CHL has committed to becoming the leading provider of these high tech content services internationally. Visit www.chltec.com for more information.

Neither the information nor any opinion expressed herein constitutes an offer, or an invitation to make an offer, to buy or sell any securities or any options, futures or other derivatives, related to such securities. Level 3 Securities Inc. was compensated five thousand dollars for this opinion by a third party. Level 3 Securities Inc. and its affiliates may trade for their own accounts in any securities of the issue (or issues) or in related investments. Level 3 Securities Inc. does not accept liability for any loss resulting from an investor’s use of, or reliance, on this report. Level 3 Securities Inc. has obtained information from sources that are considered reliable but it is not guaranteed that this report is accurate or complete. Considerable reliance has been placed on information the company has released to the public domain or provided. However, no representation or warranty is made as to the accuracy, reliability, or timeliness of the content. This report contains forward-looking statements, which involve risks and uncertainties, which could cause actual results to differ from those implied by these statements. It is intended that all forward-looking statements be covered by the “safe harbor” provisions of section 21E of the Securities Exchange Act of 1934. Past performance is not necessarily a guide to future results. The opinions expressed are as of this date and Level 3 Securities, Inc. assumes no obligation to update, modify, or amend this report.

Contact: Level 3 Securities Inc. 561-541-4396 info@level3corp.com

PHSL Worldwide, Inc. (PHSL:PK) has closed the sale of its membership interests representing 99.5% of Media Billing LLC, the holding company for Internet Billing Company LLC (”iBill”), to Interactive Brand Development, Inc. PHSL has been working on this transaction for several months, and shareholders are in a position to gain revenue with their involvement in the future of iBill and Penthouse Media Group through IBD’s ownership in the two companies. The conclusion of this transaction is great news for investors!

Here is how it breaks down: PHSL was issued 330,000 shares of Series D convertible preferred stock of IBD convertible into 49.9% of IBD on a fully diluted basis as consideration for Media Billing. The shares have a liquidation preference of $100 per share, or $33 million. PHSL will own approximately 85.0 million shares of IBD when the series D preferred shares are converted. Notwithstanding the timing of the conversion of the Series D preferred stock, the transaction is closed. Add PHSL to your portfolio now while it is still at a great price point!

iBill began its service to customers in 1996 and has a long positive track record. Not many companies of its kind can say they’ve been around for almost a decade! During that time, iBill has been building a trusted brand with consumers and online businesses with 27 million customers in 38 countries — and they don’t plan to stop! In 2004, iBill averaged one million transactions per month and completed some $280 million in gross transactions. That’s worth noting!

Advertisement
iBill sells access to online services and downloadable music, games, videos, personals, etc. to consumers through proprietary web-based payment applications. The iBill online payments systems work through global financial networks such as Visa® and MasterCard® and simultaneously provide password management controls for the life of the subscribing consumer. iBill also allows payment via an online payment processing product called gkard® — a branded prepaid Visa® debit card system. The gkard® is a confidential payment service with popular communication and payment services. For more information about iBill and gkard® visit: www.ibill.com and www.gkbill.com

PHSL is a media holding company which publishes magazines under the PENTHOUSE(TM) name in Mexico, pursuant to a pending license agreement with Penthouse Media Group. PHSL Worldwide has significant real estate holdings in Ixtapa, Mexico slated for development. PHSL owns iBill, an online payment processor of credit cards and financial transactions. Subject to the conversion of its Series D preferred stock, PHSL is the largest shareholder of Interactive Brand Development, Inc. PHSL is majority owned by the Molina Vector Investment Trust, an entity controlled by Dr. Luis Enrique Fernando Molina. For more information about PHSL Worldwide, contact investor relations at invrel@invrel.net.

Neither the information nor any opinion expressed herein constitutes an offer, or an invitation to make an offer, to buy or sell any securities or any options, futures or other derivatives, related to such securities. Level 3 Securities Inc was compensated seventy-five hundred dollars to date for this opinion by a third party. Level 3 Securities Inc. and its affiliates may trade for their own accounts in any securities of the issue (or issues) or in related investments. Level 3 Securities Inc. does not accept liability for any loss resulting from an investor’s use of, or reliance, on this report. Level 3 Securities Inc. has obtained information from sources that are considered reliable but it is not guaranteed that this report is accurate or complete. Considerable reliance has been placed on information the company has released to the public domain or provided. However, no representation or warranty is made as to the accuracy, reliability, or timeliness of the content. This report contains forward-looking statements, which involve risks and uncertainties, which could cause actual results to differ from those implied by these statements. It is intended that all forward-looking statements be covered by the “safe harbor” provisions of section 21E of the Securities Exchange Act of 1934. Past performance is not necessarily a guide to future results. The opinions expressed are as of this date and Level 3 Securities, Inc. assumes no obligation to update, modify, or amend this report.

Contact: Level 3 Securities Inc. 561-541-4396 info@level3corp.com

Level 3 Securities Market Performers this morning are: USA Technologies, Inc. (OTC BB: USTT), Oracle CP (NASDAQ: ORCL), Intel CP (NASDAQ: INTC) and Apple Computer (NASDAQ: APPL)

USA Technologies (USTT) has begun shipping the first of 6,000 VendingMisers® valued at ($600,000) dollars to help conserve energy in vending machines located on US Navy bases. They were ordered by the Navy Exchange Service Command (NEXCOM), headquarters for the worldwide Navy Exchange System. NEXCOM provides authorized customers quality goods and services at a savings. They also support quality of life programs for active duty military, retirees, reservists, and their families. This is a very stable and reliable source of business and indicates a steady revenue stream for USA Technologies!

NEXCOM is expected to place follow-up VendingMiser® orders to expand the energy conservation program to bases overseas. NEXCOM has already begun converting cold drink vending machines on bases at Yokosuka in Japan, and at Naval Station Pearl Harbor, in Hawaii. The latest order of VendingMisers® is being shipped to Navy bases in Memphis, Pensacola, Jacksonville, Charleston, San Diego, Meridian, New Orleans, Gulfport, and New London.

The VendingMiser is unique technology that can be installed either inside or to the outside of a vending machine, and is capable of reducing by half the energy consumed, thus lowering the annual cost of an average vending machine to about $150. Due to a 5-year contract signed late last year with the U.S. General Services Administration (GSA), all Federal Government agencies worldwide, including the military, can purchase EnergyMiser products from USTT directly. What a great indicator of future revenue streams!

An analysis of more than one million purchases made at vending machines equipped with USA Technologies’ e-Port® shows the average purchase was $1.87 when a credit or debit card was used, compared with $1.06 for a cash purchase at the same machine. This is a strong indication that consumers prefer to use their credit or debit cards at vending machines. In 2004, cashless retail transactions exceeded cash for the first time. There is significant movement in the trend toward a cashless society, with the Nilson Report projecting that $3.6 trillion, nearly 50% of all consumer spending, will be cashless by 2008, and that 50% of all vending machines in the $40 billion US vending industry will be equipped with cashless transaction technology. In addition, with energy prices at historic high levels, USTT’s products will continue to be in high demand!

The worldwide market for EnergyMiser products is 60 million energy-guzzling vending machines. Here is a compelling example of why USTT has a great future: if USA Technologies were to penetrate only 2% of the machines worldwide, USTT would reap approximately $120 million in revenue; 5% would be $300 million. The 60 million machines represent a 6 billion dollar opportunity! EnergyMiser products (VendingMiser®, CoolerMiser(TM), PlugMiser(TM) and SnackMiser(TM)) have no competition. Gaining even a fraction of this vending market share would bring a significant rise in stock price. There are multiple revenue streams for this company, beginning with the sale of hardware, monthly service fees, and credit card processing.

If only 1 million machines were using data from the USA Live Network at an annual service fee of $120, the service fees alone would generate $120 million of annually recurring revenue for USTT. The service fees provide significant revenue, well worth noting. The US vending machine market is 8 million machines. A 5% penetration would equal 400,000 connections to the USA Live Network, which means $48 million of annual recurring services. This brings great value to USTT!

USA Technologies is a leader in the networking of distributed assets, wireless non-cash transactions, associated financial/network services and energy management. USA Technologies provides networked credit card and other non-cash systems in the vending, commercial laundry, hospitality and digital imaging industries. USA Technologies is an IBM Business Partner. The Company has marketing agreements with AT&T, Honeywell, MEI, Unilever and ZiLOG Corporation. Visit www.usatech.com for more information.

Neither the information nor any opinion expressed herein constitutes an offer, or an invitation to make an offer, to buy or sell any securities or any options, futures or other derivatives, related to such securities. Level 3 Securities Inc was compensated twenty-five hundred dollars for this opinion by the company. Level 3 Securities Inc. and its affiliates may trade for their own accounts in any securities of the issue (or issues) or in related investments. Level 3 Securities Inc. does not accept liability for any loss resulting from an investor’s use of, or reliance, on this report. Level 3 Securities Inc. has obtained information from sources that are considered reliable but it is not guaranteed that this report is accurate or complete. Considerable reliance has been placed on information the company has released to the public domain or provided. However, no representation or warranty is made as to the accuracy, reliability, or timeliness of the content. This report contains forward-looking statements, which involve risks and uncertainties, which could cause actual results to differ from those implied by these statements. It is intended that all forward-looking statements be covered by the “safe harbor” provisions of section 21E of the Securities Exchange Act of 1934. Past performance is not necessarily a guide to future results. The opinions expressed are of this date and Level 3 Securities, Inc. assumes no obligation to update, modify, or amend this report.