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!

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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!

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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: 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.

Level 3 Securities Market Performers this morning are: E Mobile Information Technologies (OTC: EMTK), Microsoft CP (NASDAQ: MSFT), Sun Microsystems (NASDAQ: SUNW) and Motorola Inc (NYSE: MOT)

E Mobile Information Technologies (OTC: EMTK) wholly owned subsidiary, CHL Technologies, has signed an exciting and lucrative agreement with global communications giant Motorola (NYSE: MOT). Under the terms of the agreement Motorola will embed CHL’s Mobile Book Software Technology (MBST) and fully illustrated books into all Motorola A780 cell phone handsets and MPx-series PocketPCs sold in China. Also as part of the agreement, E Mobile will modify its MBST software to optimize its function for Motorola products. This will provide an ever-growing revenue stream for investors!

Motorola is already sporting a resume of successful operational experience with a long and distinguished history of business in China. They are also the largest manufacturer of KJava cell phones sold in China, the vast majority of cell phones in service in China today! MBST embedded into the Motorola handsets will emphasize the powerful functions of these Motorola products as cell phone users read entire books as easily as making a phone call. Expect rapid and sustained development of this already popular and innovative cell phone/e-book market with an ever-expanding list of titles due to cooperation with some of the largest publishers! There are over a billion reasons to add this company to your portfolio now!

Additional good news for investors is the fact that through this agreement with Motorola, E Mobile forges ahead with its successful strategy to include MBST software in every cell phone sold in China. MBST software has four platforms: Smartphone, Symbian, KJava, and PocketPC with the Kjava, a very significant revenue stream for E Mobile with nearly 300 million KJava-enabled cell phones in China today. And this large, existing customer base will need service — also part of CHL’s successful strategy. Teaming up with the highly respected and fabulously successful company Motorola signals the leading role E Mobile plays in the mobile book market. Don’t wait on this one!

EMTK owns and operates a for-pay online mobile content website through CHL in China, where cell phone users anywhere, anytime can and do effortlessly download thousands of games, books, magazines, news articles, and comics. Users can also access streaming video and video clips for their smart phone, KJAVA, MBST-enabled handsets. Mobile Book Software Technology includes mobile multimedia publishing, mobile production tools, cell phone content presentation and management software, and Internet content services and server software. These components joined create a dazzling choice for cell phone users to a broad offering of innovative content. Fantastic!

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 PocketPC. 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 twenty-five hundred 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.

Level 3 Securities Market Performers this morning are: PHSL Worldwide (OTC: PHSL), Intel CP (NASDAQ: INTL), Sirius Satellite Radio (NASDAQ: SIRI) and Applied Materials (NASDAQ: AMAT).

iBill, a PHSL Worldwide, Inc. (OTC: PHSL) subsidiary, received a substantial boost when iBill entered into a line of credit with a New York institutional investor. This is great news for anyone considering PHSL for his or her portfolio! Not only will this credit facility substantially improve the liquidity of iBill, it also says loud and clear to the tune of $2 million that a knowledgeable investor has great confidence in the future revenue stream of iBill. The $2 million was drawn on December 31st of this past year. If you’ve been waiting and watching PHSL, now is the time to move!

iBill began its service to customers in 1996 and has a long 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. If a savvy investor thinks that iBill is worth giving a line of credit to increase the liquidity, you have good reason to confidently add PHSL to your portfolio!

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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. On-demand CRM (Customer Relationship Management) applications are provided to registered independent merchants, typically small and medium-sized businesses that need a cost-effective way to outsource non-core banking and finance functions.

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. 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 twenty five hundred 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: PHSL Worldwide (OTC: PHSL), Microsoft CP (NASDAQ: MSFT), Sun Microsystems (NASDAQ: SUNW) and Nextel Communications (NASDAQ: NXTL)

PHSL Worldwide, Inc. (PHSL) had an exciting and varied 4th Quarter! The highlights include the news that Jaime Martinez was selected as the chief editor of the PHSL’s Mexican edition of PENTHOUSE(TM). Martinez has worked as editor-in-chief of Playboy Mexico and has been involved with virtually all aspects surrounding the publication’s success for some 15 years, gaining valuable experience for his new position. He has been responsible for more that 300 publications of Playboy Mexico and is considered a vital factor in the successful design and launch of the first Mexican edition of PENTHOUSE(TM). The Hispanic market is regarded as one of the fastest growing demographics in North America with approximately 100 million people in the Republic of Mexico. PHSL is one to acquire early in 2005!

PHSL’s business plan is to profitably utilize the worldwide recognition of the PENTHOUSE(TM) brand. Subject to execution of definitive licensing agreements with Penthouse Media Group, PHSL Worldwide intends to continue to commercially exploit the PENTHOUSE(TM) brand in the Republic of Mexico. The intended business plan also includes the launch of a PENTHOUSE-branded resort (excluding casinos) in Mexico this year! Add this stock to your portfolio before its big climb!

Another 4th Quarter highlight for PHSL occurred when 200 to 300 million people worldwide watched as Marco Antonio “Baby-Faced Assassin” Barrera won the WBC title in a fight with Erik “El Terrible” Morales at the MGM Grand Garden Arena in Las Vegas. Barrera proudly wore the PENTHOUSE trademarks on his fighting shorts, in full view of the television cameras. Investors, take note of this fantastic publicity for PHSL!

PHSL also brought readers of its first Mexican edition of PENTHOUSE(TM) Magazine an exclusive interview with Barrera, who is widely recognized as a popular fighter throughout Latin America. Barrera’s endorsement, along with other recognized celebrities, will continue to attract new readers for the Mexican edition of PENTHOUSE Magazine, published and distributed by PHSL Worldwide under a pending licensing agreement with Penthouse Media Group. The magazine provides Spanish language readers with exclusive content groomed as a lifestyle magazine rather than one of pornography. Penthouse gets new life and your portfolio wins!

Then, at the end of the quarter, Interactive Brand Development and PHSL reached an agreement to terminate the pending acquisition by IBD of the Media Billing LLC subsidiary of PHSL, the Internet Billing Company LLC known as “iBill.” Media Billing owns 100% of the equity of iBill and under the terms of the proposed arrangement, Media Billing and PHSL will receive $10.04 million as consideration for the termination. PHSL expects to record the $10.04 million breakup fee payment as income as a one-time gain. This increase in revenue is great news for investors; don’t wait on this one!

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. 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 $2,500 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.

Level 3 Securities Market Performers this morning are: OPUS Communities, Inc. (OTC: OPUC), Oracle CP (NASDAQ: ORCL), Applied Materials (NASDAQ: AMAT) and Vastera Inc (NASDAQ: VAST)

OPUS Communities, Inc. (OPUC) is an exciting company for investors! OPUS has an aggressive corporate plan to develop unique urban communities, complete with retail shops, restaurants and other amenities. Residents in communities throughout the United States and abroad enjoy a distinctive real estate development style with the character and benefits of European villages, combining innovative construction with authentic architecture and stone exteriors. A breathtaking boost to your portfolio!

In the 4th Quarter of last year, OPUS announced a huge step forward, as they completed their acquisition of The Tower Group, Inc., a residential and commercial real estate development and investment firm specializing in joint real estate ventures for the luxury market (www.the-tower-group.com). OPUS now has a profitable cornerstone set for building a premier commercial and residential real estate development company. OPUS is expanding quickly as they utilize the existing asset value and revenue stream as a result of this fabulous acquisition!

The Tower development portfolio is known for its prestige and diversity. They have specialized in award-winning quality real estate development since 1969 with communities in Dallas, Denver, Atlanta, Washington D.C. and Toronto. Their resume already boasts 2 billion dollars of successful development such as The Dallas Cowboys Headquarters, The Mary Kay Headquarters and The Club Corp. Dazzling! Their King’s Lake (www.kings-lake.com) community has been selected as the site of the 2005 Parade of Homes. This high-profile exposure is great news for investors!

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OPUS Communities, Inc. (OPUC) provides the public with an opportunity to participate in real estate expansion through common stock ownership. OPUS has a corporate business model that allows the company to enjoy the tremendous upside from the real estate development business while benefiting from the lower risk associated with asset backed investments. The corporate business model plans to create retail market areas within existing urban communities giving the company the advantage of an existing population with specific demographics. OPUS targets and develops exciting communities exploiting the current real estate market and has extended its parameters to include public investors via stock ownership. Their business model aggressively searches for acquisition candidates to immediately enhance revenue stream and assets to create increased market capitalization and shareholder value. Don’t wait on OPUS; add it to your portfolio now! For more information visit www.opuscommunities.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 $2,500 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), VI Technologies (NASDAQ: VITX), Intel CP (NASDAQ: INTC) and Aastrom Bioscience (NASDAQ: ASTM).

Proton Laboratories, Inc. (OTC BB: PLBI), a biotechnology company that develops new practical uses for electrolyzed water, appears to be very close to solving the environmentally damaging and expensive issue of grape freshness — in particular, mildew on grapes. Proton, in conjunction with Applied Environmental Water Technology, is developing a proprietary process application involving electrolyzed water — to bring and keep grapes in a high quality condition through the optional use of electrolyzed water in the control of mildew on grapes that appears randomly on grapes during the grape growing season.

Proton’s preliminary results show that the use of electrolyzed water on grapes, instead of the sulfur powder currently used, shows mildew control results that are at least as good as sulfur powder without damaging the environment. Proton and Applied Environmental Water Technology are teamed up to develop an optional, effective, user safe and environmentally friendly process to control mildew problems. This process could save grape growers time, trouble and money. And it is great news for investors! The grape market is tremendous — just look at the ingredient list of many juices and fruit products — not to mention that wine grape producers are also likely to reap the benefits. This process could become the standard in the wind producing industry. Add PLBI to your portfolio now!

Studies have shown this water kills many bacteria, molds and yeasts on contact, addressing the growing problem of the spread of diseases due to the improper handling of food. Markets — most of them untapped for this process — include food processing, mining, the agricultural and livestock industry, as well as skin care industries. Not many companies can boast such broad diversification!

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 of 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, or contact our Investor Relations Department at 1-800-794-7947. “The Secret’s In the Water!”

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 eight thousand two hundred 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 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), Verizon Communications (NYSE: VZ), Lucent Technologies (NYSE: LU) and Sirius Satellite Radio (NASDAQ: SIRI).

Proton Laboratories, Inc. (OTC BB: PLBI), a biotechnology company that develops new practical uses for electrolyzed water, appears to be very close to solving the environmentally damaging and expensive issue of grape freshness — in particular, mildew on grapes. Proton, in conjunction with Applied Environmental Water Technology, is developing a proprietary process application involving electrolyzed water — to bring and keep grapes in a high-quality condition through the optional use of electrolyzed water in the control of mildew on grapes that appears randomly on grapes during the grape growing season.

Proton’s preliminary results show that the use of electrolyzed water on grapes, instead of the sulfur powder currently used, shows mildew control results that are at least as good as sulfur powder without damaging the environment. Proton and Applied Environmental Water Technology are teamed up to develop an optional, effective, user safe and environmentally friendly process to control mildew problems. This process could save grape growers time, trouble and money. And it is great news for investors! The grape market is tremendous — just look at the ingredient list of many juices and fruit products — not to mention that wine grape producers are also likely to reap the benefits. This process could become the standard in the wine producing industry. Add PLBI to your portfolio

Studies have shown this water kills many bacteria, molds and yeasts on contact, addressing the growing problem of the spread of diseases due to the improper handling of food. Markets — most of them untapped for this process — include food processing, mining, the agricultural and livestock industry, as well as skin care industries. Not many companies can boast such broad diversification!

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 of 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, or contact our Investor Relations Department at 1-800-794-7947. “The Secret’s In the Water!”

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 eight thousand two hundred 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 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