Brilliant Digital Entertainment Inc · 8-K · For 6/6/03 · EX-99

Filed On 6/6/03, 2:54pm ET   ·   Accession Number 1170918-3-265   ·   SEC File 1-14480

Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Form 8-K Dated 6/6/2003                                4      9K 
 2: EX-99       Ex-99.1 Press Release Dated 6/6/2003                   2±     9K 

EX-99   —   Ex-99.1 Press Release Dated 6/6/2003

                                                                    EXHIBIT 99.1

PRESS RELEASE                                                                   

BRILLIANT DIGITAL ENTERTAINMENT PURCHASES JOLTID SHARES OF ALTNET, INC. STOCK   

WOODLAND HILLS,  Calif.-- June 6, 2003--Brilliant  Digital  Entertainment,  Inc.
(AMEX:BDE - NEWS) announced  today it has purchased from Joltid Ltd.,  1,102,500
shares  of  Common  Stock  of  Altnet,  Inc.,  Brilliant's   majority-owned  and
controlled  subsidiary  which  operates the Altnet secure  content  distribution
network.  As a  result  of  the  purchase,  Brilliant  now  owns  75.5%  of  the
outstanding voting securities of Altnet. For the Altnet shares, Brilliant issued
to Joltid 7,000,000 shares of Brilliant's Common Stock.                         

Brilliant  also  acquired  from Altnet a two year  option to  purchase  Joltid's
remaining  1,102,500  shares of Altnet  Common  Stock for an exercise  price per
share of  0.1575  newly  issued  shares  of  Brilliant's  Common  Stock,  for an
aggregate exercise price of 7,000,000 shares of Brilliant's Common Stock for all
of Joltid's remaining Altnet shares. For this option, Brilliant issued to Joltid
1,000,000 shares of Brilliant Common Stock.  Joltid now owns 8,000,000 shares of
Brilliant's Common Stock.                                                       

Brilliant  and/or Altnet also entered into the following  additional  agreements
with Joltid:                                                                    

o        Software Licensing Agreement, whereby Altnet has obtained from Joltid a
         non-exclusive,  perpetual, irrevocable, transferable, worldwide license
         to  use  rights  to  Joltid's   peer-to-peer   based   secure   content
         distribution system,  commonly referred to as PeerEnabler.  The license
         contemplates  Altnet co-owning the rights to the application based upon
performance.                                                  

o        Product  Sales  Agreement,  whereby  Joltid has  appointed  Altnet as a
         non-exclusive  sales agent of Joltid for the sale,  license,  and other
         commercial exploitation of the PeerEnabler system anywhere in the world
to Joltid-approved licensees.                                 

About Altnet                                                                    

Altnet is the first  peer-to-peer  network created to give consumers easy access
to secure content that originates from content owners.  The company's  TopSearch
product  integrates with  applications  and web sites via the Internet  allowing
content  owners to purchase  keyword  search  terms that  direct  users to their
secure  content.  Altnet also provides  cost-effective  bandwidth  functions for
enterprise  customers  and content  owners.  Altnet is a subsidiary of Brilliant
Digital Entertainment (AMEX:BDE - NEWS).                                        

About Brilliant Digital Entertainment                                           

Brilliant  Digital  Entertainment,  Inc.  (AMEX:BDE - NEWS) is a developer of 3D
rich media  advertising and content creation  technologies for the Internet.  It
sells its b3d  Studio  content  creation  and  authoring  toolset  to enable the
creation and delivery of interactive,  streaming, real-time 3D graphics over the
Internet,  and licenses its ad serving technology to the content and advertising
communities.  The b3d Studio toolset is targeted for use by studios,  production
houses, web content suppliers and advertising agencies to produce entertainment,
advertising  and music  content for  consumers  distributed  over the  Internet.
Brilliant  also  licenses  its  Brilliant  Banner ad serving  technology  to the
web-based advertising industry. Find out more at www.brilliantdigital.com.      

About Joltid                                                                    

Joltid is a world leader in peer-to-peer  technologies for content distributors,
Internet  Service  Providers,  web sites and  software  developers.  Joltid  was
founded by the  original  Kazaa team who  created the  world's  most  downloaded
software and  invented  the modern  peer-to-peer  network  architecture.  Joltid
PeerEnabler  is a secure  peer-to-peer  based  file  distribution  system  which
enables web sites and  application  developers to  distribute  large files while
benefiting   from  the  cost   advantages  and   scalability   of   peer-to-peer
technologies.  PeerCache  enables Internet Service Providers to optimize traffic
caused by peer-to-peer applications. Find out more at www.joltid.com.           

----------                                                                      
CONTACT:                                                                        
Brilliant  Digital  Entertainment                                     
Robin Gore,  818/615-1500 x528 (investor relations)                   
rgore@bde3d.com or                                                    
mPRm Public Relations for Altnet                                      
Julie Gladders/Karen DeMarco, 323/933-3399                            
jgladders@mprm.com / kdemarco@mprm.com                                

Dates Referenced Herein   and   Documents Incorporated By Reference

This 8-K Filing		Date		Other Filings
Filed On / Filed As Of / For The Period Ended		6/6/03
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