Betawave CEO Matt Freeman Steps into Vice Chairman Role and Betawave President Tabreez Verjee Becomes Interim CEO

Betawave (OTCBB:BWAV), the online media network that delivers highly attentive audiences to brand marketers, today announced changes in its executive group. CEO Matt Freeman, who joined the company in July 2008, will transition into the role of Vice Chairman and Betawave President Tabreez Verjee will step in as interim CEO until a replacement is named. The company also recently announced the appointment of Mark Oltarsh as Chief Revenue Officer. Oltarsh was formerly VP and Group Publisher of Bauer Publishing’s In Touch and Life & Style magazines.

“Betawave is an exciting player in the digital space. The value of high-attention environments to major brand advertisers is clear and I remain passionate about promoting Betawave’s industry-leading solutions,” said Freeman. “In the last 18 months, I have seen the company through a recapitalization, a rebranding and a resilient performance amid a challenging media environment. Betawave is doing well, and I think now is a good time to hand over the reins of day-to-day management.”

“We are delighted that Matt will stay on as Vice Chairman and continue to partner with us on driving the vision of the company forward,” said Verjee.

About Betawave Corporation:

Betawave Corporation (OTCBB:BWAV) is an online media network that delivers highly attentive audiences online. The company reaches 32 million U.S. unique users in high quality editorial environments. Betawave’s publishers are leading mid-tail publishers that capture substantial time spent per user each month.* The Betawave network of sites ranks at or near the top in total audience reach and time spent across the relevant demographics in five key categories: Teens, Kids Entertainment, Games, Lifestyles and Parenting. (*Source: comScore, October 2009.) Betawave is headquartered in San Francisco and New York with sales offices in Los Angeles and Chicago.