Megawheels Team Gears-Up in US Markets

    CALGARY, Alberta--June 4, 2001--Former Carwave President joins market leader Megawheels Inc. (CDNX:MGW) announced today that Scott Dinin, former President of Carwave Inc., has joined the dynamic Megawheels team as Special Counsel, US. With three years under his belt developing the reverse publishing market in the US, Scott will be the lead force in building market share for the Company's innovative web-to-print publishing solution, Net2Print. "I believe that newspapers are the natural winners in today's multi-media environment, especially within the online and print classified world," said Scott Dinin, Special Counsel, US, Megawheels Inc. "Newspapers already own their local market through their established dominance as a trusted and loyal news source. With Megawheels' innovative Net2Print, they'll be able to bring their critical mass distribution capabilities together with the massive inter-activity opportunity of the Internet. Net2Print redefines business processes for online to classified print production and delivers a cost-effective solution for publishers. I am extremely excited to be working with the Megawheels' team and am looking forward to continuing to play a role in developing the reverse publishing market in the US."
    Through Net2Print's internal facilities, all print production is generated from the digital content resident in its websites. The Company also provides an out-sourced print-production service, extracting the classified content from the website, creating classified liners and providing each newspaper client with an electronic file of their completed automotive supplement. Each supplement is created to the individual newspaper's specifications retaining the look and feel that is critical to brand management.
    For a publisher, this translates into substantial savings - both from the website management perspective as well as content generation. This eliminates costly double entry of classified information from traditional software to Internet and back to print. Net2Print easily and seamlessly integrates Megawheels' powerful automotive search engine into a newspaper's existing website thus enhancing a newspaper's online brand equity and delivering a more impressive automotive tool to its dealer community and readership. With Net2Print, publishers can focus on building circulation and delivery of leading-edge news within their markets and on strengthening their relationships and position within the automotive retail market.
    "Bringing Scott on board is a major step forward in our drive to penetrate a significant share of the US market," said Tom Stanton, President and Chief Operating Officer, Megawheels Inc. "He's based in the US, knows the players in the US and brings solid market knowledge to the table. With Scott on board the message is clear. We are committed to becoming a major force in the reverse publishing sector in the US. Scott will be instrumental in creating the opportunity. I look forward to riding the wave of his success."
    Scott holds an MBA from San Diego University and a law degree from Nova SouthEastern University.

    About Megawheels

    Founded in 1995, Megawheels Inc. (CDNX: MGW) has rapidly grown to become a leading provider of search-engine technology for the automotive manufacturing and advertising sectors and software solutions for automotive retail business management. Through Net2Print, its reverse Web-to-print publishing solution, the Company has established its global reputation with leading newspaper groups in Canada, the U.S. and Great Britain. Megawheels is the only provider of online/offline publishing solutions that seamlessly integrate online classified content into offline print products. Net2Print provides newspaper publishers a white-labelled, highly functional automotive website along with a quick-to-ramp revenue stream and evidenced efficiencies upon which to embed their value and services with the primary advertising customer group, the auto dealer.

    This news release may contain forward-looking statements concerning the Company's objectives over the next few quarters. The company's ability to meet such objectives depends on many known and unknown risks. Factors which could cause results or events to differ from current expectations include, among other things: general economic and business conditions, competition, the acceptance of Internet based application service providers in the automotive sector, foreign exchange risk and the impact of rapid technological and market change and growth rates in the Company's market segments.

    The Canadian Venture Exchange has neither approved nor disapproved the contents of this news release.