VANCOUVER, May 20 /CNW-PRN/ - Mr. Altaf Nazerali, President & Chief Executive Officer of Multivision Communications Corp. (``Multivision'') announced today the financial results for the year ending December 31, 1998 and the unaudited first quarter results ending March 31, 1999. Multivision reports revenues of $12.24 million, a gain of 35% over the prior year of $9.05 million, and 1998 EBITDA of $1.82 million, a dramatic improvement over the 1997 EBITDA deficit of $1.2 million The Bolivian operations experienced a difficult year in 1998 due to the economic down-turn that affected all of South America combined with a significant increase in competition from cable television operators. Despite these difficulties, Multivision grew in service area coverage, numbers of subscribers, and in gross revenues. Multivision expanded service to a total of five cities with the addition of Tarija in early 1998. Subscribers in Tarija alone grew to 2,500 by year-end. In addition, new MMDS repeaters were added to extend service area coverage in La Paz to El Alto, and in Santa Cruz to Warnes and Montero. Multivision's management also focused on controlling operating expenses during the year, which resulted in containing operating costs to $10.4 million in 1998 an increase of 2% over the 1997 costs of $10.2 million. Mr. Nazerali noted, ``Multivision continues to improve its cash-flow since becoming EBITDA positive early in 1998, and is now able to internally fund its operating expenses and capital requirements.'' Mr. Nazerali reported the results of the unaudited first quarter ending March 31, 1999 of revenues of $3.2 million and EBITDA of $0.68 million. This compares with revenues of $2.9 million and EBITDA of $0.47 million for the first quarter of 1998. During 1998, Multivision developed new addressable down-converter technology that has allowed the launch of an economy service at a significantly lower capital cost per subscriber without the need for a set-top descrambler/converter. This service, called TV MAS, provides 18 quality channels of programming for only $10 US per month. The service is ideal for the large market of lower income families in Bolivia who have traditionally not been able to subscribe to premium pay television services. These families tend to live in areas that are not serviced by cable TV. As of the end of the March 1999, 2,400 new subscribers are taking advantage of this affordable US$10 package. On behalf of the Board, ``Altaf Nazerali'', President & CEO The Vancouver Stock Exchange has not reviewed nor does not accept responsibility for the adequacy or accuracy of this news release. SOURCE Multivision Communications Corp. -0- 05/20/1999 /Contact: Investor Relations/Media Contact - S. Buschau, Director & Corporate Secretary, (604) 684-4691, Fax (604) 684-4601, e-mail: investor_relations(at)mtvision.com/ (MTV. MVSCF) CO: Multivision Communications Corp. ST: British Columbia IN: TLS SU: ERN -30-  