Sydney, Oct 22, 2007 (ABN Newswire) - Having recently concluded an agreement with EzyDVD and prior to launch of the new download website by EzyDVD, the Board of Reeltime Media Ltd (ASX: RMA) has resolved to make a discounted price offer to previous period trading average (subject to ASX listing rules) to existing shareholders and staff only. Under this new offer shareholders will be entitled to participate in a Share Purchase Plan for the issue of up to a further 20,000,000 million ordinary shares at $0.025 per share (the SPP), subject to scale back if applicable.

The issue price is determined by the ASX listing rules and allows for the Company to issue shares at a discount of 10% from the 5 day volume weighted average price during the five days trading immediately proceeding this notice. The SPP will enable all existing shareholders to participate in the continuing growth and development of the Company, at what is now its most exciting period.

All shareholders registered on the record date of Tuesday 23rd October 2007 will be entitled to apply for up to A$5,000 of ordinary shares (minimum subscription of A$250) at an issue price of A2.5 cents per share, subject to the provisions of the SPP. The offer is subject to the constraint that the Directors reserve the right to "scale-back' (but are not obligated to do so)

the issue of new shares for all accepting shareholders pro rata so that the maximum raised does not exceed A$500,000. The maximum number of shares that could be issued under this SPP in accordance with ASX rules and the Corporations Act is 122,640,587.

Each offer is made on the same terms and conditions. Shares issued under the plan will rank equally with all other ordinary shares in ReelTime Media Ltd.

Eligible shareholders and employees will receive written notification and application form from Computershare Investor Services Pty Ltd, which will detail how to participate in the offer and the timetable.

The SPP will close on Tuesday 20th November 2007. Late applications will NOT be accepted, and shareholders are encouraged to act promptly if they intend to take up this offer.

Use of Funds

The proceeds of the Share Purchase Plan will be used to provide additional working capital to the Company.