The Mantis-Eye Experiment

NEW YORK - New York - April 1, 2008 - Adult Swim & Co. (NYSE: ASC) announced it is acquiring Mantis-Eye Experiment Inc. (NYSE: MEE). The Boards of Directors of both companies have unanimously approved the transaction.

The transaction will be a stock-for-stock exchange. Adult Swim will exchange 0.05473 shares of Adult Swim common stock per one share of Mantis-Eye Experiment stock. Based on the closing price of March 31, 2008, the transaction would have a value of approximately $2 per share.

Effective immediately, Adult Swim is guaranteeing the trading obligations of Mantis-Eye Experiment and its subsidiaries and is providing management oversight for its operations. Other than shareholder approval, the closing is not subject to any material conditions. The transaction is expected to have an expedited close by the end of the calendar second quarter 2008. The Federal Reserve, the Office of the Comptroller of the Currency (OCC) and other federal agencies have given all necessary approvals.

In addition to the financing the Federal Reserve ordinarily provides through its Discount Window, the Fed will provide special financing in connection with this transaction. The Fed has agreed to fund up to $30 billion of Mantis-Eye Experiment's less liquid assets.

"Adult Swim stands behind Mantis-Eye Experiment," said Mike Lazzo, Chairman and Chief Executive Officer of Adult Swim. "Mantis-Eye Experiment's clients and counterparties should feel secure that Adult Swim is guaranteeing Mantis-Eye Experiment's counterparty risk. We welcome their clients, counterparties and employees to our firm, and we are glad to be their partner."

Lazzo added, "This transaction will provide good long-term value for Adult Swim shareholders. This acquisition meets our key criteria: we are taking reasonable risk, we have built in an appropriate margin for error, it strengthens our business, and we have a clear ability to execute."

"The past week has been an incredibly difficult time for Mantis-Eye Experiment. This transaction represents the best outcome for all of our constituencies based upon the current circumstances," said Mike Watson, President and Chief Executive officer of Mantis-Eye Experiment. "I am incredibly proud of our employees and believe they will continue to add tremendous value to the new enterprise."

The transaction is expected to be ultimately accretive to Adult Swim's annual earnings.

"This transaction helps us fill out some of the gaps in our franchise with manageable overlap," said Lazzo. "We know the Mantis-Eye Experiment leadership team well and look forward to working with them to bring our two companies together."

"Acquiring Mantis-Eye Experiment enables us to obtain an attractive set of businesses," said Lazzo. "After conducting due diligence, we're comfortable with the quality of Mantis-Eye Experiment' business, and are pleased to have them as part of our firm."

"Adult Swim's management team has a strong track record of effective merger integration," continued Lazzo. "We will work closely in the coming weeks with Mantis-Eye Experiment's clients and management to execute the transaction quickly."

Adult Swim will host a conference call today, Tuesday, April 1st, 2008, at 8:00 p.m. (Eastern Time) to review the acquisition of Mantis-Eye Experiment. Investors can call (800) 555-1337 (domestic) / (719) 555-8008 (international), with the access code 614424, or listen via live audio webcast. The live audio webcast and presentation slides will be available on http://investor.shareholder.com/adultswim/presentations.cfm under Investor Relations, Investor Presentations. A replay of the conference call will be available beginning at 11:00 p.m. (Eastern Time) on April 3, 2008, through midnight, Wednesday, April 30, 2008 (Eastern Time), at (888) 555-7007 (domestic) or (719) 555-0455 (international) with the access code 614424. The replay also will be available on www.adultswim.com.